07/06/2017
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07/06/2017
Crude oil futures bounce back on getting technical support:
Crude oil futures made a good bounce back on Tuesday, finding technical support after sliding below $47 a barrel on pressure from a diplomatic rift in the Middle East, there were speculation that recent losses were overdone. Meanwhile, oil ministers assured markets that the diplomatic rift between Qatar and several Arab states would not undermine the global pact to tackle the glut in supply. The prices have declined in last couple of day amid expectations the global supply glut will linger into next year, as U.S. drillers added rigs for 20 weeks in a row, and with President Donald Trump reversing bans on Arctic exploration.
Copper futures end lower on Tuesday: Comex copper futures ended lower on Tuesday, while London copper prices too declined on worries over Chinese and US growth, and geopolitical risks.
Gold futures end higher on Tuesday: Gold futures ended higher on Tuesday on a slump in the dollar to a seven-month low and safe-haven demand driven by a rift in the Middle East, an upcoming European Central Bank meeting and the British election. Investors were also drawn to gold, seen as a safe place to park assets, by uncertainty around the testimony to a Senate committee by former FBI Director James Comey.
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07/06/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29600, 29700. SUPPORT: - 29400, 29300. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
COMEX Gold is currently trading at $1294 per ounce, down 0.28% on the day. MCX Gold futures soared by more than 1%to close around Rs 29570 per 10 grams for the August 2017 contact. 29585 per 10 gram as resistances were noted while lows were at Rs 29280 per 10 grams as support noted. The metals remain under a volatile zone.
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07/06/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40800, 40950. SUPPORT: - 40500, 40350. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were up on Tuesday. And at end of the day the prices were settled at 40777 per 30 kilogram. On the higher side Rs 40842 per 30 kilogram as resistances were noted while lows were at Rs 40452 per 30 kilograms as support noted. The metals remain under a volatile zone.
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07/06/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 367,369.50. SUPPORT: -362, 359.50. STRATEGY: - SELL ON HIGH
TECHNICAL OUTLOOK The prices of copper were maintained uptick in the session ending Tuesday. Copper were static in the session gone up. Indian Copper static were ending at Rs 363.25 per kg at the time of closing. On the higher side, Rs 365.40 per kg was tested while on the lower side Rs 358.85 per kg was noted. Resistance for Copper is at Rs 372 and 374 per kg. Supports of Rs 362 and 360 per kg is active.
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07/06/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3130, 3160. SUPPORT: - 3070, 3040. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK As crude oil WTI bench mark up yesterday above 49 dollar per barrel and the same brent crude oil is trading near by 50 dollar per barrel. The prices of Crude Oil ended at Rs 3090 per barrel. On the higher side Rs 3098 per barrel was tested. On the lower side Rs 3036 per kg was noted. Resistance for Crude Oil is at Rs 3119 and 3175 per barrel. Supports for Crude Oil is at Rs 3020 per barrel.
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07/06/2017
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301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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07/06/2017
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