11/09/2017
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11/09/2017
Crude oil futures end lower on Friday: Crude oil futures extended their decline for the second consecutive day, but held onto weekly gains as industry data showed the U.S. oil rig count dropped for a third week in four. Also, after two weeks after Storm Harvey made landfall on the Texas coast, knocking out a quarter of U.S. oil refining capacity, oil prices continued to come under pressure as refineries have been slow to restart, weighing on demand for crude oil, the primary input at refineries. Meanwhile, oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States declined by 3 to 756.
Copper futures edge lower on MCX: Copper futures edged lower on MCX due to offloading of positions by traders on the back of a weak trend at domestic spot markets as some industrial metals fell due to weak demand.
Gold futures edge lower on Monday: Gold futures edged lower on Monday with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize. Yellow metal prices further declined with a recovery in the US dollar reining in any upward momentum in the metal.
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11/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 30150, 30250. SUPPORT: - 29950, 29850. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold futures hit fresh one year highs amid sustained buying interest following the US- North Korea worries and a massive slide in Bitcoin last week. The commodity has been in an impressive mode after breaking above the key $1300 per ounce levels. Speculative demand remains supportive for the metal too. The counter is currently trading around $1350 per ounce. MCX Gold futures closed around Rs 30300 per 10 grams amid sustained buying interest. Geopolitical tensions and a series of disastrous storms have helped drive gold prices to their highest in just over a year.
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11/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 41200, 41400. SUPPORT: - 40800, 40600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Friday. And at end of the day the prices were settled at 41570 per 30 kilogram. On the higher side Rs 41927 per 30 kilogram as resistances were noted while lows were at Rs 41328 per 30 kilograms as support noted. The metals remain under a volatile zone.
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11/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 434.50,437. SUPPORT: -430.50, 428. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK COMEX Copper slumped more than 3% on Friday, mirroring moves in crude oil futures as a massive correction from three year highs continued. This bought the benchmark COMEX Copper to a low near $3 per pound. The worries about US auto demand after couple of heavy Hurricanes are triggering selling in the metal. US equities also mostly stayed under pressure in last session. MCX Copper futures also dropped 3.30% to close at Rs 431.40 per kg.
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11/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3090, 3120. SUPPORT: - 3030, 3000. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI crude oil futures slipped more than 3% on Friday, extending slide from a four week high on an extended sell off as Hurriances related worries took a toll on the market. MCX Crude oil futures dropped 3.25% to close around Rs 3040 per barrel. Hurricane Irma, one of the largest hurricanes ever recorded in the Atlantic, caused significant damage to the northeastern Caribbean and is currently projected to make landfall this weekend, according to the US Energy Information Administration (EIA). Current model forecasts project that Hurricane Irma will then pass along or just offshore the east coast of Florida, although the actual storm track could change from current projections. To help analysts assess potential energy-related storm effects, EIA maintains an energy disruptions map that displays energy infrastructure and real-time storm information.
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11/09/2017
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11/09/2017
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