19/09/2017
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Crude oil futures extend gains on Monday: Crude oil futures managed to extend the gaining momentum to the new week and ended marginally higher on Monday, shrugging off expectations that US crude stockpiles are set to show a build for the third week in a row, following the aftermath of Hurricanes Harvey and Irma. Demand for crude oil from refiners should start picking up, but early indications show US oil stockpiles rose more than expected during this period. Meanwhile, Opec is expected to continue talks to extend its production-cut agreement beyond March 2018 in an effort to tackle rising output from Nigeria and Libya - both countries are exempt from production curbs.
Copper futures end higher on Monday: Comex copper futures ended higher on Monday, while London copper prices too improved as the market recovered from last week’s near one-month low although concerns over slowing growth in top consumer China capped gains. China posted disappointing data on Thursday, including its slowest growth in investment in nearly 18 years, suggesting the world´s second-largest economy is finally starting to lose some momentum as borrowing costs rise.
Gold futures end lower as dollar strengthens: Gold futures ended lower on Monday as the dollar strengthened against a basket of major currencies and US Treasury yields rose ahead of a two-day Federal Reserve meeting, while a world stock market index surged to a record and Wall Street also hit new highs.
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19/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29670, 29770. SUPPORT: - 29470, 29370. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold fell to a two and half week low yesterday as the US dollar edged up ahead of a two day Federal Reserve meeting and global equities soared. The metal has dropped from a one year high and selling seems to be emerging on every modest rally thereafter. The recent strength in US dollar is not letting Gold hold up at all. The commodity is likely to stay under stress in next two sessions as the US Fed meeting gets underway. COMEX Gold is lingering around $1211 per ounce right now. MCX Gold futures dropped 1% to close at Rs 29540 per 10 grams.
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19/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 40000, 40200. SUPPORT: - 39600, 39400. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Monday. And at end of the day the prices were settled at 39764 per 30 kilogram. On the higher side Rs 40684 per 30 kilogram as resistances were noted while lows were at Rs 39601 per 30 kilograms as support noted. The metals remain under a volatile zone.
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19/09/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 425.50,428. SUPPORT: -421.50, 419. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Large metals speculators cut back on their bullish net positions in the copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 46,614 contracts in the data reported through Tuesday September 12th. This was a weekly lowering of 2,251 contracts from the previous week which had a total of 48,865 net contracts. On Monday MCX COPPER price was trading 422.70 per kg and it was tested high of Rs 425.20 and low 420.50, which may act today’s resistance and support respectively.
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19/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3230, 3260. SUPPORT: - 3170, 3140. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Large speculators trimmed their bullish net positions in the WTI Crude Oil futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 374,480 contracts in the data reported through Tuesday September 12th. This was a weekly reduction of 7,633 contracts from the previous week. WTI crude oil speculative bullish positions have now slipped for five out of the past six weeks. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -379,315 contracts on the week. This was a weekly surge of 9,414 contracts. On MCX crude oil price was trading around 3200 per barrel and day high and low respectively was 3226 and 3158, which help intraday trader and speculator for intraday support and resistance.
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19/09/2017
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