Gold, last week prices surprisingly traded higher and ended the week at $1314.60, up by 3.66% from the previous week. The week gone by was irregular for gold, as we had also witnessed a low of $1251. However, we saw a substantial rise in prices since the middle of the week when the US government finally took a decision on its debt ceiling, leaving no hope of a tapering off of the quantitative easing so soon. This had shaken the whole market and so, we saw its impact on gold. Therefore, gold prices at the local market also surged by 3.69% and ended the week at Rs 29,480 per 10 grams. We have not seen much of an impact of the rupee on commodities as the currency traded in a very thin range and ended the week at 61.2650 per dollar. No economic data from across the globe had an impact on gold. This morning, gold is seen trading at $1318, up by $4 from its previous close. However, the gains have been minimal as there have been no major developments over the weekend. We believe that, as the day progresses, the market may remain less volatile while there might be slight buying at lower levels. Overall, we suggest buying gold on an intraday basis. Locally, the rupee is trading weaker by 26 paisa from its previous close against the dollar, which may help gold trade higher. Hence, we are recommending buying at the lower levels for the day.
Silver prices traded higher in the last week and settled at $21.923, up by 3.08% from the previous close. Likewise, local silver prices also traded higher and ended the week at Rs 48,195. Silver prices traded higher along with the higher bullion sector. Also, the precious metals group (PGM’s) traded higher, supporting the commodity to trade higher. Likewise, some of the industrial metals also traded on a positive note .Silver prices also traded higher as the developed nations’ equity markets traded on a positive note, pushing silver prices higher. Another key factor that pushed silver prices higher was the weakness in the US dollar. As of this morning, silver prices at the Globex are seen trading at $22.14,up by more than 1% and ,the rupee is also on a depreciating note, leading us to expect a gap-up opening at the local market. However, we continue to hold a bullish call on silver today and recommend buying from the lower levels. Looking at the gold and silver price performance, silver has been outperforming gold and is likely to continue to the same in today’s trade. Hence, we also suggest buying silver and selling the gold futures contracts for a ratio strategy. The rising equity markets across Asia and the possible bullish approach during the European and US session may continue to support silver to trade at the higher levels. Hence, for the day, we recommend buying from the lower levels
BULLION:
Gold Projected High Range at 29682-29975
Gold Projected Low Range at 29795-29502
Gold Mcx Dec Resistance on Upside at 29810-30140-30470
Gold Mcx Dec Support on Low side at 29225-28970-28640
Gold Trend Deciding Point at 29555
Silver Projected High Range at 48430-48960
Silver Projected Low Range at 48371-47841
Silver Mcx Dec Resistance on Upside at 48705-49215-49726
Silver Mcx Dec Support on Low side at 47645-47095-46585
Silver Trend Deciding Point at 48155
BASE METALS:
Copper Projected High Range at 451-454
Copper Projected Low Range at 453-450
Copper Mcx Nov Resistance on Upside at 452-456-461
Copper Mcx Nov Support on Low side at 446-443-440
Copper Trend Deciding Point at 450
Nickle Projected High Range at 870-880
Nickle Projected Low Range at 863-853
Nickel Mcx Oct Resistance on Upside at 876-884-892
Nickel Mcx Oct Support on Low side at 856-844-836
Nickel Trend Deciding Point at 864
ENERGY:
Crude Projected High Range at 6259-6303
Crude Projected Low Range at 6256-6212
Crude Mcx Oct Resistance on Upside at 6281-6325-6369
Crude Mcx Oct Support on Low side at 6192-6147-6103
Crude Trend Deciding Point at 6236
Natural Gas Projected High Range at 231-234
Natural Gas Projected Low Range at 229-226
Natural Gas Mcx Oct Resistance on Upside at 233-236-238
Natural Gas Mcx Oct Support on Low side at 227-223-221
Natural Gas Trend Deciding Point at 230
Mentha oil Projected High Range at 854-858
Mentha oil Projected Low Range at 854-850
Mentha oil Mcx Oct Resistance on Upside at 856-859-863
Mentha oil Mcx Oct Support on Low side at 849-845-842
Mentha oil Trend Deciding Point at 853
TODAY STOCK MARKET TIPS
SELL CRUDE OIL MCX NOV BELOW 6241 SL 6262 TGT 6224-6205
BUY MENTHA OIL MCX OCT ABOVE 856.1 SL 848 TGT 862.5
ECONOMIC INDICATORS:
| DATE | TIME | Region | Indicator | Period | Survey | Prior |
| 21.10.2013 | 04:31 | UK | Right move House Prices MoM | Oct | — | -1.50% |
| 21.10.2013 | 05:20 | JN | Trade Balance | Sep | -¥920.0B | – ¥960.03B |
| 21.10.2013 | 05:20 | JN | Exports YoY | Sep | 15.5 | 14.7 |
| 21.10.2013 | 05:20 | JN | Imports YoY | Sep | 19.9 | 16 |
| 21.10.2013 | 10:00 | JN | All Industry Activity Index MoM | Aug | 0.20% | 0.50% |
| 21.10.2013 | 11:30 | GE | PPI MoM | Sep | 0.10% | -0.10% |
| 21.10.2013 | 14:30 | EC | Govt Debit/GDP Ratio | 2012 | — | 90.60% |
| 21.10.2013 | 19:30 | US | Existing Home Sales | Sep | 5.30M | 5.48M |
| 21.10.2013 | 10/26 | US | Industrial Production MoM | Sep | 0.40% | 0.40% |
| 21.10.2013 | 10/26 | US | Capacity Utilization | Sep | 78.00% | 77.80% |
| 21.10.2013 | 10/26 | US | Wholesale Inventories MoM | Aug | 0.30% | 0.10% |
| 21.10.2013 | 10/26 | US | Retail Sales Advance MoM | Sep | 0.00% | 0.20% |
| 21.10.2013 | 10/26 | US | Retail Sales Ex-Auto MoM | Sep | 0.40% | 0.10% |
| 21.10.2013 | 10/26 | US | Factory Orders | Aug | 0.30% | -2.40% |
| 21.10.2013 | 10/26 | US | Trade Balance | Aug | -$39.5B | -$39.1B |
| 21.10.2013 | 10/26 | US | Business Inventories | Aug | 0.30% | 0.40% |
| 21.10.2013 | 10/26 | US | Building Permits | Sep | 935K | 918K |
| 21.10.2013 | 10/26 | US | Housing Starts | Sep | 910K | 891K |
| 21.10.2013 | 10/26 | US | Total Net TIC Flows | Aug | — | $56.7K |
| 21.10.2013 | 10/26 | US | Net Long-term TIC Flow | Aug | $31.0B | $31.1B |
| 21.10.2013 | 10/26 | US | Monthly Budget Statement | Sep | $65.0B | $75.2B |
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