04/09/2017
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04/09/2017
Nymex crude extend gains on Friday: Crude oil futures extended gains on Friday but posted fifth weekly loss, as the shutdown of several refineries in the wake of tropical storm Harvey weighed on refinery activity reducing demand for oil. A week after Tropical Storm Harvey crossed the Gulf of Mexico off Port O'Connor, Texas, nearly a quarter of U.S. refining capacity has been taken offline, representing roughly 4.4 million barrels per day. Also, the crude prices gains were capped with the US rig count remaining unchanged in the week. Oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States remained steady at 759, unchanged from a week ago.
Copper futures end higher on Friday: Copper futures ended higher on Friday. The industrial metal has surged to its highest levels since October 2014 in recent weeks, with confidence in the global economy supporting prices.
Gold futures ended higher on Friday:
Gold futures ended higher on Friday after US job growth slowed more than expected in August, but the precious metal pared some gains when investors judged that the figures were unlikely to change the outlook for US interest rate rises. The Labor Department released a report showing much weaker than expected job growth in the month of August. The Labor Department said non-farm payroll employment climbed by 156,000 jobs in August compared to expectations for an increase of about 180,000 jobs. The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs. Reflecting the weaker than expected job growth, the unemployment rate inched up to 4.4 percent in August from 4.3 percent in July.
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04/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 30150, 30250. SUPPORT: - 29900, 29800. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold stayed supported on rising commodity prices and stabilized just under its 11 month high. The metal has witnessed some selling pressure at the current levels on strong US economic data and soaring values of virtual currencies like the Bitcoin. COMEX Gold futures closed just under the $1230 per ounce levels. MCX Gold futures hit highs above Rs 29900 per 10 grams and ended around Rs 29800 per 10 gram levels.
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04/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40550, 40750. SUPPORT: - 40050, 40200. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gained on Friday. And at end of the day the prices were settled at 40021 per 30 kilogram. On the higher side Rs 40104 per 30 kilogram as resistances were noted while lows were at Rs 39590 per 30 kilograms as support noted. The metals remain under a volatile zone.
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04/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 447.50,450. SUPPORT: -442.50, 440. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Supportive equities and continued buying interest kept COMEX Copper elevated in last week and the momentum remains upbeat on worries that the global output gap is widening this year. COMEX Copper futures are holding near their three year highs around $3.11 per pound.
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04/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3070, 3100. SUPPORT: - 3010, 2980. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures recovered from their five week low on bargain buying, supportive equities and rallying gasoline prices in the US. A continued drop in US crude inventories also worked in favour of the commodity as the WTI futures rose well above $47 per barrel levels. This also pushed up MCX Crude oil futures as a break above Rs 3000 levels extended.
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04/09/2017
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04/09/2017
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