29/05/2017
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Crude oil futures trade marginally lower on MCX: Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity after the Organization of the Petroleum Exporting Countries (OPEC) and other major producers extended their current deal to limit oil production for 9 months, disappointing investors who were anticipating deeper cuts. At Thursday's meeting in Vienna, the OPEC and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.
Copper futures end lower on Friday: Comex copper futures ended lower on Friday, while London copper prices too retreated from three-week high, as momentum sparked by a strike at one of the world's biggest copper mines, Indonesia's Grasberg, eased ahead of the long weekend break in China, the United States and Britain.
Gold futures end higher on Friday: Gold futures ended higher on Friday, as political uncertainty led investors to favor bullion over assets considered riskier such as stocks. Meanwhile, market participants were looking ahead to US data on durable goods orders, first-quarter economic growth and consumer sentiment due later in the day.
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29/05/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 28950, 29050. SUPPORT: - 28750, 28650. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The prices of Refined Gold gained ground with session ending at Rs 28884 per 10 grams. The metal tested a high of Rs 28904 per 10 grams and a low of Rs 28705 per 10 grams. Resistance for Gold is at Rs 29100 and 29250 per 10 grams. Meanwhile, Supports for Gold is at Rs 28800 per 10 grams.
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29/05/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40300, 40450. SUPPORT: - 40000, 39850. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were moving up toward 40500, on Friday the prices of silver made a resistance of 40195 per 30 kilogram upside second previous day. At end of the day the prices were settled at 40091 per 30 kilogram. On the higher side Rs 40245 per 30 kilogram as resistances were noted while lows were at Rs 39755 per 30 kilograms as support noted. The metals remain under a volatile zone.
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29/05/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 368.50,371. SUPPORT: -363.50, 361. STRATEGY: - SELL ON HIGH
TECHNICAL OUTLOOK The price of copper was in downtick. Copper declined by 1.16% in the session gone by. At the time of closing Copper was at Rs 367.2 per kg. On the higher side, Rs 372.60 per kg was noted while on the lower side, Rs 365.5 per kg was tested. Resistance for Copper is at Rs 375 and 376 per kg. Support of Rs 367 and 365 per kg is active.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3250, 3280. SUPPORT: - 3190, 3160. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Heavy buying was seen in Crude Oil prices the session saw benchmark contract gaining by 1.2%. Technical Crude Oil gained by Rs 38 on the session ending 28 May 2017. On the higher side Rs 3216 per barrel was tested. On the lower side Rs 3119 per kg was noted. Crude Oil closed at Rs 3216 per barrel. Resistance for Crude Oil is at Rs 3350 and 3425 per barrel. Support for Crude Oil is at Rs 3250 per barrel.
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29/05/2017
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