Commodity Premium Daily Journal

Strictly For Client Circulation

Thursday, 26th
October 2017

Gold 29393

Silver 39560

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Market Wrapup
Wednesday, 25th October 2017

Commodity Contract Open Price High Low Close Price

Gold 05-Dec-2017 29463 29472 29306 29394

Silver 05-Dec-2017 39626 39700 39356 39484

Crude Oil 17-Nov-2017 3427 3427 3376 3384

Natural Gas 26-Oct-2017 195.40 198.10 189.70 190.40

Copper 30-Nov-2017 460 460 453.30 456.35

Zinc 31-Oct-2017 210.25 213.45 208.05 212.75

Lead 31-Oct-2017 160.50 161.50 159.15 160.95

Aluminium 31-Oct-2017 140 141.30 139.15 141.20

Nickel 31-Oct-2017 777.90 779.60 763.20 765.80

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Support & Resistance
Thursday, 26th October 2017

Commodity Contract RES-2 RES-1 PIVOT SUP.1 SUP.2

Gold 05-Dec-2017 29556 29475 29390 29309 29224

Silver 05-Dec-2017 39857.33 39670.66 39513.33 39326.66 39169.33

Crude Oil 17-Nov-2017 3446.67 3415.33 3395.667 3364.33 3344.67

Natural Gas 26-Oct-2017 201.13 195.77 192.7333 187.37 184.33

Copper 30-Nov-2017 463.28 459.82 456.5333 453.07 449.78

Zinc 31-Oct-2017 216.82 214.78 211.4167 209.38 206.02

Lead 31-Oct-2017 162.88 161.92 160.5333 159.57 158.18

Aluminium 31-Oct-2017 142.70 141.95 140.55 139.80 138.40

Nickel 31-Oct-2017 785.93 775.87 769.5333 759.47 753.13

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MCX Outlook
Thursday, 26th October 2017

Silver is underperforming Gold

On silver's latest 6-month we can see how the gap breakout out of the small Falling Wedge downtrend over a week ago did not lead to follow
through, and instead the price has moved to complete the Right Shoulder of the now clearly discernable Head-and-Shoulders top that has
been forming since the beginning of August. It should now descend to the "neckline" of the pattern before proceeding to break down below it
and drop into the broad band of support shown as the dollar index ascends to its target in the 97 area, where silver should bottom out and
turn up again as the dollar reverses to the downside having hit its target.

Although silver's recent COT cannot be described as bullish, they have looked better than those for gold, but this past week, unlike gold's,
they took a turn for the worse. There is plenty of room for improvement here, which will be occasioned by silver breaking lower and dropping
to the $16 area on a dollar rally.

Like gold, silver is marking out a giant Head-and-Shoulders bottom pattern, but in silvers case it is downsloping as we can see on its 8-year
chart below, which reflects the fact that silver tends to underperform gold at the end of sector bear markets and during the early stages of
sector bull markets. Prolonged underperformance by silver is therefore a sign of a bottom. This chart really does show how unloved silver is
right now, but although the price has drifted slightly lower over the past several years, volume indicators have improved, especially this year, a
positive sign. A break above the neckline of the pattern, the black line, will be a positive development, and more so a break above the band
of resistance approaching the 2016 highs. Once it gets above this it will have to contend with a quite strong zone of resistance roughly
between $26 and $28. Over the short to medium-term, however, as discussed above, silver is likely to first react back to the $16 area on a
dollar rally.

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Market News
Thursday, 26th October 2017

Special News
Gold Prices Down In Asia As Dollar Weakness Noted
Gold prices edged up in Asia on Thursday as the dollar trended weaker and physical demand
supported sentiment.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange
edged up 0.11% to $1,280.39 a troy ounce. The U.S. dollar index fell 0.07% to 93.46.

Overnight, gold prices were roughly unchanged on Wednesday as the dollar came under pressure despite bullish economic reports pointing
to underlying strength in the U.S. economy.

Bullish durable goods orders and housing data failed to spark a recovery in the dollar, lifting gold prices off session lows as the precious
metal attempted to snap a three-day losing streak.

Crude Oil Dips In Asia, Demand In Focus After China Names Leadership
Crude oil price fell in Asia on Thursday as weekly data confirmed a surprise build in U.S. invent-
-ories and investors mulled demand prospects globally.

On the New York Mercantile Exchange crude futures for December delivery eased 0.10% to
$52.13 a barrel, while on London's Intercontinental Exchange, Brent dipped 0.02% to $58.41 a
barrel.
China, the world's second largest crude importer, unveiled its leadership team on Wednesday and signaled it aims to improve quality of life
and trim back rapid export-oriented industrialization in favor of domestic consumption. The switch, expected to accelerate in the next five
years in China has potential negative implications for crude oil demand.
Overnight, crude oil prices settled lower on Wednesday as rising crude supplies and a surge in U.S. production offset data showing
gasoline supplies fell more-than-expected.

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Market News
Thursday, 26th October 2017

Commodity Buzz
MCX Gold likely to trade in a range between 29225-29557
Technically Gold market is getting support at 29310 and below same could see a test of 29225 levels and resistance is now likely to be seen
at 29476, a move above could see prices testing 29557.

Gold on MCX settled down -0.5% at 29394 as rupee recovered after the government's bank capitalisation programme which is expected to be
positive for the economy, will also lower the drag on bank credit growth and will be supportive for the rupee in the medium term.

While Comex Gold prices were roughly unchanged on Wednesday steadied at $1279 an ounce as US stocks tumbled from record highs and
markets await ECB meeting and US President Donald Trump's decision on who will lead the Fed.

MCX Silver likely to trade between 39169-39857 levels

Technically MCX Silver is getting support at 39326 and below same could see a test of 39169 levels and resistance is now likely to be seen
at 39670, a move above could see prices testing 39857.

Silver on MCX settled down 0.6% at 39484 pressured by bullish economic reports pointing to underlying strength in the U.S. economy. Bullish
durable goods orders and housing data failed to spark a recovery in the dollar, lifting prices off session lows as the precious metal attempted
to snap a three-day losing streak.

President Donald Trump is unlikely to pick economic adviser Gary Cohn as his nominee for Federal Reserve chairman because Cohn is play-
-ing a crucial role in the White House tax reform effort, a senior administration official said.
Technically MCX Silver is getting support at 39326 and below same could see a test of 39169 levels and resistance is now likely to be seen
at 39670, a move above could see prices testing 39857.

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Analyst Speaks
Thursday, 26th October 2017

Gold MCX

Technically Gold market is under long liquidation as market has witnessed drop RESISTANCE 2 29556
in open interest by 5.02%.

Now Gold is getting support at 29309 and below same could see a test of 29224 RESISTANCE 1 29475
levels and resistance is now likely to be seen at 29475, a move above could see
prices testing 29556. 29390
PIVOT

BUY GOLD AOUND 29400-29420 SUPPORT 1 29309

TGTS 29520/29620 SL 29300
SUPPORT 2 29224

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Analyst Speaks
Thursday, 26th October 2017

CRUDE OIL MCX

Technically Crude Oil market is under fresh buying as market has RESISTANCE 2 3446.67
witnessed gain in open interest by 16.94%.

Now MCX Crude Oil is getting support at 3364.33 and below same could RESISTANCE 1 3415.33
see a test of 3344.67 level, And resistance is now likely to be seen at
3415.33 a move above could see prices testing 3446.67.
PIVOT 3395.667

SELL CRUDE OIL AROUND 3400-3490 SUPPORT 1 3364.33

TGTS 3360/3330 SL 3430
SUPPORT 2 3344.67

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Todays Economic Events
Thursday, 26th October 2017

COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS

6:00pm Unemployment Claims 235K 222K

USD 7:30pm Pending Home Sales m/m 0.2% -2.6%

8:00pm Natural Gas Storage 61B 51B

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