Gold at the COMEX platform is seen trading down at $1304 and, we think that the bearishness is still intact in the commodity. Because there is a no developments in the market. However, there is a talk that congressional leaders are willing to accept a short- term increase in the country’s $16.7 trillion debt ceiling according to aides for both the republicans and the democrats. This might have supported a slight rise in the dollar while US equities for the first time in last few sessions halted from the huge losses. For that reason, we have seen gold prices correcting and, we believe that the same trend will continue for the day. From the economic front, we have a few data from the euro-zone and Germany, which are expected to provide a mixed outlook on the respective economies while we believe there may not be much of an impact on gold’s price trend. On the other hand, the jobless claims data from the US is due, which may keep gold highly volatile. Nonetheless, we still hold on to our bearish view on gold prices. From the derivatives front, we have seen volumes rising for the first time, along with the fall in prices while the open interests are still low, indicating that the prices will be lower. Hence, we recommend selling gold futures for the day.
Silver prices at the COMEX electronic platform are seen trading at $21.87, a scanty change from the previous close. On the other hand, we believe that the bearishness in silver is still intact and recommend selling from the higher levels. Nevertheless, we might see a whipsaw movement in silver prices during the day, as base metals and Asian equities are now trading on a mixed note and, because of which we might see intraday volatility in silver prices. As talk about in the gold report, the economic data may have a similar impact on silver and consequently, we might see silver’s price trend remain lower, but with some volatility. From the derivatives front, the volumes have shown improvement along with declining prices, suggesting that the markets might continue to remain lower while volatility could be noticed. In general, we anticipate the market to trade down today and recommend selling from the higher levels.
BULLION:
Gold Projected High Range at 29473-29792
Gold Projected Low Range at 29507-29188
Gold Mcx Dec Resistance on Upside at 29627-29957-30287
Gold Mcx Dec Support on Low side at 28989-28681-28351
Gold Trend Deciding Point at 29319
Silver Projected High Range at 49438-50086
Silver Projected Low Range at 49664-49016
Silver Mcx Dec Resistance on Upside at 49724-50448-51172
Silver Mcx Dec Support on Low side at 48427-47854-47130
Silver Trend Deciding Point at 49151
BASE METALS:
Copper Projected High Range at 451-456
Copper Projected Low Range at 455-451
Copper Mcx Nov Resistance on Upside at 453-459-465
Copper Mcx Nov Support on Low side at 444-440-434
Copper Trend Deciding Point at 450
Nickle Projected High Range at 857-866
Nickle Projected Low Range at 865-857
Nickel Mcx Oct Resistance on Upside at 860-871-882
Nickel Mcx Oct Support on Low side at 844-838-827
Nickel Trend Deciding Point at 855
ENERGY:
Crude Projected High Range at 6386-6479
Crude Projected Low Range at 6461-6368
Crude Mcx Oct Resistance on Upside at 6420-6359-6657
Crude Mcx Oct Support on Low side at 6233-6165-6406
Crude Trend Deciding Point at 6352
Natural Gas Projected High Range at 232-234
Natural Gas Projected Low Range at 233-231
Natural Gas Mcx Oct Resistance on Upside at 233-235-237
Natural Gas Mcx Oct Support on Low side at 229-227-224
Natural Gas Trend Deciding Point at 231
Mentha Oil Projected High Range at 847-854
Mentha Oil Projected Low Range at 850-844
Mentha Oil Mcx Oct Resistance on Upside at 850-858-866
Mentha Oil Mcx Oct Support on Low side at 836-830-822
Mentha Oil Trend Deciding Point at 844
TODAY STOCK MARKET TIPS
BUY MENTHA OIL MCX OCT ABOVE 844 SL 837 Tgt 851
BUY CRUDE OIL MCX OCT ABOVE 6315 SL 6275 Tgt 6354
ECONOMIC INDICATORS:
| DATE | TIME | Region | Indicator | Period | Survey | Prior |
| 10.10.2013 | 05:20 | JN | Japan Buying Foreign Bonds | Oct-04 | — | ¥672.1B |
| 10.10.2013 | 05:20 | JN | Japan Buying Foreign Stocks | Oct-04 | — | ¥49.2B |
| 10.10.2013 | 05:20 | JN | Foreign Buying Japan Bonds | Oct-04 | — | ¥146.9B |
| 10.10.2013 | 05:20 | JN | Foreign Buying Japan Stocks | Oct-04 | — | ¥341.4B |
| 10.10.2013 | 05:20 | JN | Tertiary Industry Index MoM | Aug | 0.40% | -0.40% |
| 10.10.2013 | 05:20 | JN | Machine Orders MoM | Aug | 2.50% | 0.00% |
| 10.10.2013 | 10:30 | JN | Consumer Confidence Index | Sep | 43.5 | 43 |
| 10.10.2013 | 13:30 | EC | ECB Publishes Monthly Report | — | — | — |
| 10.10.2013 | 16:30 | UK | Bank of England Bank Rate | Oct-10 | 0.50% | 0.50% |
| 10.10.2013 | 16:30 | UK | BOE assets Purchase Target | Oct-05 | 375B | 375B |
| 10.10.2013 | 18:00 | US | Initial Jobless Claims | Oct-05 | 307K | 308K |
| 10.10.2013 | 18:00 | US | Continuing Claims | Sep-27 | — | 295K |
| 10.10.2013 | 18:00 | US | Import Price Index MoM | Sep | 0.30% | 0.00% |
| 10.10.2013 | 10/17 | US | Monthly Budget Statement | Sep | $60.0 | — |
| 10.10.2013 | 10/15 | CH | Foreign Reserves | Sep | $3520.B | $3500.0B |
| 10.10.2013 | 10/15 | IN | Imports YoY | Sep | — | -0.70% |
| 10.10.2013 | 10/15 | IN | Exports YoY | Sep | — | 13.00% |
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