27/09/2017
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Crude oil futures turn weak ahead of inventory data: Crude oil futures turned weak on Tuesday ahead of the weekly inventory data, which is expected to show crude oil supplies rose for the fourth-straight week. Investors appeared to take profit on the recent rally that has seen oil prices hit multi-month highs. Traders were cautious with threat from Turkey’s president to cut off oil exports from a Kurdish region of Iraq. Turkey’s President Recep Tayyip Erdogan on Monday warned his country could 'close the valves' on the pipeline that carries 500,000-600,000 barrels of crude per day from northern Iraq to the Turkish port of Ceyhan.
Copper futures end lower on Tuesday: Comex copper futures ended lower on Tuesday, while London copper prices too fell as oil prices retreated from the previous session's more than two-year high and the dollar strengthened.
Gold futures end lower on Tuesday:
Gold futures ended lower on Tuesday pressured by comments from US Federal Reserve Chairwoman Janet Yellen, which reinforced expectations for another interest-rate increase before the end of the year.
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27/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29950, 30050. SUPPORT: - 29700, 29600. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Gold eased in intraday moves yesterday as a recovery in European stocks capped the appeal of the yellow metal. The commodity has been witnessing steady buying in this week after testing a three week low mark near $1290 per ounce. Gold took a further hit after US Federal Reserve Chair Janet Yellen hinted at imminent rate hikes as she noted that the Fed should be wary of moving too gradually. Given that monetary policy affects economic activity and inflation with a substantial lag, it would be imprudent to keep monetary policy on hold until inflation is back to 2%, she noted in a speech. COMEX Gold is currently trading at $1298 per ounce, down 0.30% on the day. MCX Gold futures slipped half a percent to close just under Rs 29990 per 10 grams after hitting a high of Rs 30169 per 10 grams.
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27/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40050, 40250. SUPPORT: - 39650, 39450. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were gained on Tuesday. And at end of the day the prices were settled at 39857 per 30 kilogram. On the higher side Rs 40595 per 30 kilogram as resistances were noted while lows were at Rs 39672 per 30 kilograms as support noted. The metals remain under a volatile zone.
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27/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 428,430.50. SUPPORT: -423, 420.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper is witnessing modest buying after falling to six week low as steady equities and bargain buying in crude oil is keeping sentiments supported. US Federal Reserve Chair Janet Yellen hinted at imminent rate hikes yesterday as she noted that the Fed should be wary of moving too gradually. This put a floor under Copper and the metal edged up in Asia along with equities. COMEX Copper is currently trading up 0.41% at $2.92 per pound. MCX Copper should open higher following this. The local futures closed down marginally at Rs 423.70 per kg in last session after witnessing a sharp slide from highs near Rs 430 in intraday moves.
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27/09/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3460, 3490. SUPPORT: - 3400, 3370. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK MCX Crude oil futures hit highs above Rs 3400 per barrel mark yesterday as the global cues continued to be upbeat. Markets have been in an overdrive this week and crude has extended its recent upside on strong buying support. Brent Crude oil prices edged up to around two year high above $58 per barrel as media reports stated that Turkey is threatening to cut crude exports from Iraq's Kurdistan region. This can choke up the supplies in near term. WTI Crude is also lingering around $52 per barrel- its highest level in nearly five months.
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27/09/2017
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