18/09/2017
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18/09/2017
Crude futures post best weekly gains in last seven weeks: Crude oil futures maintained its momentum on Friday, making it best weekly gains in last seven weeks, after industry data showed the US oil rig count dropped for a second week post-hurricanes. Oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States declined by 7 to 749. Also, there was rising expectations that higher oil demand will reduce excess crude supplies to Opec’s five-year average target. Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria.
Comex copper futures end marginally lower on Friday: Comex copper futures ended marginally lower on Friday but London copper prices were steady on a weaker dollar but still recorded its biggest weekly price fall since March as investors took profits from a speculative rally to three-year highs.
Gold futures end lower on Friday: Gold futures ended lower on Friday after a European Central Bank (ECB) official called for scaling back the bank's stimulus program, although losses were capped when weaker-thanexpected US economic data raised questions about further interest rate hikes.
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18/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29850, 29950. SUPPORT: - 29650, 29550. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold futures recovered from a two week low amid soaring global geopolitical worries and bargain buying. North Korea swung into action yet again as it delivered another missile test and the U.N. Security Council decided to hold an emergency meeting following it. COMEX Gold recovered amid these cues but failed to hold onto the rally as the DOW continued its record running spree. COMEX Gold ended at $1223 per ounce on Friday, down 0.44% on the day. MCX Gold futures also fell under Rs 30000 per 10 grams amid overwhelming selling pressure.
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18/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 40800, 41000. SUPPORT: - 40400, 40200. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Friday. And at end of the day the prices were settled at 41814 per 30 kilogram. On the higher side Rs 41189 per 30 kilogram as resistances were noted while lows were at Rs 40731 per 30 kilograms as support noted. The metals remain under a volatile zone.
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18/09/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 425.50,428. SUPPORT: -421.50, 419. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Copper futures slipped further this week but managed to witness some buying as the Dow Jones ended at record highs. COMEX Copper futures have been falling after testing a three year high and the break under key $3 per pound level has been weighing on the market as well. Prices slipped yet again as Chinese demand worries stayed in place. The metal holds around $2.95 per pound levels. MCX Copper futures slipped under Rs 420 levels as selling pressure stayed in place on negative global cues and a firm undertone in Indian Rupee.
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18/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3230, 3260. SUPPORT: - 3170, 3140. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures soared to a five week high near $50 per barrel as a sharp rebound continued amid good buying support as calls of strong global oil demand boosted sentiments. WTI Crude oil futures have been rallying after the US gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, according to the Energy Information Administration (EIA). MCX Crude oil futures also ended just around Rs 3200 per barrel levels. A all time high run for DOW also boosted sentiments for oil.
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18/09/2017
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301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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18/09/2017
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