13/12/2017
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Crude futures snap their gaining streak on profit taking: Crude oil futures snapped their gaining streak and ended lower on Tuesday, mainly due to profit taking, amid reports offering clarity on the duration of the Forties pipeline shutdown, which forced traders to take profits on Monday’s rally in oil prices. Also, investors continued to fear that the widening Brent-WTI spread would boost demand for US exports, encouraging producers to ramp up output. Meanwhile, the Energy Information Administration (EIA) said it expects US crude production to rise by an average of 800,000 barrels a day next year. The EIA now anticipates U.S. oil prices could average $57 a barrel in 2018, about $2 per barrel higher than its previous forecast.
Copper futures trade lower on MCX:
Copper futures traded lower on MCX, as investors are in a standoff over the annual benchmark rates for copper treatment and refining charges. However, the firm demand for red metal has pared further losses.
Gold futures edge down on MCX: Gold futures edged lower on MCX, ahead of the start of a two-day US Federal Reserve meeting.
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13/12/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 28300, 28400. SUPPORT: - 28100, 28000. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold daily chart formed “Symmetrical triangle” like pattern which had been already broken in bearish momentum and rallied through many possible supports. Market is expected to fall further on the same trend once it breaks below the support level holding at $1245(28340) and the downside rally could test $1240-1230(28225-27965) in the upcoming sessions. Resistance holds at $1255(28600).
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13/12/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 37035, 37235. SUPPORT: - 366630, 36430. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Silver daily chart has formed a “Falling wedge” pattern. The last few sessions tested the support seem a bit consolidated near the channel’s support line which indicates the acquisition of both positive and negative momentums in the upcoming sessions. If the market breaks support then it might continue bearish to rally through 36400-36200 levels in the upcoming sessions. Alternatively, if support holds strong then it might turn bullish. Resistance holds at 37200 and support at 36800.
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13/12/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 435.50,438. SUPPORT: -428.50, 428. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The daily chart of Copper market has formed “Falling wedge” pattern where the daily candle formed higher and higher closing on the fourth day in a row. This indicates that more buying pressure could be generated on bottom level and the buyers are going to take control of the market. The same is expected to continue on bullish momentum and the rally could test 435-438 levels in the upcoming sessions. Support holds at 433-430.
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13/12/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3740, 3770. SUPPORT: - 3670, 3640. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil Daily chart continues in “Rising wedge” pattern. The trend remains bullish as prices retested the interim support line. As per the technical aspects of the pattern, the retest is expected to push the market furthermore and the rally could test $58.50-59(37693801) levels in the upcoming sessions. Resistance holds at $59(3801) and Support holds at $56(3607).
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13/12/2017
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