22/11/2017
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Crude futures move up ahead of inventory data: Crude oil futures moved higher on Tuesday ahead of the inventory data and as the traders weighed the prospect of an extension to the production-cut agreement against expectations of higher US output. Prices moved higher amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) will agree to extend output curbs beyond the March 2018 deadline at its upcoming meeting on Nov 30.
Copper Gains on Tuesday Trades: Indian Copper ended with gains of 0.63% to end at Rs 447.1 per kg. World mine production is estimated to have declined by around 2.2 percent in the first eight months of 2017, with concentrate production declining by around 1.5 percent and solvent extraction-electrowinning (SX-EW) declining by around 5 percent, according to preliminary data released by International Copper Study Group (ICSG). The decline in world mine production was mainly due to:
Gold Looks Tepid, Technical Cues Could Lead To Correction: COMEX Gold futures witnessed a whirlwind movement yesterday as intraday rallies failed to sustain following a record high close for US equities. Soaring crude oil futures supported the metal somewhat though the overall scenario remained lukewarm for the metal. COMEX Gold is currently trading at $1280 per ounce, flat on the day. MCX Gold futures ended around Rs 29340 per 10 grams, down 0.10% on the day as rallies around Rs 29400 failed to sustain.
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22/11/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29450, 29550. SUPPORT: - 29250, 29150. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The last session of Gold future market seems consolidated on both positive and negative momentum which ended up as a short retest as we can see in the 4Hr technical chart. The market is expected to continue the same trend and the downside rally might extend to $1276(29240) where a strong support is holding to retest the same. Resistance holds at $1284(29440)
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39500, 39700. SUPPORT: - 39100, 38900. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Silver 4Hr chart has formed “Rising Wedge” pattern where the last market session has already broken out the channel which indicates that the bearish momentum has taken control over the market. The market is expected to continue on the negative trend and the downside rally might reach towards 39250-39100 levels in the upcoming session. Resistance holds at 39500 and a near possible support holds at 39100.
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22/11/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 450.50,453. SUPPORT: -444.50, 442. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COPPER is in short term bearish phase. The daily Technical chart of COPPER displays "Falling wedge" pattern indicating bearish downtrend as per the channel. Key Support holds at 436. Key resistance holds at 447. On a daily basis, copper price at present holds the resistance. Once it breaks and closes above the channel line, bullish momentum will continue or else trend will be bearish.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3780, 3810. SUPPORT: - 3720, 3690. STRATEGY: - BOY ON LOW.
TECHNICAL OUTLOOK Crude Oil 4Hr chart has formed “Ascending broadening wedge” pattern. The last few sessions of the market has been successfully bullish and also ended up breaking out a previous resistance on higher level which indicates that market might turn back to bearish momentum in case the near fresh resistance level holds strong at $58(3757). The downside rally might extend to towards $57.50-57(3725-3692) levels in upcoming sessions. Support holds near $56.30(3646).
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22/11/2017
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