09/06/2017
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Crude futures extend the decline for second straight session: Crude oil futures continued their weak trend on Thursday and ended in red for second consecutive day, briefly dipping to a one-month low on the back of concerns of rising global output, following the return of Nigerian crude to the market and an unexpected surge in US crude stockpiles. Royal Dutch Shell lifted force majeure on exports of Nigeria’s Forcados crude oil, brining all of the West African country’s oil exports fully online for the first time in 16 months. Also, the prices were under pressure with production from the US and others picking up, OPEC's supply quota plan with Russia has been rendered essentially ineffective.
Copper futures end higher on better Chinese data: Comex copper futures ended higher on Thursday as investors reacted positively to the import data from China. Chinese imports jumped 14.8 percent year on year, accelerating from an 11.9 percent rise in April and blowing past expectations of an 8.5 percent rise.
Gold futures end lower on Thursday: Gold futures ended lower on Thursday as the dollar strengthened against a basket of major currencies and as investors viewed the testimony from former US FBI director James Comey as containing no significant surprises.
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09/06/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29200, 29300. SUPPORT: - 29000, 28900. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
The prices 29405 per per kg are 28750 per
of refined Gold dropped by 1.03% to end the trades at Rs 29138 per kg. The metal tested a high of Rs kg and a low of Rs 29020 per kg. Resistance for Gold is at Rs 29600 per kg. On the lower side Rs 28750 the noted supports. It will be interesting to see the moves of Gold in coming days. Breaking the floor of Rs 10 grams would mean sharp declines towards Rs 28600 per 10 grams.
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09/06/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 40100, 40250. SUPPORT: - 39750, 39500. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Thursday. And at end of the day the prices were settled at 40050 per 30 kilogram. On the higher side Rs 40648 per 30 kilogram as resistances were noted while lows were at Rs 39775 per 30 kilograms as support noted. The metals remain under a volatile zone.
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09/06/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 372.50,375. SUPPORT: -367.50, 365. STRATEGY: - SELL ON HIGH
TECHNICAL OUTLOOK The prices of MCX Copper gained handsomely in the trading session ending on 8 June 2017. The metal galloped by 1.94% in a single day to end the trade at Rs 370.90 per kg. The prices tested a high of Rs 371.05 per kg, while a low of Rs 362.50 per kg was noted. If the rally continuous Copper is expected to move towards Rs 380 per kg. On the lower side Rs 355 per kg is expected support. Powered b
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 2960, 2990. SUPPORT: - 2900, 2870. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The prices of MCX Crude Oil dropped to Rs 2943 per barrel on Thursday. This was down by 0.78%. The session saw Crude Oil testing a high of Rs 2977 per barrel and a low of Rs 2911 per barrel. Further decline in Crude Oil can take prices to Rs 2850 per barrel. On the higher side Rs 3050 per barrel was noted.
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