13/10/2017
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Crude oil futures turn lower on Thursday: Crude oil futures turned lower on Thursday on getting a bearish outlook on global oil demand for 2018. Traders even overlooked the data showing U.S. crude oil stockpiles fell for the third-straight week. Energy Information Administration (EIA) reported that inventories of U.S. crude fell by roughly 2.8m barrels in the week ended Oct. 6. Gasoline inventories rose by roughly 2.5m barrels, while distillate stockpiles fell by about 1.5m barrels, missing expectations of a decline of 2.2m barrels.
Copper futures trade down on MCX: Copper futures traded down on MCX as participants engaged in reducing positions, tracking a weak trend in metals at the domestic spot markets.
Gold futures edge higher on muted dollar: Gold futures edged higher on MCX amid a muted dollar, after minutes from the US Federal Reserve's September policy meeting revealed low inflation concerns.
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13/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29950, 30050. SUPPORT: - 29750, 29650. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Strong Indian demand outlook in the upcoming Diwali season is offering decent buying for Gold. The metal is holding up even as US stocks hit record highs. COMEX Gold is currently trading at $1298 per ounce levels. However, the metal rebounded in Asia despite strength in equities and currently trades at $1297 per ounce, up 0.13% on the day. These are the highest levels in nearly two weeks for the counter. MCX Gold futures ended up 0.40% on the day at Rs 29826 per 10 grams yesterday.
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13/10/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40500, 40700. SUPPORT: - 40100, 39900. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Thursday. And at end of the day the prices were settled at 40352 per 30 kilogram. On the higher side Rs 40425 per 30 kilogram as resistances were noted while lows were at Rs 40125 per 30 kilograms as support noted. The metals remain under a volatile zone.
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13/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 449,451.50. SUPPORT: -444, 441.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK India's industrial production grew 4.3 percent year-on-year in August, led by strong output in mining and electricity sectors, preliminary data from the Central Statistics Office showed Thursday. The July growth in production was revised to 0.94 percent from 1.2 percent reported initially. In August, mining output increased 9.4 percent year-onyear, manufacturing grew 3.1 percent and electricity production rose 8.3 percent.
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13/10/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3330, 3360. SUPPORT: - 3270, 3240. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Benchmark crude oil futures for November delivery ended lower by $0.70 or 1.4 percent at $50.60 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 0.66 cent to $56.28 a barrel on the ICE. MCX Crude oil close at Rs 3296 per barrel. And it made high and low respectively 3330 and 3264.
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13/10/2017
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13/10/2017
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