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16/01/2018

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16/01/2018

Market Update (Energy):


Crude oil may remain on positive path as it may move
in range of 4080-4150. Crude oil prices got a lift to their
highest levels since December, 2014, helped by the
dollar's recent weakness as well as signs that
production cuts by OPEC and Russia are tightening
supplies. Brent crude prices were on Tuesday settling in
around $70 per barrel, levels last seen before the start
of an oil market slump in late 2014.Prices have been
driven up by production curbs in OPEC nations and
Russia, as well as by robust demand on the back of
healthy global economic growth.

Market Update (Base


Metals):
Copper prices edged up in London and Shanghai
markets on Tuesday, helped by a weaker U.S. dollar.
The dollar index against a basket of six major
currencies was hovering just above its weakest level
since January, 2015. A decision on Monday by the
People's Bank of China (PBOC) to lift the yuan's official
midpoint to the greenback to a 1-1/2 year high was
also supporting copper prices. China's central bank on
Monday lifted its official yuan midpoint to the highest
level in more than over 1-1/2 years, to 6.4574 per
dollar.
Market Update (Bullions):
Gold can move in range of 29500-29900 while silver
can move in range of 39200-40000 in near term.
Gold prices on Tuesday held firm near four-month
highs hit in the previous session, buoyed after the
U.S. dollar slumped to three-year lows against a
basket of currencies on Monday.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29900, 30000.

SUPPORT: - 29700, 29600.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold daily chart has formed “Rising wedge” pattern. The trend remains bullish as the last
session seems have retested the channel’s support slope line. As per the technical
aspects of the pattern, the retest is likely to continue on the bullish term. The upside rally
could test $1345-1355(29885-30135) levels in the upcoming sessions. Resistance holds
at $1360(30260) and support at $1335(29635).

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39850, 40050.

SUPPORT: - 39450, 39250.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The non-commercial futures contracts of Silver futures, traded by large speculators and
hedge funds, totaled a net position of 38,035 contracts in the data reported through
Tuesday January 9th. This was a weekly spurt of 15,285 contracts from the previous
week. Speculative positions have now gained for three straight weeks and currently stand
around their five week high. The commercial traders position, hedgers or traders engaged
in buying and selling for business purposes, totaled a net position of -49,942 contracts on
the week. This was a weekly drop of -12,750 contracts.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 461.50,464.

SUPPORT: -455.50, 453.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

MCX Copper futures soared sharply yesterday as the global cues were extremely firm. The
COMEX Copper jumped near recent four year highs as a weak US dollar and continued
spurt in crude oil provided enough impetus for the red metal. Copper had corrected on
Friday but was back to the winning ways in Asia amid upbeat equities. The metal stayed
supported and is currently quoting flat at $3.259 per pound. MCX Copper futures also
broke above Rs 460 per kg levels in intraday moves but closed at Rs 459 mark, adding
1.30% on the day. The US dollar index is lingering around 90.30 levels right now, holding
around its three year low and keeping metals and other commodities well supported. The
index tumbled on Friday after breaking below the 92 levels.

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16/01/2018

CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 4130, 4160.

SUPPORT: - 4070, 4040.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Crude Oil daily chart has formed “Ascending broadening wedge” pattern, inside channel
formed: “Elliot impulse wave”. The last few sessions seems consolidated inside the
channel. The market is expected to continue on the same bullish term once the same
breaks above the resistance slope line, testing all the way through $65-66(4141-4205)
levels in the upcoming sessions. Alternatively, if resistance slope line holds strong then
market might retest the same and turn bearish. Major Resistance holds at $66(4205) and
support at $63(4014).

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