Daily Commodity Market News By Epic Research - 06th May 2014

COMMODITY WRAPUP

GOLD

GOLD MCX Short term trend is DOWN, Immediate support @ 28850 Immediate Resistance @ 2910 GOLD MCX Closed

@ 28580.00. Yesterday Intraday Range of GOLD MCX was 164. Open Interest was UP 1.50 %, Volumes were 10120 lots.

For today Keep a close eye on US data, volatility may Rule the overall Market due to USDINR Movements.

BUY GOLD(JUN) ABOVE 29060 TGTS 29140/29240 SL 28950

SELL GOLD(JUN) BELOW 28770 TGTS 28690/28590 SL 28890

SILVER

SILVER MCX Short term trend is DOWN, Immediate support @ 42300 Immediate Resistance @ 43000 SILVER MCX

Closed @ 41534.00 . Yesterday Intraday Range of SILVER MCX was 530 .Open Interest was UP +1.01 %, Volumes were

13960 lots. For today Keep a close eye on US data, volatility may Rule the overall Market due to USDINR Movements.

BUY SILVER(JULY) ABOVE 42950 TGTS 43150/43450 SL 42600

SELL SILVER(JULY) BELOW 42300 TGTS 42100/41800 SL 42630

DHANIYA

Dhaniya daily chart, price bounce up from support level, expecting new high from here onwards trend is bullish.

Momentum indicator RSI is in mid range Immediate support @ 9490 & Immediate resistance @ 9550.

BUY DHANIYA MAY ABOVE 9555 TGTS 9585,9635 SL 9515

SELL DHANIYA MAY BELOW 9490 TGTS 9470,9410 SL 9530

SPECIAL NEWS

Spot gold rose 0.1 per cent to $1,310.70 an ounce by 0020 GMT, after gaining 2 per cent over the last two sessions. On Monday, gold climbed to $1,315.60 – its highest since April 15, before paring some gains. Pro-Russian rebels shot down a Ukrainian helicopter in fierce fighting near the eastern town of Slaviansk on Monday, and Kiev drafted police special forces to the southwestern port city of Odessa to halt a feared westward spread of rebellion. Goldcorp Inc has resumed operations at its Los Filos mine in Mexico after reaching a new five-year occupancy agreement with local landowners.

South Africa’s Association of Mineworkers and Construction Union (AMCU) said its striking members had rejected the laTest wage offer by the world’s three biggest platinum mining companies. South African President Jacob Zuma has accused the AMCU union of irresponsibility for dragging out the platinum strike for almost four months, saying there was a risk of workers losing their jobs because of the dispute.

COMMODITY BUZZ

Gold prices declined by Rs 30 to Rs 30,680 per 10 grams in the national capital yesterday on slackened demand at prevailing higher levels even as the metal extended gains in the overseas markets On the other hand, silver held steady at Rs 42,700 per kg on scattered buying support from industrial units and coin makers. Traders said fall in demand from retailers at current levels led to decline in gold prices but a firming trend overseas as escalating tension in Ukraine boosted demand for safe-haven, limited the downside. Globally, gold rose as much as 0.7% to $1,308.91 an ounce, the highest level since April 15 in

Singapore.

MCX Gold is trading slightly higher, tracking the up move in the global prices. The commodity is off to a good start this week, with the COMEX futures extending bounce above $1300 per ounce. The metal quotes at $1307.50, up $4.60 per ounce on the day. MCX Gold futures are trading at Rs 28952 per 10 grams, up Rs 81 per 10 grams or 0.28% on the day.

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