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301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
TECHNICAL ANALYST
GOLD
OUTLOOK:
TREND: - UP
TECHNICAL OUTLOOK
Gold daily chart has formed “Rising wedge” pattern. The trend remains bullish as the last
session seems have retested the channel’s support slope line. As per the technical
aspects of the pattern, the retest is likely to continue on the bullish term. The upside rally
could test $1345-1355(29885-30135) levels in the upcoming sessions. Resistance holds
at $1360(30260) and support at $1335(29635).
301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
OUTLOOK:
SILVER
TREND: - UP
TECHNICAL OUTLOOK
The non-commercial futures contracts of Silver futures, traded by large speculators and
hedge funds, totaled a net position of 38,035 contracts in the data reported through
Tuesday January 9th. This was a weekly spurt of 15,285 contracts from the previous
week. Speculative positions have now gained for three straight weeks and currently stand
around their five week high. The commercial traders position, hedgers or traders engaged
in buying and selling for business purposes, totaled a net position of -49,942 contracts on
the week. This was a weekly drop of -12,750 contracts.
301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
COPPER
OUTLOOK:
TREND: - UP
RESISTANCE: - 461.50,464.
TECHNICAL OUTLOOK
MCX Copper futures soared sharply yesterday as the global cues were extremely firm. The
COMEX Copper jumped near recent four year highs as a weak US dollar and continued
spurt in crude oil provided enough impetus for the red metal. Copper had corrected on
Friday but was back to the winning ways in Asia amid upbeat equities. The metal stayed
supported and is currently quoting flat at $3.259 per pound. MCX Copper futures also
broke above Rs 460 per kg levels in intraday moves but closed at Rs 459 mark, adding
1.30% on the day. The US dollar index is lingering around 90.30 levels right now, holding
around its three year low and keeping metals and other commodities well supported. The
index tumbled on Friday after breaking below the 92 levels.
301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
CRUDE OIL
OUTLOOK:
TREND: - UP
TECHNICAL OUTLOOK
Crude Oil daily chart has formed “Ascending broadening wedge” pattern, inside channel
formed: “Elliot impulse wave”. The last few sessions seems consolidated inside the
channel. The market is expected to continue on the same bullish term once the same
breaks above the resistance slope line, testing all the way through $65-66(4141-4205)
levels in the upcoming sessions. Alternatively, if resistance slope line holds strong then
market might retest the same and turn bearish. Major Resistance holds at $66(4205) and
support at $63(4014).
301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900
16/01/2018
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