25/05/2017
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Crude oil futures snap their winning streak on Wednesday: Crude oil futures snapped their winning streak on Wednesday, despite word that OPEC will agree to extend its supply quota plan. Traders also overlooked the bullish report from the Energy Information Administration (EIA), showing U.S. crude inventories fell more than expected in the previous week. EIA said that crude oil inventories fell by 4.43 million barrels. Gasoline inventories dropped by only 0.485 million, while distillate stockpiles fell by 0.485 million barrels. Meanwhile, Kuwait, Iraq, Oman and Venezuela supported the Saudi-Russia agreement that production curbs needed to be extended for a period of nine-months until March 2018, to reduce global supply to the five-year average.
Copper futures end lower on Wednesday: Copper futures ended lower on Wednesday after Moody's downgraded China's credit ratings for the first time in 30 years, raising concerns about demand in the world's largest consumer of industrial metals. Though, a drop in copper stockpiles capped some losses in copper futures.
Gold futures end lower on Wednesday: Gold futures ended lower on Wednesday after minutes from the Federal Reserve’s May policy meeting appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June, which is widely expected. Though, some losses were capped as the dollar slipped against a basket of major currencies.
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25/05/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 28850, 29000. SUPPORT: - 28600, 28450. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The prices of Refined Gold lost ground with session ending at Rs 28710 per 10 grams. The metal tested a high of Rs 28760 per 10 grams and a low of Rs 28645 per 10 grams. Resistance for Gold is at Rs 28850 and 29050 per 10 grams. Meanwhile, supports for Gold is at Rs 28600 per 10 grams. Powered b
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25/05/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40050, 40200. SUPPORT: - 38750, 38600. 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 per 30 kilogram upside second previous day. At end of the day the prices were settled at 39832 per 30 kilogram. On the higher side Rs 39887 per 30 kilogram as resistances were noted while lows were at Rs 39471 per 30 kilograms as support noted. The metals remain under a volatile zone.
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25/05/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 372.50,375. SUPPORT: -367.50, 365. STRATEGY: - SELL ON HIGH
TECHNICAL OUTLOOK The prices of copper was sideways with static volumes. Copper tested levels of 0.09% in the session gone by. At the time of closing Copper was at Rs 371.15 per kg. On the higher side, Rs 372.70 per kg was noted while on the lower side, Rs 367.65 per kg was tested. Resistance for Copper is at Rs 374 and 376 per kg. Supports of Rs 365 and 362 per kg is active.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3380, 3410. SUPPORT: - 3320, 3290 STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK WTI Crude oil futures are lingering around one month highs around $51.80 per barrel today as a drop in US crude oil inventories kept the commodity supported. Prices have also been boosted on optimism that OPEC would agree a 9month extension to output cuts at today's meeting. Supportive economic data and equities are keeping Crude oil afloat after the break above $50 per barrel for the WTI futures. MCX Crude oil futures ended around Rs 3330 per barrel, marginally in red.
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25/05/2017
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