06/06/2017
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Crude oil futures extend their fall on concern of rift in OPEC pact: Crude oil futures extended their fall on Monday, with Nymex crude sliding near $47 a barrel amid concerns that a rift between Middle East oil producers will threaten OPEC's supply quota plan. Saudi Arabia and other Arab states severed diplomatic ties with Qatar, fuelling concerns about a disruption to the global deal to curb the glut in supply. Neighbors accused Doha of destabilizing the region by supporting militants and backing Iran. Traders were also concerned with weak economic data; the Commerce Department released a report showing a modest drop in new orders for US manufactured goods in the month of April.
US Factory Orders Pull Back In April: The Commerce Department released a report on Monday showing a modest drop in new orders for US manufactured goods in the month of April. The report said factory orders edged down by 0.2 percent in April after jumping by an upwardly revised 1.0 percent in March. The pullback in factory orders came as orders for durable goods slumped by 0.8 percent in April following a 2.4 percent jump in March.
Gold futures end higher on Monday: Gold futures ended higher on Monday as global markets absorbed weekend terrorist attacks in London and investors awaited the outcome of the European Central Bank meeting and UK general election later this week. Yellow metal prices further improved as disappointing jobs data dimmed the prospects for aggressive US interest rate increases, even though it was unlikely to deter a rate hike at this month's Federal Reserve policy meeting. Reflecting softness in the manufacturing sector, the Commerce Department released a report showing a modest drop in new orders for US manufactured goods in the month of April. The report said factory orders edged down by 0.2 percent.
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06/06/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29400, 29500. SUPPORT: - 29200, 29100. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The rate of tax is lower than the lowest slab of 5% under the new GST regime to be implemented from 1 July 2017 and is closer to the current tax incidence on gold of about 2%. The yellow metal has been quoting around $1290 per ounce right now, up 0.33% on the day. MCX Gold futures soared more than a percent to end just above Rs 29200 per 10 grams and should surge further today as momentum remains positive.
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06/06/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40600, 40800. SUPPORT: - 40250, 40000. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were up on Monday. And at end of the day the prices were settled at 40453 per 30 kilogram. On the higher side Rs 40620 per 30 kilogram as resistances were noted while lows were at Rs 40283 per 30 kilograms as support noted. The metals remain under a volatile zone.
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06/06/2017
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 Monday. Copper were static in the session gone up. Indian Copper static were ending at Rs 364.85 per kg at the time of closing. On the higher side, Rs 366.10 per kg was tested while on the lower side Rs 361.80 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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06/06/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3070, 3100. SUPPORT: - 3010, 2980. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK As crude oil bench mark down continuesally and trading below the 48 dollar per barrel and the same brent crude oil is trading below 50 dollar per barrel. The prices of Crude Oil ended at Rs 3052 per barrel. On the higher side Rs 3175 per barrel was tested. On the lower side Rs 3114 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.
301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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06/06/2017
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06/06/2017
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