26/09/2017
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Crude oil futures surge on hopes of Opec members reaching an agreement: Crude oil futures extended their gains on Monday, amid growing expectations that producers will extend output cuts sooner rather than later. Traders also cheered signs that the market is starting to rebalance. Opec members expressed an eagerness to reach a decision this year, fuelling expectations that an extension to the global accord to curb production beyond the March 2018 will be agreed sooner rather later. Though, traders were keeping a close eye on North Korea tensions. North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a 'declaration of war.
Copper futures trade lower on Monday: Comex copper futures ended lower on Monday, while London copper prices too fell marginally after touching a one-month low on Friday. The red metal has been under heavy selling pressure after Federal Reserve members said they planned to raise rates one more time this year.
Gold futures end higher on Monday:
Gold futures ended higher on Monday as declines in the US stock market and growing tensions between the US and North Korea lifted prices for the yellow metal to the highest settlement in more than a week.
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26/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 30250, 30350. SUPPORT: - 29900, 29800. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Gold futures for December delivery gained $14, or 1.08 percent, to settle at $1,311.50 an ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.85 percent at $1,308.06 an ounce. MCX Gold futures ended around Rs 30039 per 10 grams in the last session and should see choppy moves today.
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26/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40700, 40900. SUPPORT: - 40300, 40100. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were gained on Monday. And at end of the day the prices were settled at 40276 per 30 kilogram. On the higher side Rs 40433 per 30 kilogram as resistances were noted while lows were at Rs 39538 per 30 kilograms as support noted. The metals remain under a volatile zone.
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26/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 431,433.50. SUPPORT: -426, 423.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The latest data for the weekly Commitment of Traders (COT) report, released by the Commodity Futures Trading Commission (CFTC) on Friday, showed that Large speculators sharply decreased their net positions in the Copper futures markets last week bringing bullish bets lower for a second week following eight weeks of gains, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. On MCX copper price was trading on 425.15, made day’s high and low respectively 425.35 and 422.15 which are acting as day resistance and support.
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26/09/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3460, 3490. SUPPORT: - 3400, 3370. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures have extended their recent gains to hit a five month high above $52 per barrel today on strong speculative demand and continued firmness in sentiments. MCX Crude oil futures ended at Rs 3410 per barrel, up 3.74% on the day. Expect further upside in the counter today. Large energy speculators sharply added to their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 418,074 contracts in the data reported through Tuesday September 19th. This was a jump of 43,594 contracts from the previous week.
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26/09/2017
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26/09/2017
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