Weekly MCX Research Report BULLIONS WEEKLY TECHNICAL LEVELS GOLD(FEBRUARY) MCX WEEKLY CHART

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1 Weekly MCX Research Report BULLIONS WEEKLY TECHNICAL LEVELS GOLD(FEBRUARY) MCX WEEKLY CHART 29/01/ /02/2018 WEEKLY PIVOT S S PP R R TECHNICAL/FUNDAMENTAL VIEW - On Wednesday, spot gold prices rose 1.27 percent to close at $ per ounce hitting their highest since August, 2016, as investors sought insurance against possible inflation after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar. U.S. President Donald Trump was due to speak on Friday at the World Economic Forum in Davos, Switzerland. Investors are concerned he will use the speech to signal a more protectionist policy stance. The immediate focus was on the ECB's policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro. On the MCX, gold prices rose 1.14 percent to close at Rs per 10 gms. We expect gold prices to trade higher continuing its positive momentum from the previous trading session, while the rapidly rising Euro and US policy makers welcoming weak dollar are push factors for gold prices to rise in the near term. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.33 percent at $1361 per ounce.

2 S S PP R R BULLIONS WEEKLY TECHNICAL LEVELS SILVER( MARCH) MCX WEEKLY CHART TECHNICAL/FUNDAMENTAL VIEW went back and forth during the trading session on Thursday, as we continue to hover around the $17.50 level. The market is very likely to use this is an opportunity to try to build up momentum, as we will more than likely go higher over the longer term. The US dollar continues to fall, and that is typically good for precious metals such as silver. I believe that the $17.40 level underneath should be rather supportive, and if we break down below there, it s very likely that we could go down to the $17 level again. Either way, I don t have any interest in shorting this market, unless of course the US dollar suddenly changes its overall attitude, and I think at that point it s likely to be difficult to achieve. I believe that the US dollar continues to fall overall, and that of course puts a bit of a firm bottom in this market. I think that the $18.50 level, which is the top of the overall consolidation area from the last year, will be targeted and it s only a matter of time before we break above there and continue to go towards the $20 handle, my longer-term target. That s not to say that it will be easy, but I do think that longer-term we are going to see buyers take over this market as volume is picking up right along with price.

3 S S PP 4151 R R ENERGY WEEKLY TECHNICAL LEVELS CRUDE(FEBRUARY) MCX WEEKLY CHART TECHNICAL/FUNDAMENTAL VIEW-Oil settled higher on Monday after dollar fluctuations and the restart of some Libyan oil fields caused the market to vacillate, with prices testing lower before rallying to levels just below three - year highs. Traditionally, a weaker dollar spurs buying of dollar - based commodities as they become cheaper for holders of other currencies. However, buying as the dollar weakens has been less frequent in recent months. Earlier in the day, resumption of output from Libya's As - Sarah fields weighed on the market. Production at As - Sarah resumed on Sunday and was expected to add 55,000 barrels per day by Monday. Brent is particularly sensitive to changes in output from Libya, as most Libyan crude is priced against Brent. Supportive to the market were comments from top exporter Saudi Arabia that the Organization of the Petroleum Exporting Countries and other producers would continue to cooperate on oil output cuts beyond The deal began in January Saudi Energy Minister Khalid al - Falih said market rebalancing might not occur until 2019, suggesting it would take longer than OPEC had previously indicated. We expect crude oil prices to trade positive on the back of expectations OPEC and Russia are tightening supplies.

4 S S PP R R BASE METALS WEEKLY TECHNICAL LEVELS COPPER(FEBRUARY) MCX WEEKLY CHART TECHNICAL/FUNDAMENTAL VIEW - A jump in inventory drove March Comex High Grade Copper futures sharply lower for the week on Tuesday. Copper slumped to a one-month low as a large delivery of metal into exchange warehouses in Asia refocused attention on demand during a seasonally weak period for industrial activity in China. Traders sold in reaction to the news that inventories tracked by the London Metal Exchange jumped the most in 10 months, continuing a pattern of spikes Comex High Grade Copper Price Futures (HG) Technical Analysis Key Weekly Support is $ to $3.0830nd drawdown in LME inventories seen throughout The main trend is up according to the weekly swing chart, however, momentum has been drifting lower since the week-ending

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