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17/08/2017
TECHNICAL ANALYST
GOLD
OUTLOOK:
TREND: - UP
TECHNICAL OUTLOOK
COMEX Gold has edged up near two month highs in Asia, rebounding above $1290 per ounce levels amid sustained
buying as weak US dollar kept sentiments firm. The metal slipped yesterday as the geopolitical worries faded a bit
and equities edged up impressively. US stocks rose Wednesday, with the Dow Jones Industrial Average up for a
fourth day. However, the latest surge means Gold bulls are back in contention even as equities maintain their
winning streak in Asia. COMEX Gold is up 0.81% at $1294 per ounce. MCX Gold should fire up in early moves on this.
The counter closed at Rs 28950 per 10 grams yesterday, down 0.45% on the day.
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OUTLOOK:
SILVER
TREND: - UP
TECHNICAL OUTLOOK
The Prices of silver were down on Wednesday. And at end of the day the prices were settled at 39863 per 30
kilogram. On the higher side Rs 38988 per 30 kilogram as resistances were noted while lows were at Rs 38305 per
30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK:
TREND: - UP
RESISTANCE: - 422.50,425.
TECHNICAL OUTLOOK
The global metal prices are soaring to fresh highs. Copper is at a two and half year high while Zinc has spurt to 10
year highs. Mining and commodities trading giant Glencore noted last week that after years of challenging commodity
economic conditions and declining prices, the recovery seen in late 2016 continued into the first half of 2017,amid
the best growth momentum in the global economy in recent years. Global manufacturing PMIs recorded a six year
high in June supported by broad strength across developed and emerging markets. Benefiting from this momentum,
Chinese policy makers have used the stronger than expected data to tighten financial conditions. Although initially
unsettling markets in May, confirmation of higher than expected Q2 GDP growth of 6.9% has brought comfort and
provided policy makers with some head room to pursue financial reforms around property and credit.
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CRUDE OIL
OUTLOOK:
TREND: - DOWN
TECHNICAL OUTLOOK
rude oil futures crashed yesterday, despite a significant drop in US oil inventories on ideas that OPEC will fail to re-
balance global oil markets with its supply quota. WTI Oil extended a drop under $50 per barrel and broke through
$47 levels yesterday. The counter currently trades flat around $47 mark. MCX Crude plummeted on these cues,
sliding 2% to close around Rs 3000 per barrel mark. Some buying can emerge today if prices manage to hold above
the key levels of Rs 3K.
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