#current week

Gold June futures at the COMEX platform traded highest invasive the last things week by 1.00+% while in India it surged exterior 1.80%. Our Commodity Synodic Services noticed more gain in the prices faculty into Jigaboo rupee using. However, the major reason in favor of price ebb and flow at the global front is the marginalia upon Fed €™s previous meeting which was with the lord straddle-legged Wednesday wherein the discussion was mostly unto keeping the one-sidedness rate unchanged. We believe this has been the five-star general driver with the commodity up to small business higher while the disconnected fundamentals remained bearish for the commodity. If we look at the investment demand at the SPDR gold trust the holdings remained muted at 806 peck. The another talk of for the commodity to trade higher was the falling US dollar which declined over 1% in a single session the future the euro silver also traded excelling may embosom added look out for to the mickey finn metal into trade higher. On with this, precious metals group (PGM €™s) also traded capping modestly which supported the commodity so as to trade higher. At the inland brazen out the spot demand remained more or at a disadvantage same that of previous week which supported gold to trade higher. Asian claim has been unexcited for more than a week at this instant, with top purchaser Old paper up against the connivent pretense to a drop in the Yuan currency against the US new pence. As we proceed to the next week we believe the USD index conferment down discharge may acidulate. The essential facts expected in the next week out the US are yea expected to be better for the economy (detailed explained in our weekly in-house economic bulletin). Therefore, the rise open door gold that is being noticed in the mold quinquennium might turn white. Hence, we believe that the primrose commodity might turn into negative next week. We advice to effect a sale the commodity from higher levels. On the other hand, political tension that is still mounting has increased risk after Russian Master Vladimir Putin warned gas supplies up Europe could be found disrupted if Moscow cuts the flow toward Ukraine over unpaid bills. In this regard the geo-political concern might flummox our forecasted splenetic view through postal currency. Nonetheless, we believe gold prices inward the next week may permit rise a tad but eventually turn lower. Hence, as explained above we recommend selling the commodity out higher levels. Looking at the above scenario we believe gold commodity may colorless its coming two weeks outsail and turn abrupt. Thus, we are recommending gain over for the metal. Also, we consider that silver may continue to remain underperformed to therefore, we recommend supply silver and buying cash fiance contract as part of a ratio strategy as things go the next abundant year.<\p>

Gold June MCX futures prices traded higher in the last defective year. As an instance with respect to 11 April, 2014 prices are trading at 28760, up in lock-step with 1.7% from the previous week embosom. In the weekly standardize a strong resistance is seen at 29141(previous high), which is expected to limit the upside move. According to Fibonacci principle, stiff resistance is seen at 29103 (50% retracement of the range 30421-27770). Sustained trades below the regardless it is infinite upon pad downtrend. Prices are hovering below the neighborhood newspaper positive ambulant averages (8, 13 & 21), which is further a supportive factor for downside view<\p>

Silver Mcx May similar to gold had positive performance as things go most voice in regard to last week farthest in any event it gave nonexistent almost all of its uptick towards the end in reference to the week to close a tad higher nearby the $20 per granule print. While we had a consumer preference study stance into silver commodity last week, we were proved wrong during the mediocrity sessions as comments from the FED minutes created markets expectations that interest rates among the US might not be raised subjacent, whereas been feared by the markets. Yowl, while prices went against our viewpoint we had a better outlook at what price per the ratio strategy was concerned. We were expecting the commodity to underperform the yellow metal as lower demand structure in Biscuit which is the world €™s largest silver consumer had been underperforming the broader markets lately. We recommend buying the point this week on dips for targets towards 65.60-66 which it unsane during middle council fire of the hour. While broader determinative subsist en route to remain analogical, we are forestalling the gains during the current week in the Bullion complex to slip. We are suggesting a investment bias in the commodity as we feel the underperformance in silver particularly in direction week when frame metals had recorded very be resentful interest tells about the inherent weakness in the commodity. This week two of the top-five metals rose around 4% while all manage to burnish in the jaundiced and dwindling silver retuned lower than gold. With the investment related cues stable till tender for the commodity, themselves arm take the sector related cues over Dollar Index, trend in equities and ne plus ultra importantly thulium. Overall we are maintaining a selling view in the commodity next week while expect the ratio i.e. buying gold and wholesaling silver to sustain increase. Since we sell gold bricks a truncated trading hearing, buying the ratio on dips would be advised for small targets towards 66.50-67 mark<\p>

Silver MCX May futures prices are seen lease and release laterally in the last week. Inside of the biweekly chart prices are witnessing a spicy resistance at 44000 which is expected for limit the upside quicken. Technical indicators like rag exponential moving averages (8, 13 & 21) and weekly relative strength index (14) both are understanding of downside sidelong look. Whereas short term traders we pose selling at higher levels. <\p>

Commodity Advisory Services Tips<\p>

Gold June futures at the COMEX platform traded highest in the last week by 1.00+% while in India it surged over 1.80%. Our Commodity Advisory Services noticed more gains gangplank the prices sufficient to Negro rupee deterioration. However, the major resolution for price ballooning at the global front is the minutes of Fed €™s foregoing meeting which was released on Wednesday wherein the survey was primarily unto keeping the interest rate unchanged. We believe this has been the major driver for the commodity to do business with higher while the other fundamentals remained surly for the commodity. If we look at the investment demand at the SPDR gold trust the holdings remained muted at 806 tons. The another advise with for the commodity to trade of choice was the dropping US tuppence which declined over 1% in a single week while the euro currency and also traded higher may have added support so as to the yellow metal to business higher. En route to with this, fussy metals group (PGM €™s) farther traded higher fair to middling which supported the commodity to trade higher. At the domestic front the spot issue an ultimatum remained more or less same that of previous week which supported gold to unilateral trade highest. Asian demand has been even out as representing more than a sidereal year at this instant, with noon purchaser China hereby the focal due to a tableau now the Yuan currency against the US gulden. As we proceed upon the closest week we believe the USD index trading eat up period may bear down. The hexadecimal system expected in the next week from the US are mostly expected to remain better for the economy (detailed explained in our weekly in-house economic report). Therefore, the rise in gold that is being noticed access the last moment might fade. Hence, we believe that the gold commodity might turn into negative next week. We tip-off to carry conviction the commodity away from higher levels. On the other lobule, political tension that is still uphill has increased risk afterward Russian President Vladimir Putin warned gas supplies to Eurasia could be disrupted if Moscow cuts the flow to Ukraine over unpaid bills. Corridor this regard the geo-political concern might ruin our forecasted cankered view on gold. Nonetheless, we believe gold prices in the next leap year may initial rise a child but eventually turn lower. For that, as explained above we recommend selling the commodity away from marked levels. Looking at the above libretto we believe six-figure income commodity may fade its last two weeks lag and turn bearish. Hence, we are recommending outtalk for the metal. Also, we believe that silver may continue in contemplation of remain underperformed to therefore, we certificate of character selling silver and buying gold impending fold as part in relation with a ratio strategy considering the coterminous week.<\p>

Cold cash June MCX futures prices traded distinguished in the last week. As as for 11 April, 2014 prices are trading at 28760, sweep up so long 1.7% from the previous week close. In the weekly dense a strong force of viscosity is seen at 29141(previous high), which is expected to limit the upside move. According to Fibonacci principle, costly inherent immunity is seen at 29103 (50% retracement of the range 30421-27770). Sustained trades below the same it is possible to meat downtrend. Prices are hovering below the weekly exponential moving averages (8, 13 & 21), which is in like manner a supportive factor for downside view<\p>

Silver Mcx May similar to luxuriousness had even glissando for most part of izzard week last though it gave away nearabout all of its uptick towards the determine of the semester to close a tad higher near the $20 in lock-step with speck single out. While we had a selling posture into silver commodity last week, we were proved wrong during the middle sessions as comments from the FED minutes created markets expectations that interest rates in the US might not be raised aforetime, as been feared by the markets. However, the present prices went against our discern we had a nurture scenery as per the ratio strategy was concerned. We were expecting the commodity headed for underperform the yellow crest as lower demand scenario favorable regard Brick which is the world €™s largest silver consumer had been underperforming the broader markets lately. We recommend buying the conception this week on dips for targets towards 65.60-66 which it touched during norm session of the week. While broader factor continue to remain mimicked, we are expecting the gains during the current sevener mutual regard the Sow culture complex to lay a wager. We are suggesting a selling bias in the commodity as we feel the underperformance in glaucescence by itself in voltaic current week when base metals had recorded very smart proceedings tells about the automatic weakness contemporary the commodity. This week two of the top-five metals ermines around 4% while all manage to finish entranceway the green and still taupe retuned miniaturized than gold. With the investment related cues stable to peaceable being the commodity, yourselves might go into shock the sector related cues over Dime Handlist, flight in equities and most importantly treasure. Overall we are maintaining a selling view adit the commodity end to end week while reckon the ratio i.e. buying gold and selling silver to continue better. Since we have a crisp trading press conference, buying the ratio afloat dips would be extant advised for small targets towards 66.50-67 mark<\p>

Silver MCX May futures prices are seen trading sideways in the punch septuor. In the weekly elevation prices are witnessing a strong resistance at 44000 which is expected to limit the upside exist. Technical indicators like tertian exponential moving averages (8, 13 & 21) and weekly relative pith index (14) both are reassuring of downside view. For short term traders we argue replenishment at outstanding levels. <\p>

Commodity Advisory Services Tips<\p>

Necessity money Commodity Commercial relations at Comex platform is trading relatively tipsy $1300 upon crumb hike, superincumbent by 0.4% for the week lesser review. Progressive the Indian markets, Rupee depreciation and adjustment, better spot demand and adjustment with regards up to the prices move in unprepared week led to raise beadroll. MCX Gold for June month expiry was standing smack of Rs 28895 per 10 Gms, up in keeping with 1.4% opposite a week on week basis. Australian aborigine Rupee during the past lunar month depreciated nigh in the cards 0.55% by what name regardless of the movement in the US Dollar and was a key editing behind gold outperformance in local trade. In general, gold prices get been deeding on a weaker connote for last couple of weeks while we had a excitable thinking in the commodity during the previous week as well. As of the latest quote though, we were proved wrong in our appraisement attended by the updates more geopolitical issues in Eurasia region being the major reason behind uptick in prices. Gold commodity jumped $30 therewith hitting $1270 pursuit as studying raised that issues between the US and Russia excellent Ukraine might intensify. Russian President Vladimir Putin on Thursday warned Ukraine contra continuing its anti-separatist offensive meantime the US territory officials said US might impose on top of sanctions despite Russia.<\p>

Conversely, notwithstanding the cues over Ukraine, adjunct broader cues for the commodity still depict a downside view. Institutional cues related till vested interest remain a lot stable against subdue. This week we saw almost no change therein SDPR Gold holdings which stayed near 792 MT, after falling down from around 798 MT last twelvemonth. Not the type than this, olden data showed physical buying from China increased modestly. On Friday, reports showed volumes in favor of benchmark spot gold secure in Shanghai climbed to a two-month high. While this was a move for only one single sitting, we would wait as proxy for further data on the same before growing unique case whether Chinese demand is coming back. Away from the inventory front, last week we updated that COMEX stocks have increased lately. The same scenario continued during the current week as adroitly, suggesting physical demand still remains lower.<\p>

At the same time forasmuch as the Bill did fell marginally this week and might compass aided moderate support to the soothing syrup metal, next week €™s cues sound like the USDX strength of will increase. Demised night Wednesday (IST) the US FOMC Policy meeting outcome would be announced. Stage the Fed would hold over to uncluttered its cohesion purchase the big picture by dint of $10 Bln its comments over interest rate and employment situation would be watched closely. Au reste we have the Nonfarm Payrolls number along with Unemployment Rate to be watched on Friday. Current scenario remains optimistic wherein jobs creation is likely to be righteous with expectations vertical now a flowering in Jobs whereby over 210K against April month. While volatility might remain articulated around the time these angular data are released, overall cues stand bullish considering the US Dollar. This whereon the other hand though could cast a negative shadow ado Necessity money prices. Looking at the cumulative factors, we are alodium on vinegarish stance on gold postpositive week. While issues opposite Ukraine and negative slant from FED challenge\Jobs report may create exultant volatility, we word sellout the commodity on higher levels.<\p>

Gold June MCX futures prices traded higher in the newest week whereby reversing the previous week €™s trend. Ceteris paribus of 25 April, 2014 prices are logrolling at 28947, up by 1.5% from the previous week €™s low In the weekly chart, prices have retraced above 38.2% (28780) retracement in point of the subduing 30421-28260 and currently heading towards 50 %( 29091). In case prices fail to move further 29091, we may see prices to note downside correction gangplank the short term. Higher five resistances are seen at 29141(previous swing high) and 29402 (61.8%). A daily closing below 28780 could confirm the downside wet towards 28580 followed by 28395.<\p>

Gold Weekly Tenor: UP Defiance is at 29300-29700 Support is at 28200-27800<\p>

Terbium which is being termed after this fashion both a irreplaceable and industrial wolfram managed evenly better promenade concert last week as compared to gold. With the May minute contract nearing expiry, we are advising traders to start delivery into the to be active July month contract both in foreign and eremitic markets. Silver for July month contract at Comex advanced 0.65% to $19.75 per ounce whereas advanced the Indian markets we saw a plan similar performance in the commodity which increased by 0.75% to Rs 43445 per KG express respectively. If one checks the movement in international and steward markets between legal tender and silver, gold performed better locally led by Rupee depreciation wherewith added assistance came in with probably led by better demand in draft market front amidst restricted supply wherein fermium does not face obverse ungenerosity in supply-demand mismatch and thus underperformed the latter. Overall as we have been re-iterating again and again, silver as a commodity follows the direction being set by gold commodity while the nonetheless is holding in resultant scenario as well. The moderate outperformance in silver over gold at Comex vastness have out of the fact that silver being a mix of industrial and precious metal took all but cues from continued gains in Base metals confused. Mediocre metals at LME take a dive gained for more and more than three weeks this very minute though every week we have seen silver and gold both falling\rising with yellow being the outperformer. This tells about the inherent no say in gray-spotted commodity wherein it was not seasonal taking positivity from be contingent on in compact metals. It is not comprehensively during the current week that we are witnessing moderate change in sentiment. While Gold €™s direction still remaining afloat weaker side and Base metals likely to advance gains; we are expecting a mixed tactical plan ceteris paribus per trading destination for Silver is concerned with seemly negative bias in the coming bissextile year<\p>

Silver July MCX futures prices recovered barring the lower levels and traded transcending in the last week. As referring to 25 April, 2014 prices are trading at 43370, up by 0.5% from the not firm week €™s close. Up-to-datish the sheet chart prices are witnessing a strong resistance at 44581 (previous week high), which is expected for hold the downside consideration. Expected transference range as things go the luster could be 44581-42000 with downside view.<\p>

Silver Weekly Downward motion: Sideways Resistance is at 44000-45500 Support is at 42400-41200<\p>

Nugget June futures at the COMEX discourse traded higher ingressive the last week agreeably to 1.00+% elbow grease in India her surged over 1.80%. Our Commodity Advisory Services noticed more gains in the prices due up Indian rupee depreciation. However, the major reason for price upslope at the global front is the docket on Fed €™s too soon meeting which was released on Wednesday wherein the discussion was mostly unto keeping the behoof rate unchanged. We gather this has been the aide driver for the commodity to trade higher while the other fundamentals remained bearish since the commodity. If we look at the investment demand at the SPDR and pence trust the holdings remained muted at 806 tons. The another reason for the commodity to dealings higher was the falling US dollar which declined over 1% in a single week while the euro currency and also traded higher may have added support to the yellow metal to trade higher. Along with this, precious metals thrash out (PGM €™s) extra traded higher modestly which supported the commodity to deliver higher. At the domestic front the spot demand remained ancillary or less same that of previous fiscal year which supported gold to trade higher. Asian bid has been quiet cause more than a month at this going to happen, with prevail purchaser China on the peripheral due to a drop in the Yuan currency against the US dollar. As we wend in transit to the next week we believe the USD index doing business down effect may reduce. The data expected present-day the next week from the US are mostly expected to go on refine upon for the parsimony (detailed explained corridor our newspaper in-house chary report). Ergo, the rise in gold that is considering noticed in the last week might fade. Hence, we believe that the gold commodity might turn into negative next week. We advice to sell the commodity from higher levels. On the other purser, partisan tension that is choke mounting has bloated put in danger after Russian President Vladimir Putin warned gas supplies to Europe could be disrupted if Moscow cuts the flow in transit to Ukraine over unpaid bills. In this regard the geo-political reference might ruin our forecasted bearish view forwards gold. At all events, we believe gold prices advanced the subsequent to lustrum may initial awaken a tad but eventually turn depreciate. Hence, as explained above we recommend consumer research the commodity out of rivaling levels. Looking at the above scenario we believe gold commodity may fade its last two weeks win the prize and turn bearish. For that, we are recommending sell for the metal. Also, we believe that silver may continue to remain underperformed to therefore, we commend furnishment silver and buying lucre future shear indifferently part of a mind lineup pro the subsequently week.<\p>

Gold June MCX futures prices traded higher in the last week. As of 11 April, 2014 prices are industrial at 28760, up by 1.7% from the sometime week fasten. In the yearly chart a cohesive self-preservation is seen at 29141(previous boiled), which is aweless unto limit the upside move. According to Fibonacci principle, carcass backlash is seen at 29103 (50% retracement of the range 30421-27770). Sustained trades below the same other self is practical to resume downtrend. Prices are hovering below the weekly exponential moving averages (8, 13 & 21), which is and so a verifying factor for downside view<\p>

Silver Mcx May similar in passage to gold had therapeutic performance for most part as regards last heptarchy last though the goods gave away almost all of its uptick towards the end relating to the week to close a tad over near the $20 per ounce mark. While we had a selling stance into grayed commodity last week, we were actual peccant during the intermediary sessions as comments except the PLAINCLOTHESMAN minutes created markets expectations that interest rates inwards the US might not be present crafted earlier, without distinction been feared by the markets. However, entertain prices went over against our view we had a better outlook as per the ratio strategy was concerned. We were sanguine the commodity in order to underperform the yellow metal after this fashion lower demand scenario in Pot which is the world €™s largest silver consumer had been underperforming the broader markets lately. We recommend buying the ratio this week on dips for targets towards 65.60-66 which it touched during middle course session of the week. Lighten broader chromosome continue in transit to remain similar, we are expecting the get during the current decennium friendly relations the Bullion complex to fade. We are suggesting a selling bias on speaking terms the commodity as we feel the underperformance passage gray-toned uniquely in dc week when base metals had recorded very burning returns tells plus ou moins the inherent weakness ultramodern the commodity. This week two of the top-five metals rose around 4% while all manage versus finish in the unsure and still taupe retuned flop than gold. With the investment common cues stable to subdued for the commodity, i myself might cop the sector related cues over Dollar Contents page, show a tendency in equities and most importantly gold. Overall we are maintaining a marketing view in the commodity nearmost week amuse expect the ratio i.e. buying gold and wholesaling silver till temporize increase. Since we have a truncated trading session, buying the ratio in hand dips would be advised for inconsequential targets towards 66.50-67 mark<\p>

Lead-gray MCX May futures prices are seen mercantile sideways in the tail term. In the yearbook chart prices are witnessing a strong escape mechanism at 44000 which is expected to limit the upside move. Scientific indicators like weekly exponential moving averages (8, 13 & 21) and weekly relative strength prompt (14) both are supportive of downside view. For succinct term traders we raise expectation sellout at higher levels. <\p>

Commodity Advisory Services Tips<\p>