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AKD Commodities

Global Development:

Asian stocks fell on concern the impasse over the U.S. debt limit may lead to a default and after the International Monetary Fund cut its global outlook. Asia stocks pared losses and the yen weak-ened after the White House said it will nominate Janet Yellen to lead the Federal Reserve, offset-ting concerns over deadlocked debt talks in Washington. U.S. index futures gained and Treasury bill rates fell. The announcement comes as President Barack Obama and Republican lawmakers con-tinue to tussle over reopening the government and raising the debt ceiling, which had pushed Treasury bill rates to the highest since October 2008.

Among Yellens tasks, if confirmed, will be to execute the unwinding of the Feds record monetary stimulus. Bernanke has said the central bank wont end monthly bond purchases until the labor market shows sign of substantial improvement. Fed has also announced plans to hold short-term interest rates near zero until the unemployment rate reaches at least 6.5 percent.

The Standard & Poors 500 Index slumped 1.2 percent yesterday after President Barack Obama said the U.S. economy risks a very deep recession should Congress not raise the $16.7 trillion borrowing limit. U.S. House Speaker John Boehner insisted on immediate negotiations with Barack Obama, rejecting the presidents stance that hell talk only after the partial government shutdown ends and the risk of default is pushed back.

Oil Fluctuates as U.S. Lawmakers Seek to Raise Debt Limit and higher Crude oil inventories ex-pected

West Texas Intermediate crude swung between gains and losses as U.S. lawmakers took steps toward raising the governments debt limit, reducing the likelihood of a default that slows eco-nomic growth and saps fuel demand. U.S. is the worlds largest oil user, accounting for 21 percent of global consumption last year, according to BP Plcs Statistical Review of World Energy. U.S. crude inventories climbed 2.8 million barrels last week, the API said. An EIA report today may show sup-plies rose by 1.6 million barrels, according to a Bloomberg survey.

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this document constitutes a solicitation or offer by AKD Commodities (Pvt.) Limited or its affiliates to buy or sell any

commodities/FX or provide any investment advice or service. AKD Commodities (Pvt.) Limited does not warrant the

accuracy of the information provided herein. AKD Commodities (Pvt.) Ltd. info@akdcommodities.com +92-21-35303032

Dollar Index

TRJ-CRB Index

Source: Bloomberg

Source: Bloomberg

S&P GSCI Index

Source: Bloomberg

Event Calendar

Major Currencies

Source: Forex Factory

Source: Bloomberg ( PST 11:00 AM)

October 9, 2013

640.42 928.77

566.80

771.19

1,095.85

-0.1%

-0.1%

0.0%

0.1%

0.1%

0.2%

0.2%

0.3%

0.3%

0.4%

0.4%

0.5%

S&P GSCI Index

Brent Crude Index

Crude Oil Index

Gold Index Silver Index

78

80

82

84

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265

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285

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SPOT Current Previous Chg +/-

CYTD

Chg% Jun End-12

Dec

End-11

Dollar Index 80.184 80.060 0.124 0.01% 81.627 80.178

USD/JPY 97.360 96.880 0.480 26.59% 79.790 76.910

EUR/USD 1.355 1.357 -0.003 4.51% 1.267 1.296

GBP/USD 1.605 1.608 -0.004 3.23% 1.571 1.554

AUD/USD 0.944 0.942 0.001 -7.54% 1.024 1.021

NZD/USD 0.828 0.829 0.000 6.59% 0.801 0.777

CHF/USD 0.908 0.904 0.004 -3.23% 0.949 0.938

CAD/USD 1.038 1.037 0.001 1.59% 1.017 1.021

USD/KRW 1,077 1,074 3.310 -6.54% 1,145 1,152

CNY/USD 6.120 6.122 -0.001 -2.78% 6.354 6.295

Commodity Technical View

Gold Neutral

Silver Neutral

Oil Neutral

Time PST Country Event Actual Forecast Previous

1:30pm GBP Manufacturing Production m/m 0.30% 0.20%

3:00pm EUR German Industria l Production m/m 1.10% -1.70%

7:00pm USD FOMC Member Evans Speaks

7:30pm USD Crude Oi l Inventories 0.9M 5.5M

10:01pm USD 10-y Bond Auction 2.95|2.9

11:00pm USD FOMC Meeting Minutes

2

AKD Commodities

Gold - XAU

Daily Chart

Technical View

Last quoted at US$1317

XAU failed to hold above 1325 yesterday keeping the weakening theme intact. Continue to see risk for weakness towards 1252 1247. Would go bullish above 1342.

Buy above 1342 / Sell below 1308

AKD Commodities (Pvt.) Ltd.

info@akdcommodities.com

+92-21-35303032

October 9, 2013

Technical Analysis

Market Flow: Gold (spot) yesterday settled 0.29% down to close at 1319.29/ounce from an intra-high of US$1329.96/ounce before setting a low of US$1315.86/ounce.

World Gold Reserves

Source: Bloomberg

Qasim Anwar Technical Analyst

11801200122012401260128013001320134013601380

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2,000

4,000

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8,000

10,000

12,000

Au

g-1

0O

ct-1

0Ja

n-1

1A

pr-

11

Jul-

11

Sep

-11

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c-1

1M

ar-1

2Ju

n-1

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ug-

12

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v-1

2Fe

b-1

3M

ay-1

3

MTUS$bn

Wor ld Gold Reser ves SPDR Holding ( RHS)

Closing SnapshotClose 1,319.29

High 1,329.96

Low 1,315.86

Chg (%) -0.29

14D RSI 45.94

50-DMA 1,346.93

100-DMA 1,336.14

200-DMA 1,452.57

Intraday Support LevelsS1 1,308.00

S2 1,297.00

S3 1,280.00

Intraday Resistance LevelsR1 1,325.00

R2 1,342.00

R3 1,352.00

Daily Momentum DataMinor Averages

(5,10,15 MAs)Negative

MACD Negative

STS Positive

3

AKD Commodities

Silver - XAG

AKD Commodities (Pvt.) Ltd.

info@akdcommodities.com

+92-21-35303032

October 9, 2013

Technical Analysis

Market Flow: Silver (spot) yesterday closed near its intra-high of US$22.49/ounce after setting a low of US$22.13/ounce. Silver settled the day 0.30% down at US$22.31/ounce.

Gold/Silver Ratio

Source: Bloomberg

Technical View

Last quoted at US$22.24

XAGs recovery faced resistance around 22.54 yesterday. Weakness through 21.94 would instill weakness towards 21.56 and 21.33. Need a break above 22.54 for strength towards 22.91 and 23.14.

Buy above 21.94 / Sell below 21.56.

Daily Chart

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Closing SnapshotClose 22.31

High 22.49

Low 22.13

Chg (%) -0.30

14D RSI 51.84

50-DMA 22.25

100-DMA 21.49

200-DMA 24.76

Intraday Support LevelsS1 21.94

S2 21.56

S3 21.33

Intraday Resistance LevelsR1 22.31

R2 22.64

R3 22.91

Daily Momentum DataMinor Averages

(5,10,15 MAs)Positive

MACD Positive

STS Positive

4

AKD Commodities

Oil - WTI

Daily Chart

AKD Commodities (Pvt.) Ltd.

info@akdcommodities.com

+92-21-35303032

October 9, 2013

Technical Analysis

Market Flow: Crude futures (December 2012) yesterday made an the intra-day low of 102.85/bbl and made an intraday high of US$104.08/bbl and settled the day 0.45% up at US$103.49/bbl on session close.

Brent vs. WTI Oil Spread (US$/bbl)

Source: Bloomberg

Technical View

Last quoted at US$103.47

Hold a neutral stance within 103.25 104.89. Break above 104.89 would allow strength towards 106.52. Failure to hold 101.22 101.05 would induce pres-sure towards 97.94.

Buy above 103.25 / Sell below 101.22.

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g

Closing SnapshotClose 103.49

High 104.08

Low 102.85

Chg (%) 0.45

14D RSI 45.04

50-DMA 105.93

100-DMA 102.53

200-DMA 98.11

Intraday Support LevelsS1 103.25

S2 101.22

S3 97.94

Intraday Resistance LevelsR1 104.69

R2 106.52

R3 108.55

Daily Momentum DataMinor Averages

(5,10,15 MAs)Negative

MACD Negative

STS Negative