11/01/2018

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Market Update (Energy):

Crude oil may remain on positive path as it may move
in range of 4000-4070. Oil prices held near three-year
highs on Thursday, supported by a surprise drop in U.S.
production and lower crude inventories, although
analysts increasingly warned of signs that fuel markets
have overheated. Oil markets have generally been
supported by a production cut led by the Organization
of the Petroleum Exporting Countries (OPEC) and Russia
that started in January last year and is set to last
through 2018. U.S. production fell 290,000 barrels per
day to 9.5 million bpd, the EIA said, foiling expectations
of U.S. output breaking through 10 million bpd.

Market Update (Base

Metals):
The Lomas Bayas copper mine in Chile, operated by
Glencore, has just averted a threatened strike.
Unionised workers accepted the terms of a new labour
contract at the eleventh hour. The number of labour
contracts up for renewal this year, most of them in
Chile and Peru, is the highest since 2010. The threat to
mine supply from strike action looms large, not least
at the world's biggest copper mine, Escondida, where
a 44-day walkout last year ended with no meeting of
management and union minds.

Market Update (Bullions):

Gold prices edged up early on Thursday after
hitting a near four-month high in the previous
session, on a weaker dollar and as a rally in equities
ran out of steam. Gold prices on Wednesday
reversed their losses and rose over 1 percent as the
dollar swooned after a report that Chinese officials
had recommended slowing or halting purchases of
U.S. Treasury securities. Officials reviewing China's
foreign-exchange holdings have recommended
slowing or halting purchases of U.S. Treasuries.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29400, 29500.

SUPPORT: - 29200, 29100.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Gold 4hr chart has formed “Bullish Rectangle chart” pattern. The last few sessions seems
consolidated inside the channel. The market is likely to fall on bearish momentum to
retest the channel’s support level and turn bullish once again. The downside rally could
test all the way through $1315-1310(29195-29070) levels in the upcoming sessions.
Resistance holds at $1330(29570) and Support at $1310(29070).

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39200, 39400.

SUPPORT: - 38800, 38700.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver 4hr chart has formed “Rectangle chart” pattern. The last few sessions seems
bearish in trend as the prices have retested the channel’s resistance level holding near
39370. The market is expected to continue on the bearish trend till it reaches the major
support level holding at 38770, testing all the way through 38900-38800 levels in the
upcoming sessions. Alternatively, once market reaches the support then it might turn
bullish once again.

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COPPER
OUTLOOK:

TREND: - SIDEWAYS

RESISTANCE: - 462.50,465.

SUPPORT: -456.50, 454.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Copper daily chart has formed “Bullish flag chart” pattern. The last few sessions seems
consolidated but bullish in trend. Exclusively the last session ended up retesting the
channel’s resistance slope line. The market is expected to continue on the bullish trend
once the same breaks above the resistance slope line, testing all the way through 460-462
levels in the upcoming sessions. Alternatively, if resistance line holds strong then market
might turn bearish. The downside rally could test 455-452 levels. Resistance holds at 462
and Previous resistance become Support at 452.

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 4080, 4110.

SUPPORT: - 4020, 3990.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Crude Oil 4Hr chart has formed “Rising channel” pattern. The trend remains consolidated
as the last session seems have retested the channel’s resistance slope line. As per the
technical aspects of the pattern, the retest is likely to turn the trend to bearish. The
downside rally could test $63-62.50(4013-3981) levels in the upcoming sessions.
Alternatively, if market breaks above the resistance level then it might continue in bullish
trend. Resistance holds at $64(4076) and support at $62(3949).

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