19/12/2017
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Crude Longs Stay At Record High: Large energy speculators continued to add to their record high net bullish positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The noncommercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 614,497 contracts in the data reported through Tuesday December 12th. This was a weekly rise of 3,369 contracts from the previous week which had a total of 611,128 net contracts.
Copper Holds Around Three Week High: COMEX Copper futures stayed supported around its three week highs amid steady speculative demand. Large metals speculators slightly increased their net positions in the Copper futures markets this week following a sharp decline last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
Gold Sees Steady Gains, Local Buying Supportive: COMEX Gold futures consolidated just above $1260 per ounce as a steady recovery from five month lows continued. Local retail buying is expected to swing higher after spot prices tested near Rs 28000 per 10 grams. COMEX Gold stayed supported even as the much talked
about
cryptocurrency
Bitcoin
has
tested a fresh high of 20K. Bitcoin made its debut on the CME - leading global futures exchange.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 28550, 28650. SUPPORT: - 28350, 28250. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold daily chart has formed “Falling wedge” pattern. The last market session seems a bit consolidated inside the channel but is bullish in trend as the retest on junction point has been successful in the long-term support line of the pattern. As per the technical aspects, market is likely to continue on bullish momentum and could test $1263-1266(2855028625) levels in the upcoming sessions. Resistance holds at $1270(28725) and longterm support holds at $1240(27975).
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 37700, 37900. SUPPORT: - 37300, 37100. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Silver daily chart has formed a “Falling wedge” pattern. The last few sessions been strongly bullish which indicates that buyers are taking control over the market. The upside rally could test all the way through 37700-38000 levels in the upcoming sessions. Resistance holds at 37880 and support at 36730.
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COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 448.50,451. SUPPORT: -442.50, 440. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Copper 4Hr chart has formed a “Descending broadening wedge” pattern. The last few sessions have been successfully tested all resistance level. Profit booking can be expected in higher levels in today or upcoming sessions. Support holds near 442. Resistance hold at 448
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3720, 3750. SUPPORT: - 3650, 3620. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil Daily chart continues in “Symmetrical triangle” pattern. Last few sessions seem a bit consolidated. The trend remains bullish as prices retested the channel’s support slope line near $56.50(3625). As per the technical aspects of the pattern, market is likely to be pushed further on the same trend and the rally could test $58-58.50(3722-3754) levels in the upcoming sessions. Resistance holds at $58.50(3754) and Support holds at $56(3694).
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