24/05/2017
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Crude oil futures reach five week high: Crude oil futures moved further high and reached a five-week high on Tuesday, ahead of US inventories data that may show stockpiles continued to dwindle from record levels. Traders overlooked the Goldman Sachs report downgrading the energy sector amid concerns that rig count growth will "flatten out" over the next few years. However, there was some concern too ahead of the Organization of the Petroleum and Exporting Countries meeting later this week. As, Kuwaiti Oil Minister Issam Almarzooq said some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.
Copper futures trade lower on MCX: Copper futures traded lower on MCX despite the dollar fell, with focus shifting to an upcoming monthly breakdown of China trade data.
Gold futures end lower on Tuesday: Gold futures ended lower on Tuesday as the US dollar rebounded from 6-1/2-month lows and investors shrugged off heightened political risk following a deadly suicide attack in Britain. The blast at a concert hall in Manchester, which killed at least 22 people, prompted the US dollar to gain against sterling but failed to move gold higher. Meanwhile, the precious-metals market will also look for clues on the timing for US interest rate increases from the release Wednesday of minutes from the Federal Reserve’s early-May meeting.
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24/05/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 28850, 29000. SUPPORT: - 28600, 28450. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Refined Gold prices upticked by a small margin on 23 May 2017. The prices tested a high of Rs 28818 per 10 grams, gaining 0.11%. The metal tested a high of Rs 28935 per 10 grams and a low of Rs 28755 per 10 grams. Further extension of gains can take yellow metal towards Rs 29000 per 10 grams. On the lower side Rs 28700 per 10 grams are noted supports.
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24/05/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39750, 39900. SUPPORT: - 38450, 38300. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were moving up toward 40000, on Tuesday the prices of silver made a resistance of 40245 upside due to weaken dollar. At end of the day the prices were settled at 39958 per 30 kilogram. On the higher side Rs 40245 per 30 kilogram as resistances were noted while lows were at Rs 39658 per 30 kilograms as support noted. The metals remain under a volatile zone.
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24/05/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 372.50,375. SUPPORT: -367.50, 365. STRATEGY: - SELL ON HIGH
TECHNICAL OUTLOOK Copper has managed to corner some more gains in the trading session ending 23 May 2017. The prices have surpassed Rs 370 per kg even though the rally looks vulnerable. It will be difficult for Copper to move past Rs 380 per kg in the coming days. On the lower side possibility of testing Rs 350 per kg is high. The prices tested a high of Rs 373.8 per kg and a low of Rs 369.25 per kg before ending at Rs 373.55 per kg.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3380, 3410. SUPPORT: - 3320, 3290 STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Crude Oil gained by another 1% on Wednesday thanks to renewed buying interest and gains in open positions. The benchmark Crude Oil expiry contract was at Rs 3343 per barrel at the time of closing. The contract tested a high of Rs 3346 per barrel and a low of Rs 3284 per barrel. Supports for Crude Oil are at Rs 3300 and 3250 per barrel while resistance is at Rs 3400 per barrel.
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24/05/2017
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