07/12/2017

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Crude oil futures slump on rise in US gasoline supplies:

Crude oil futures once again declined on
Wednesday after official data confirmed
a huge build in US gasoline supplies,
offsetting the data showing crude
stockpiles fell for the third straight week.
Energy Information Agency (EIA)
inventory report showed crude stockpiles
fell more-than-estimated, Crude
inventories fell 5.6 million barrels in the
week to Dec. 1. Gasoline inventories
rose by 6.8 million barrels, while
supplies of distillate rose by about 1.7
million barrels.
Copper futures end lower on
demand concerns:
Comex copper futures ended lower on
Tuesday on doubts about the strength
of Chinese demand for the metal, an
improving supply picture and a jump in
warehouse stocks of the metal. LME
copper also came under pressure from
an uptick in warehouse inventories with
headline stocks rising 10,650 tonnes to
192,550 tonnes. Further, the firm dollar
for a second straight session on
continued optimism surrounding US tax reform, too weighed on copper
prices.

Gold futures trade higher on MCX:

Gold futures traded higher on MCX, as
investors triggered fresh buying amid
weak domestic stock and commodity
market. Though, it pared some gains
as the bullion declined in overseas
market amid stronger US dollar and
positive global cues.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29000, 29100.

SUPPORT: - 28800, 28700.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Gold future market 4H chart has formed Right-angled broadening ascending pattern. As
per the technical aspects, the last market session seems to have ended up meeting with
a lower flat support level holding at $1266(28950). Once the market breaks below the
support level then sell signal will be confirmed and a downside rally could test $1263-
1260(28875-28800) levels in the upcoming sessions. Alternatively, if support holds strong
then the market might turn bullish. Resistance holds at $1270(29050).

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 07/12/2017

OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 37630, 38830.

SUPPORT: - 37430, 37230.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver daily chart has formed Descending broadening wedge pattern. The last few
market sessions seems successfully bearish in trend which has ended up retesting the
channels support line. The Market is expected to turn bullish once the same breaks
above the strong resistance level holding at 37900. The upside rallies could extend
towards 38250-38400 levels in the upcoming session. If resistance holds strong, then the
market might continue its rally with bearish momentum extending all the way to 37000
where the key support is now holding.

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 07/12/2017

COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 430.50,433.

SUPPORT: -426.50, 424.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The daily chart of Copper market has formed Falling wedge pattern where the Lower
channel has been broken at 427. This indicates that more selling pressure on sellers is
going to take control over the market. The same is expected to continue on bearish
momentum and the rally could test 420 levels in the upcoming sessions. Resistance holds
at 430-435.

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 07/12/2017

CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3655, 3685.

SUPPORT: - 3590, 3560.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The daily chart of Crude Oil market has broken the Rising wedge pattern on bearish
momentum which indicates that sellers have taken control over the market. Further fall on
the same trend is expected towards $55.50-54.75(3580-3532) levels in the upcoming
sessions. A Neckline support holds at $54.75(3532) where we can expect a small
correction with bullish trend. Once the support is broken, then the rally is likely to continue
in bearish trend. Resistance holds at $57(3677).

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