22/11/2017

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Crude futures move up ahead of inventory data:

Crude oil futures moved higher on Tuesday
ahead of the inventory data and as the traders
weighed the prospect of an extension to the
production-cut agreement against expectations
of higher US output. Prices moved higher amid
expectations that the Organization of the
Petroleum Exporting Countries (OPEC) will agree
to extend output curbs beyond the March 2018
deadline at its upcoming meeting on Nov 30.

Copper Gains on Tuesday

Trades:
Indian Copper ended with gains of 0.63% to end
at Rs 447.1 per kg. World mine production is
estimated to have declined by around 2.2
percent in the first eight months of 2017, with
concentrate production declining by around 1.5
percent and solvent extraction-electrowinning
(SX-EW) declining by around 5 percent,
according to preliminary data released by
International Copper Study Group (ICSG). The
decline in world mine production was mainly due
to:

Gold Looks Tepid, Technical Cues Could Lead To

Correction:

COMEX Gold futures witnessed a whirlwind

movement yesterday as intraday rallies failed
to sustain following a record high close for US
equities. Soaring crude oil futures supported
the metal somewhat though the overall
scenario remained lukewarm for the metal.
COMEX Gold is currently trading at $1280 per
ounce, flat on the day. MCX Gold futures
ended around Rs 29340 per 10 grams, down
0.10% on the day as rallies around Rs 29400
failed to sustain.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29450, 29550.

SUPPORT: - 29250, 29150.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The last session of Gold future market seems consolidated on both positive and negative
momentum which ended up as a short retest as we can see in the 4Hr technical chart.
The market is expected to continue the same trend and the downside rally might extend
to $1276(29240) where a strong support is holding to retest the same. Resistance holds
at $1284(29440)

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39500, 39700.

SUPPORT: - 39100, 38900.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver 4Hr chart has formed Rising Wedge pattern where the last market session has
already broken out the channel which indicates that the bearish momentum has taken
control over the market. The market is expected to continue on the negative trend and the
downside rally might reach towards 39250-39100 levels in the upcoming session.
Resistance holds at 39500 and a near possible support holds at 39100.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 450.50,453.

SUPPORT: -444.50, 442.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

COPPER is in short term bearish phase. The daily Technical chart of COPPER
displays "Falling wedge" pattern indicating bearish downtrend as per the channel. Key
Support holds at 436. Key resistance holds at 447. On a daily basis, copper price at
present holds the resistance. Once it breaks and closes above the channel line, bullish
momentum will continue or else trend will be bearish.

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 3780, 3810.

SUPPORT: - 3720, 3690.

STRATEGY: - BOY ON LOW.

TECHNICAL OUTLOOK

Crude Oil 4Hr chart has formed Ascending broadening wedge pattern. The last few sessions of
the market has been successfully bullish and also ended up breaking out a previous resistance on
higher level which indicates that market might turn back to bearish momentum in case the near
fresh resistance level holds strong at $58(3757). The downside rally might extend to towards
$57.50-57(3725-3692) levels in upcoming sessions. Support holds near $56.30(3646).

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