25/09/2017
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Crude oil futures moved higher shrugging off Opec outcome: Crude oil futures moved higher on Friday, as investors shrugged off the outcome of an Opec-led meeting in which oil producers failed to reach a decision to extend the production-cut agreement. Russian Energy Minister Alexander Novak said Russia and OPEC can wait until at least January before announcing further production quotas. In May, Opec and non-Opec members agreed to extend production cuts of 1.8m barrels per day for a period of nine months until March 2018 but rising production from the US, Nigeria and Libya has undermined the oil cartel’s efforts to curb excess supply.
Copper futures trade lower on MCX: Copper futures traded lower on MCX as speculators trimmed positions, amid muted demand at the domestic spot markets. Moreover, weak trend at the London Metal Exchange (LME) where copper and other base metals weakened also weighed on copper futures.
Gold futures edge lower on Monday: Gold futures edged lower on Monday after a weekend in which New Zealand and germany went to polls to both produce results that pointed to lengthy talks to form coalition government and North Korea and the US ramped up a war of words and actions. Ahead this week, fresh comments from Federal Reserve Chair Janet Yellen are due as expectations start to grow for a December rate hike. Investors will be focusing on a pair of speeches from ECB President Mario Draghi as well as remarks from the heads of central banks in the UK, Canada and Japan.
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25/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29600, 29700. SUPPORT: - 29400, 29300. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold stayed supported around its three week low as global geopolitical worries resurfaced yet again to haunt the markets. Media reports stated that North Korea could consider testing a hydrogen bomb over the Pacific Ocean in retaliation to US President Donald Trump's recent threats to destroy the country. This hurt equities in Asia on Friday and COMEX Gold managed to stay afloat after hefty losses. The metal is currently trading at $1297 per ounce, up marginally on the day. MCX Gold futures ended around Rs 29600 per 10 grams in the last session and should see choppy moves today.
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25/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39800, 40000. SUPPORT: - 39400, 39200. 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 39727 per 30 kilogram. On the higher side Rs 40060 per 30 kilogram as resistances were noted while lows were at Rs 39630 per 30 kilograms as support noted. The metals remain under a volatile zone.
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25/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 425.50,428. SUPPORT: -420, 417.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Supportive economic data is keeping Copper elevated after the metal slipped to its four week low last week. However, the broad worries in equities are keeping upside limited too. Asian markets are mostly lower today. Traders eyed global concerns amid an escalating war of words between North Korean leader Kim Jong Un and President Donald Trump. COMEX Copper is down 0.24% at $2.94 per pound right now. MCX Copper should also ease a bit in early moves following this.
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25/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3310, 3340. SUPPORT: - 3250, 3220. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures have stayed mostly supported around five week high above $50 per barrel as good buying continued amid good buying support as calls of strong global oil demand boosted sentiments. The counter currently trades at $50.50 per barrel, up 0.24% on the day. MCX Crude oil futures broke above Rs 3305 per barrel in intraday moves in last session but closed around Rs 3290 per barrel.
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25/09/2017
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25/09/2017
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