05/03/2018

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Market Update (Energy):

WTI Crude oil futures edged up on bargain buying
after testing a two week low near $60 per barrel. WTI
Crude oil futures slipped earlier in the week, extending
losses amid weak equities and rising US crude oil
inventories. US crude oil inventories increased for the
week ending February 23, and refineries operated at
87.8% of their operable capacity, or 49,000 barrels
per day more than the previous week's average, said
the US Energy Information Administration (EIA).

Market Update (Base

Metals):he private Caixin/Markit Manufacturing
Purchasing Managers' Index for February beat
expectations to reach its highest in six months, a day
after China's official factory activity reading raised
concerns of a sharper-than-expected slowdown in the
world's second biggest economy.China's Ministry of
Industry and Information Technology (MIIT) has
pledged to strengthen its monitoring of the price of
nonferrous metals such as aluminium in order to
prevent "excessive" speculation that could distort the market .

Market Update (Bullions):

COMEX Gold futures extended losses amid a

slippery mood in world equities before some
bargain buying emerged in the metal around its
two month low. COMEX Gold took a tumble as
investors interpreted the comments from Jerome
H. Powell, the new chairman of the Federal
Reserve. Powell said in that his expectations for
domestic economic growth have increased since
the beginning of the year, citing the passage of the
$1.5 trillion tax cut and stronger global growth.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 30600, 30700.

SUPPORT: - 30400, 30300.

STRATEGY: - SELL ON HGIH.

TECHNICAL OUTLOOK

Gold daily chart has formed "Descending channel” pattern. The last session ended up
bullish inside the channel. The market is expected to continue in bullish momentum,
testing all the way through $1335-1340(30700-30825) levels in the upcoming sessions.
Alternatively, if the market breaks below a key support holding at $1320(30325) then it
might turn bearish. Resistance holds at $1340(30825).

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 38700, 38900.

SUPPORT: - 38300, 38100.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver daily chart has formed "Falling wedge” pattern. The last session ended up retesting
the channel’s resistance slope line. The market is expected to continue in bullish
momentum, once the same breaks above a key resistance holding at 39000. The upside
rally could test all the way through 39250-39500 levels in the upcoming sessions.
Alternatively, if the resistance holds strong then the market might retest the same and
turn bearish. The downside rally could test 38500-38000 levels. Support holds at 38000.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 454.50,457.

SUPPORT: -449.50, 447.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Copper hourly chart has formed "Falling wedge” pattern. The last session ended up
consolidated after breaking out the channel’s resistance slope line. The market is expected
to continue in bullish momentum, once the same breaks above a key resistance holding at
455. The upside rally could test all the way through 458-460 levels in the upcoming
sessions. Alternatively, if the market breaks below the key support holding at 450 then it
might turn bearish in trend. The downside rally could test 448-446 levels.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 4030, 4060.

SUPPORT: - 3970, 3940.

STRATEGY: SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil daily chart has formed "Ascending broadening wedge” pattern. The last few
sessions ended up retesting the channel’s support slope line. The market is expected to
continue in bullish momentum, testing all the way through $63-64(4095-4160) levels in the
upcoming sessions. Alternatively, if the market breaks below a key support holding at
$60(3900) then it might turn bearish. The downside rally could test $59-58(3835-3770)
levels. Resistance holds at $64(4160).

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