18/09/2017

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Crude futures post best weekly gains in last seven weeks:

Crude oil futures maintained its momentum on

Friday, making it best weekly gains in last seven
weeks, after industry data showed the US oil rig
count dropped for a second week post-hurricanes.
Oilfield services firm Baker Hughes said its weekly
count of oil rigs operating in the United States
declined by 7 to 749. Also, there was rising
expectations that higher oil demand will reduce
excess crude supplies to Opecs five-year average
target. Opec said production in August fell by 79,000
barrels a day (bpd) to 32.76 million as falling
production from Venezuela, Iraq, the UAE and Saudi
Arabia offset rising output from Nigeria.

Comex copper futures end

marginally lower on Friday:

Comex copper futures ended marginally lower on

Friday but London copper prices were steady on a
weaker dollar but still recorded its biggest weekly
price fall since March as investors took profits from a
speculative rally to three-year highs.

Gold futures end lower on Friday:

Gold futures ended lower on Friday after a

European Central Bank (ECB) official called for
scaling back the bank's stimulus program,
although losses were capped when weaker-than-
expected US economic data raised questions about
further interest rate hikes.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29850, 29950.

SUPPORT: - 29650, 29550.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold futures recovered from a two week low amid soaring global geopolitical worries and bargain buying.
North Korea swung into action yet again as it delivered another missile test and the U.N. Security Council decided to
hold an emergency meeting following it. COMEX Gold recovered amid these cues but failed to hold onto the rally as
the DOW continued its record running spree. COMEX Gold ended at $1223 per ounce on Friday, down 0.44% on the
day. MCX Gold futures also fell under Rs 30000 per 10 grams amid overwhelming selling pressure.

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 40800, 41000.

SUPPORT: - 40400, 40200.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were down on Friday. And at end of the day the prices were settled at 41814 per 30 kilogram. On
the higher side Rs 41189 per 30 kilogram as resistances were noted while lows were at Rs 40731 per 30 kilograms as
support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 425.50,428.

SUPPORT: -421.50, 419.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Copper futures slipped further this week but managed to witness some buying as the Dow Jones ended at record
highs. COMEX Copper futures have been falling after testing a three year high and the break under key $3 per pound
level has been weighing on the market as well. Prices slipped yet again as Chinese demand worries stayed in place.
The metal holds around $2.95 per pound levels. MCX Copper futures slipped under Rs 420 levels as selling pressure
stayed in place on negative global cues and a firm undertone in Indian Rupee.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3230, 3260.

SUPPORT: - 3170, 3140.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

WTI Crude oil futures soared to a five week high near $50 per barrel as a sharp rebound continued amid good buying
support as calls of strong global oil demand boosted sentiments. WTI Crude oil futures have been rallying after the US
gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey,
according to the Energy Information Administration (EIA). MCX Crude oil futures also ended just around Rs 3200 per
barrel levels. A all time high run for DOW also boosted sentiments for oil.

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