28/12/2017

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Market Update (Energy):

Crude oil may remain on upside path as weekly
inventory data to give further direction to the prices.
Overall it may move range of 3760-3850. Oil prices
were stable on Thursday with trading activity drying up
ahead of the New Year weekend. Heading into 2018,
traders said market conditions were relatively tight due
to ongoing supply cuts led by the Middle East
dominated Organization of the Petroleum Exporting
Countries (OPEC), as well as top producer Russia.

Market Update (Base

Metals):
London copper eased slightly in early Asian trading on
Thursday, but largely held sharp overnight gains that
drove the contract to a four-year high on signs of
strong demand from China next year. China's leading
copper smelter Tongling Nonferrous Metals Group has
agreed with Freeport-McMoRan Inc for treatment and
refining charges (TC/RCs) at $82.25 per tonne and
8.225 cents per pound as the 2018 benchmark. Bullish
sentiment in the aluminium market was reinforced by
news that China's government has criticised officials in
the industrialised province of Shandong for deceiving
authorities to evade capacity cuts in the polluting coal, steel, aluminium and chemicals sectors.

Market Update (Bullions):

Bullion counter may continue its upside
momentum as weaker greenback and safe haven
buying amid North Korea tensions can support its
prices further. Gold can move in range of 28800-
29100 while silver can move in range of 38300-
39000 in near term. Gold prices were steady early
on Thursday, holding onto gains from the previous
session when they hit a 3-1/2 week high, as the
dollar stayed on the back foot. The U.S. dollar fell to
a 3-1/2 week low against a basket of currencies.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29150, 29250.

SUPPORT: - 28950, 28850.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold 4Hr chart has formed “falling wedge” pattern. The last few sessions have been
sideways but bullish in trend as the market has already broken the channel’s resistance
line. As per the technical aspects, the market is expected to continue in the same trend
and the rally could test $1296-1305(29048-29273) levels in the upcoming sessions.
Resistance holds same at $1305(29273) and Previous resistance become Support at
$1280(28648).

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39000, 39200.

SUPPORT: - 38600, 38400.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver daily chart has formed a “Descending broadening wedge” pattern. The last few
sessions been strongly bullish which indicates that buyers are still in control over the
market. Market is expected to continue in the same trend, the upside rally could test all
the way through 39000-39200 levels in the upcoming sessions. Major Resistance holds at
39000 and key support at 37700.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 470.50,473.

SUPPORT: -464.50, 461.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The daily chart of Copper market has formed “Rising wedge” pattern where the last few
sessions seems successfully bullish in trend and has ended up meeting with a major
resistance level holding at 465. This indicates that market is expected to continue on
bullish momentum. Once it breaks above the 465 resistance, the rally could test 467 levels
in the upcoming sessions. Alternatively, if support hold at 462 once its breaks trend might
turn bearish and downside target expected till support 460- 458

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 3865, 3895.

SUPPORT: - 3805, 3775.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Crude Oil 4Hr chart has formed “Rising wedge” upward breakout pattern. The last session
seems consolidated near an interim support level holding near $59.50(3820) which could
be read as a retest. As per the technical aspects of the pattern, the retest is expected to
turn the trend to bullish. Once the market breaks above the resistance level holding at
$60(3853), then buy signal will be confirmed and the rally could test $60.50-61(3885-3917)
levels in the upcoming sessions. Additional Support holds at $58.50(3756).

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