Daily commodity research report 01 01 2018 by tradeindia research

01/01/2018

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01/01/2018

Market Update (Energy): U.S. Energy Information Administration data showed.

U.S. oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories. Natural gas can move on upside path in range of 185-195. Natural gas futures hit near fourweek highs on Friday and were poised for their best weekly gain since July last year on higher demand expectations. Production was expected to continue rising through 2017 and into 2018, analysts and traders said, driven by rising exports and growing oil demand.

Market Update (Base Metals): China's copper smelters on Friday lowered the floor for their treatment and refining charges (TC/RCs) in the first quarter of 2018 by 8.4 percent, signalling tighter supply of copper concentrate in the first three months of the New Year. Copper prices continued their march higher on Thursday, rallying to their highest level in almost four years and putting the metal on track for its best year since 2010, in a welcome development for some of the world’s largest mining companies following years of oversupply. The metal is set to end the year up more than 30 per cent, helped by strong global economic growth and robust demand in China, the world’s biggest consumer..

Market Update (Bullions): Gold extended its rally to a three-month high on Friday, leaping toward its biggest one-year rise in seven years as a wilting U.S. dollar, political tensions and receding concerns over the impact of U.S. interest rate hikes fed into its rally. Gold's gains coincide with the greenback, in which gold is priced, sliding toward its worst year since 2003, damaged by tensions over North Korea, the Russian scandal surrounding U.S. President Donald Trump's election campaign, and persistently low U.S. inflation.

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01/01/2018

TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - UP RESISTANCE: - 29220, 29320.

SUPPORT: - 29020, 28920.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold 4Hr chart has formed “Megaphone chart” pattern. The last few sessions have been sideways but bullish in trend as the market has already broken the channel’s resistance line. As per the technical aspects, the market is expected to continue in the same trend and the rally could test $1315-1320(29315-29440) levels in the upcoming sessions.

Resistance holds same at $1320(29440) and Previous resistance become Support at $1300(28940).

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01/01/2018

SILVER

OUTLOOK: TREND: - UP RESISTANCE: - 39330, 39530.

SUPPORT: - 38830, 38630.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Silver daily chart continues in “Descending broadening wedge” pattern. The last few sessions been strongly bullish which indicates that buyers are still in control over the market. Market is expected to continue in the same trend. Once the same breaks above the channel’s resistance line, buy signal will be confirmed once again and the upside rally could test all the way through 39700-40000 levels in the upcoming sessions.

Alternatively, if the channel’s resistance line holds strong then market might have a chance to turn bearish. Major Resistance holds at 40000 and Key support at 37740.

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01/01/2018

COPPER

OUTLOOK: TREND: - UP RESISTANCE: - 468.50,471.

SUPPORT: -462.50, 460.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Copper daily chart has formed “Rising wedge” pattern. The last market session seems broken the support slope line which has triggered the bearish momentum. The market is expected to continue in the bearish momentum and the downside rally could test 464-460 levels in the upcoming sessions. Resistance holds at 468 and support at 460.

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01/01/2018

CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3850, 3880.

SUPPORT: - 3790, 3760.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Crude Oil daily chart has formed “Bullish pennant chart” pattern. The last few sessions have been bullish strengthened by a break in the pattern itself. As per the technical aspects, market is expected to continue in the same trend and the rally could test $60.50-61(38633895) levels in upcoming sessions. Resistance holds same at $61(3895) and Support at $59.50(3800).

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01/01/2018

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01/01/2018

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