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Energy:-
In the face of these headwinds, the IEA downgraded its forecast for oil demand growth by 110,000 bpd for both 2018 and 2019. That leaves the oil market kind of at a confusing crossroads. Supply is likely adequate in the near-term, but low spare capacity leaves the world dangerously exposed. Iran’s exports will continue to fall; any additional outage could push prices higher. The flip side of this coin is that demand looks shakier than it has at any point in recent years. Not only is demand is set to grow at a slower pace than expected.
Base:Copper’s Q3 journey hasn’t been a pretty one — the red metal kept on sliding down through the quarter, following cues from the end of Q2 when it took a sudden dive shortly after hitting yearly highs. Those yearly highs in Q2 were mirrored by yearly lows in Q3 — which according to some analysts are unlikely to be revisited anytime soon, in a good sign for investors. While the US-led trade war has continued to affect the market, it’s almost starting to look like the markets are tired of it all, and life must go on; copper has been making a recovery since the end of Q3 and into Q4, returning back to above US$6,000 a tonne after a three-month period of flirting with prices with a 5 in front.
Bullions:There were a recent combination short covering and a flight to safety that lead to gold's rapid increase in price with the precious metal climbing through the descending channel's resistance to set a fresh high of $1,226/oz up from $1,180 recent double bottom lows. However, US equity markets set a firmer tone on Friday with respect to investor risk appetite which leaves gold bulls exposed to the risk of a deeper correction should market's continue to recover - Gold had already retreated back to $1,216 which has been marked out by the bears in the last two full day's of trade since its advance.
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TECHNICAL ANALYST
GOLD
OUTLOOK:
TECHNICAL OUTLOOK TREND: - DOWN RESISTANCE: - 32050, 32150
MCX Gold futures technical chart has taken the formation of “Rising channel� pattern in SUPPORT: - 31850, 31750 daily time frame. Last session ended up consolidated but bearish in trend, where the market is expected to continue on the bullish trend bySTRATEGY: retesting- a strong junction support BUY ON LOW. zone inside the channel. The positive rally could be extending all the way up to 3190032000 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the support zone holding at 31700, then it might have a chance to revise the trend to bearish once again. The downside rally could test up to 31500 levels. Key resistance holds at 32000.
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OUTLOOK:
SILVER
TREND: - DOWN RESISTANCE: - 39200, 39400 SUPPORT: - 38800, 38600 STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK MCX Silver futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last session ended up bullish in trend after few consolidations inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices break above the key resistance zone holding at 39000. The positive rally could be extending all the way up to 3920039400 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 38500 levels. Key support holds at 38500.
OUTLOOK: TREND: - DOWN
COPPER
RESISTANCE: - 462.50,465. SUPPORT: -457.50, 455. STRATEGY: - BUY ON LOW.
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TECHNICAL OUTLOOK Copper daily chart has formed “Megaphone chart� pattern. The last few sessions been in bullish trend after retesting an interim support trend line inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance zone holding at 462. The upside rally could be testing all the way through 465-470 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 452 levels. Key resistance holds at 452 .
OUTLOOK: TREND: - DOWN
CRUDE OIL
RESISTANCE: - 5350, 5380. SUPPORT: - 5300, 5270 STRATEGY: - BUY ON LOW.
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TECHNICAL OUTLOOK MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge� pattern in daily time frame. Previously few sessions ended up bearish in trend retesting near an interim trend line inside the channel, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5320-5400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.
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