29/09/2017
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Crude futures turn lower on profit taking: Crude oil futures turned lower on Thursday, as investors appeared to take profit on the recent rally which has seen oil prices hit multi-month highs on expectations that higher global demand would nudge the market closer toward rebalancing. Traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies. Also, the geopolitical tensions, limited downside momentum as Turkey vowed to deal only with the Iraqi government on crude oil exports after Iraqi Kurdistan voted overwhelmingly in favour of independence earlier this week.
Copper futures end higher on Thursday: Comex copper futures ended higher on Thursday, while London copper prices too rose as speculators regarded prices as good value after recent losses and sentiments were lifted by hopes of steady economic growth in top metals consumer China.
Gold futures end higher on weaker dollar:
Gold futures ended higher on Thursday as the dollar slipped against a basket of major currencies and ushered in short-covering. Bullion was earlier pressured on proposed US tax reforms and strong economic data that supported the case for another US interest rate hike this year.
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29/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29750, 29850. SUPPORT: - 29550, 29450. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Healthy US economic activity is keeping a lid on Gold prices. The metal has slipped heavily this week as a break below $1300 levels extended following comments by US Federal Reserve Chairwoman Janet Yellen which reinforced expectations for another interest-rate increase before the end of the year. In a speech on Tuesday, Yellen said that while recent soft inflation readings justify a gradual pace for interest-rate hikes, there is also a danger of moving too gradually. The commodity tested a five week low before witnessing some buying. The counter quotes at $1287 per ounce, down nominally on the day. MCX Gold futures closed around Rs 29600 per 10 grams and should slip in early moves today.
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29/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39950, 40150. SUPPORT: - 39550, 39350. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gain on Wednesday. And at end of the day the prices were settled at 39750 per 30 kilogram. On the higher side Rs 39826 per 30 kilogram as resistances were noted while lows were at Rs 39551 per 30 kilograms as support noted. The metals remain under a volatile zone.
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29/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 433,435.50. SUPPORT: -429, 426.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Copper was trading in green, clawing back some lost ground after five straight days of decline as expectations that buoyant demand would outstrip supply in the longer term tempted some buyers back to the market. Prices are still getting supported by appetite for cyclical assets in the wider markets, with world stocks rising as Republicans rolled out their US tax reform plan. A stronger dollar capped gains, however. MCX Copper was trading at Rs 426.6 per kg, up 0.15%. The prices of Copper tested a high of Rs 428 per kg and a low of Rs 424.2 per kg.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3410, 3440. SUPPORT: - 3350, 3320. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK US Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase. Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d, according to a latest update from the US Energy Information Administration (EIA).
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