27/11/2017

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Crude oil futures end at fresh two week high on Friday:

Crude oil futures ended at a fresh two
week high on Friday on a report
suggesting OPEC and Russia agreed
on a plan to extend output curbs
lifted sentiment. Traders also got
some support with tighter supplies
amid ongoing disruption to the
Keystone pipeline. The Keystone
pipeline leak has kept shipments from
Canada's oil sands from reaching US
Gulf refineries, but should be
allievated soon. Meanwhile, OPEC
meets November 30 to decide whether to process with supply quotas.

Copper futures end higher

on weaker dollar:
Copper futures ended up on Friday,
buoyed by weaker dollar which
makes dollar-priced metals cheaper
for non-US investors. The US dollar
was at its lowest level since late
September against a currency
basket, still under pressure after the
minutes from the latest US Federal
Reserve policy meeting highlighted
concern among some board members over persistently low inflation.

Gold futures trade flat on Monday:

Gold futures traded flat on Monday,
as dollar hovers near 2 month low
hit in the previous session against
a basket of major currencies. The
bullion also muted as investors are
looking to the Congressional
hearing on Fed Chair nominee
Jerome Powell on Tuesday.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29600, 29700.

SUPPORT: - 29400, 29300.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold 4H chart has formed Ascending broadening wedge pattern. The Last market
session seems a bit consolidated but bearish in trend as it retested on a resistance level
which is now holding at $1293(29495) and the expectations are higher that market will
continue on the same trend if the same breaks below the support level holding at
$1287(29345). Alternatively, if support holds strong, then market might turn to bullish
momentum and the rally might extend towards $1290-1292(29420-29470) levels in the
upcoming sessions.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39550, 39750.

SUPPORT: - 39150, 38950.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver 4hr chart has taken the formation of Rising wedge pattern. The last session
market been successfully bearish and took retest on the channels support line which
confirmed the change in trend in upcoming sessions. Market is expected to turn to bullish
as per the technical aspects, which rally could extend to 39400-39600 levels in upcoming
days. Resistance holds at 39600 and support holds at 39200.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 453.50,456.

SUPPORT: -447.50, 445.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Currently, copper daily chart bullish candle is in an uptrend after six consecutive winning
strikes. Point to be noted Copper breathes on current resistance 454-455. If it breaks
and closes above the resistance, further rally can be expected towards 460. A major
support holds at 446. Alternatively, if it breaks lower the support and closes below 446, a
further downfall can be expected up to 440.

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3840, 3870.

SUPPORT: - 3770, 3740.

STRATEGY: - BOY ON LOW.

TECHNICAL OUTLOOK

The daily chart of Crude oil future market has formed Rising wedge pattern. The last few
market sessions have been successfully bullish and is about to retest the channels
resistance line as per its technical aspects. The market is expected to reach all higher
possible resistance levels in the upcoming sessions. Resistance holds at $59(3822) and the
support holds at $57.50(3725).

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