31/01/2018

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Market Update (Energy):

Crude oil may open in red as weekly EIA inventory
data to give further direction to the prices. Overall
it may move in range of 4070-4150. Oil prices fell
for a third day on Wednesday after data from an
industry body showed crude stocks rose more than
expected last week. Increasing concerns over the
rising U.S. production continue to mount pressure
on the commodity. But the report from the
American Petroleum Institute late on Tuesday
showing crude stocks rose by 3.2 million barrels
last week cast a further bearish pall over the
market.
.
Market Update (Base
Metals): On-warrant LME inventories of nickel,
those not earmarked for delivery, fell to their lowest
level in 2018 at 250,920 tonnes. Funds have raised
their bets on prices rising, with LME net long nickel
positions rising to 47,708 lots on Jan. 26, the highest
since Jan. 2017. Nickel output by First Quantum
Minerals fell 24 percent to 17,837 tonnes last year
from 23,624 tonnes in 2016. Norwegian aluminium
maker Norsk Hydro plans to transfer energy-saving
technology from a pilot project to primary smelters in
the next five to six years, boosting output and cutting
costs.
Market Update (Bullions):
Traders are cautious ahead of a slate of events
this week, including the Fed monetary policy
meeting that ends on Wednesday and a US jobs
report on Friday that will include data on
nonfarm payrolls and average hourly earnings.
U.S. Treasury Secretary Steven Mnuchin gave
dollar bears a boost last week with a tacit
endorsement of a weak U.S. currency, though
Trump later tried to row back from those
comments.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 30170, 30270.

SUPPORT: - 29970, 29870.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold daily chart has formed "Rising wedge” pattern along with a “Double top reversal”
pattern. The last few sessions been bearish in trend as the prices have already broken
out the pattern’s support slope line. As per the technical aspects of the pattern, the
market indicates a short term bearish momentum. The downside rally could test all the
way through $1335-1330(29915-29790) levels in the upcoming sessions. In other hand,
as per the indicator’s aspects a long-term bullish momentum is expected as the 50-day
moving average crossovers the 100-day moving average as indicated in the technical
chart. Resistance holds at $1345(30165) and Support at $1325(29665).

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 3900, 3900.

SUPPORT: - 39000, 38800.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver daily chart has formed "Broadening top” pattern. The last session indicates bearish
momentum. The market is expected to continue on the same trend, testing all the way
through 38600-38300 levels in the upcoming sessions. Alternatively, market also might
have a chance giving a small correction on positive momentum. Resistance holds at
39500 and support at 38300.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 454.50,457.

SUPPORT: -448.50, 446.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Copper daily chart continues in "Descending broadening wedge” pattern. The last few
sessions been bearish in trend after retesting the channel’s resistance slope line. The
market indicates bullish momentum as a correction to retest the resistance level once
again, testing all the way through 452-453 levels in the upcoming sessions. Once the
market reaches the resistance level at 453 then it might retest the same and turn bearish
once again. Alternatively, if the market breaks above the resistance level then it might
continue in bullish term. Support holds at 445.

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 4110, 4140.

SUPPORT: - 4150, 4020.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Crude Oil daily chart has formed “Rising wedge” pattern. The last few sessions been
bearish in trend as the prices have retested the channel’s resistance slope line. Last
session market has already broken out an interim support level near $65(4138). The market
is expected to continue in bearish momentum, testing all the way through $63-62(4011-
3947) levels in upcoming sessions. Alternatively, the market might also indicate a chance of
bullish momentum as a small correction which might retest the interim support inside the
channel. Major resistance holds at $66(4202) and support at $62(3947).

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