Gold December futures prices at the COMEX are trading at $1311, though they have slightly lessen from its intraday high of $1320, but still managing to trade strong above $1300. Gold market is looking vulnerable and hence, bullion traders’ are slightly cynical on trading today. The logic is backed up by the lower volume of involvement, despite the huge price movement. We believe that gold traders’ are expecting the US government shutting down for the first time in 17 years which could be a better opportunity to buy gold as a safe haven asset. On the other hand, the market is also expecting the shutdown to be short lived. Consequently, prices are hovering in a very tight zone. Despite the US dollar falling below 80 and the euro comfortably trading above $1.3600, gold bullion is not trading higher. Hence, we believe that the market should remain cautious. We also suggest that the market has a very strong resistance near the $1320-1325 zone and unless that is not cleared, we will refrain from suggesting a buy call. At the domestic market, we might see a marginal gain in prices at the time of opening as the market is adjusting to the effect of the rupee’s appreciation and COMEX gold rising over $34 in less than two trading sessions. Because the trend is still bearish, we carry on to hold a bearish view on gold prices and recommend selling from the higher levels.
BULLION:
Gold Projected High Range at 29474-29662
Gold Projected Low Range at 29819-29331
Gold Mcx Dec Resistance on Upside at 29661-30263-30865
Gold Mcx Dec Support on Low side at 28686-28313-27711
Gold Trend Deciding Point at 29288
Silver Projected High Range at 48663-49892
Silver Projected Low Range at 48758-47529
Silver Mcx Dec Resistance on Upside at 49262-50523-51784
Silver Mcx Dec Support on Low side at 46083-45605-44344
Silver Trend Deciding Point at 48064
BASE METALS:
Copper Projected High Range at 463-467
Copper Projected Low Range at 465-460
Copper Mcx Aug Resistance on Upside at 465-470-475
Copper Mcx Aug Support on Low side at 456-452-447
Copper Trend Deciding Point at 461
Nickle Projected High Range at 873-880
Nickle Projected Low Range at 877-871
Nickel Mcx Oct Resistance on Upside at 876-884-891
Nickel Mcx Oct Support on Low side at 863-858-850
Nickel Trend Deciding Point at 871
ENERGY:
Crude Projected High Range at 6426-6471
Crude Projected Low Range at 6423-6378
Crude Mcx Oct Resistance on Upside at 6449-6493-6537
Crude Mcx Oct Support on Low side at 6359-6313-6269
Crude Trend Deciding Point at 6403
Natural Gas Projected High Range at 230-234
Natural Gas Projected Low Range at 227-223
Natural Gas Mcx Oct Resistance on Upside at 233-236-239
Natural Gas Mcx Oct Support on Low side at 224-219-216
Natural Gas Trend Deciding Point at 228
Mentha Oil Projected High Range at 888-900
Mentha Oil Projected Low Range at 881-869
Mentha Oil Mcx Oct Resistance on Upside at 895-905-914
Mentha Oil Mcx Oct Support on Low side at 871-857-847
Mentha Oil Trend Deciding Point at 881
TODAY STOCK MARKET TIPS
SELL NATURAL GAS MCX OCT BELOW 227 SL 230.75 TGT 224.50
SELL MENTHA OIL MCX OCT BELOW 880 SL 891 TGT 873
ECONOMIC INDICATORS:
| DATE | TIME | Region | Indicator | Period | Survey | Prior | Impact |
| 03.10.2013 | 05:20 | JN | Japan Buying Foreign Bonds | Sep-27 | — | —- | —- |
| 03.10.2013 | 05:20 | JN | Japan Buying Foreign Stocks | Sep-27 | — | —- | —- |
| 03.10.2013 | 05:20 | JN | Foreign Buying Japan Bonds | Sep-27 | — | —- | —- |
| 03.10.2013 | 05:20 | JN | Foreign Buying Japan Stocks | Sep-27 | —- | —- | —- |
| 03.10.2013 | 06:30 | CH | Non-manufacturing PMI | Sep | — | 53.9 | S.Negative |
| 03.10.2013 | 13:25 | GE | PMI Services | Sep F | 54.4 | 54.4 | S.Negative |
| 03.10.2013 | 13:30 | EC | PMI Services | Sep F | 52.1 | 52.1 | S.Positive |
| 03.10.2013 | 13:30 | EC | PMI Composite | Sep F | — | 52.1 | S. Positive |
| 03.10.2013 | 14:00 | UK | PMI Services | Sep | 60.5 | 60.5 | S. Positive |
| 03.10.2013 | 14:00 | UK | Official Reserve Changes | Sep | — | $228M | — |
| 03.10.2013 | 14:30 | EC | Retail Sale MoM | Aug | — | 0.10% | S. Positive |
| 03.10.2013 | 18:00 | US | Initial Jobless Claims | Sep-27 | — | 305K | —- |
| 03.10.2013 | 18:00 | US | Continuing Claims | Sep-20 | — | 2823K | S.Positive |
| 03.10.2013 | 19:30 | US | Factory Orders | Aug | 0.30% | -2.40% | S.Positive |
| 03.10.2013 | 19:30 | US | ISM Non-Manf. Composite | Sep | 57.1 | 58.6 | S.Positive |
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