21/09/2017
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Crude futures end higher shrugging off inventory data: Crude oil futures shrugging off the report of significant build in US oil inventories, ended higher on Wednesday. Inventory data was overshadowed by growing expectations that Opec will decide to extend its agreement to cut oil output. Meanwhile, a report from the Energy Information Administration (EIA) showed crude stockpiles rose by roughly 4.6m barrels in the week ended Sept. 15. Gasoline inventories, fell by roughly 2.13m barrels, while distillate stockpiles fell by 5.7m barrels, topping expectations of a decline of 1.6m barrels.
Copper futures end unchanged on Wednesday: Copper futures ended unchanged on Wednesday as the market participants were awaiting the conclusion of the US Federal Open Market Committee’s September meeting with its economic projections, statement, rate decisions and press conference.
Gold futures end higher on Wednesday: Gold futures ended higher on Wednesday amid speculation
the
Federal
Reserve
will
signal
concerns over stubbornly low inflation.
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21/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29650, 29750. SUPPORT: - 29450, 29350. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold slipped heavily yesterday and extended the slide further today after the US Federal Reserve announced that, for the first time in nine years, it would start reducing the size of its $4.5 trillion asset portfolio starting in October. The Fed kept interest rates unchanged, as widely expected, but said it would start to shrink its balance sheet by $10 billion a month. The Fed also noted that a December rate increase remains on the table. This pulled the metal is a flash, sliding nearly ten dollars within an hour. The commodity extended losses today and currently trades at $1302 per ounce, down 1% on the day. These are the lowest levels in last one month for the counter. MCX Gold futures should see a sharp slide in early moves following these cues. The counter ended at Rs 29774 per 10 grams yesterday, up half a percent on the day.
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21/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39900, 40100. SUPPORT: - 39600, 39400. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gained on Wednesday. And at end of the day the prices were settled at 40247 per 30 kilogram. On the higher side Rs 40340 per 30 kilogram as resistances were noted while lows were at Rs 40073 per 30 kilograms as support noted. The metals remain under a volatile zone.
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21/09/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 422.50,425. SUPPORT: -418, 415.50. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK COMEX Copper stayed supported yesterday but came off intraday highs after US Federal Reserve announced that, for the first time in nine years, it would start reducing the size of its $4.5 trillion asset portfolio starting in October. The Fed kept interest rates unchanged, as widely expected, but said it would start to shrink its balance sheet by $10 billion a month. The Fed also noted that a December rate increase remains on track. US stocks eased from record highs as some selling hit the stocks following the Fed statement. US Treasuries jumped along with US dollar and commodities eased. COMEX Copper futures are trading at $2.93 per pound right now, down around 0.75% on the day. MCX Copper futures closed around Rs 424.30 per kg, up marginally on the day after hitting highs above Rs 427 in intrday moves.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3310, 3340. SUPPORT: - 3250, 3220. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Benchmark crude oil futures for November delivery ended higher by 79 cents or 1.6 percent at $50.69 a barrel on the New York Mercantile Exchange. Brent crude for November delivery ended up by 1.99 percent to $56.24 a barrel on the ICE. On MCX crude oil price 3286, made a resistance for a day at 3298, and support for day at 3218.
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21/09/2017
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