20/11/2017
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Crude futures rebound sharply on Friday: Crude oil futures though rose sharply higher on Friday but they snapped their five weeks gaining streak, as investors weighed rising US output amid a fall in expectations that OPEC will extend its deal to curb output. Also adding to fears of an increase in global crude supplies was a report on Thursday indicating Iraq and Turkey were considering resuming Kirkuk oil export from the Ceyhan pipeline. Meanwhile, oil services firm Baker Hughes released its count of oil rigs operating in the US, saying remained unchanged from a week ago at 738.
Copper futures end higher on Friday Comex copper futures ended higher on Friday, while London copper prices too rose by a softer dollar after a report that investigators looking at possible Russian interference in the 2016 US election had subpoenaed President Donald Trump’s election campaign for documents.
Gold futures surges to one-month high on Friday:
Gold futures surged to a one-month high on Friday as dollar softened on uncertainty about the progress of a proposed overhaul of the U.S. tax code. The bullion market volatility has dragged down to record lows on changing expectations about the outlook for U.S. monetary policy.
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20/11/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29800, 29900. SUPPORT: - 29600, 29500. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The previous week sessions of Gold future market have clearly been bullish on trying to break all possible higher resistance and in that rally the last session market has successfully reached a fresh high which formed a “Megaphone chart pattern”. As the same has met with the channel’s resistance line, market is expected to retest the same and turn back to negative momentum in the upcoming sessions. Key Resistance holds at $1295(29740) and support holds at $1287.50(29552).
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20/11/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40150, 40350. SUPPORT: - 39750, 39550. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Silver 4Hr chart has formed “Ascending triangle” pattern and the previous market session has broken above the triangle resistance level on bullish momentum engaging a new entry in the market and thus confirms the buy signal in the upcoming sessions. Fresh Resistance holds at 40400 and support holds at 39800.
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20/11/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 442.50,445. SUPPORT: -436.50, 434. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK COPPER is in short term bearish phase. The daily Technical chart of COPPER displays Fibonacci retracement level and pattern formation is on lower and low indicating bearish downtrend. Key Support holds at 436. Key resistance holds at 442-444
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3730, 3760. SUPPORT: - 3670, 3640. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude oil 4Hr chart has formed “Rising wedge” pattern and the last session has been successfully bullish by retesting the channel’s support line. Hence market seems to continue the rally in bullish momentum. The upside rally might extend up to $57.50(3740) where a key resistance level holds in accord with the interim line. Long-term Support holds at $55(3577).
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20/11/2017
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