02/05/2017
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Crude futures slump to their lowest in one month:
Crude oil futures slumped to their lowest in a month
on Monday amid doubts over whether OPEC can
handle the lingering global supply glut. While Libya
ramped up production, fears resurfaced that rising
U.S. production would offset an OPEC-led deal to curb
the global glut in supply. OPEC is expected to extend
its supply quota plan this month, but with U.S.
production surging and President Donald Trump
allowing drilling in the Arctic.
Copper futures end higher as dollar weakens:
Comex copper futures ended higher on Monday,
touching a three-week high as the dollar weakened.
While, key copper-trading markets in London were
closed Monday for a holiday.
Gold futures
Monday:
end
lower
on
Gold futures ended lower on Monday, pressured by
rising US stocks and an agreement that averted a US
government shutdown, dampening demand for noninterest paying bullion. According to the report
released by the Commerce Department, Personal
income in the US rose slightly less than expected in
the month of March. Personal income rose by 0.2
percent in March after climbing by a downwardly
revised 0.3 percent in February. Meanwhile, growth in
US manufacturing activity slowed more than expected
in the month of April.
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.
TECHNICAL ANALYST
GOLD
OUTLOOK:
TREND: - DOWN
RESISTANCE: - 28750, 29850
SUPPORT: - 28500, 28400
STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Refined Gold prices lost strength and ended the day at Rs 28665 per 10 grams, down 0.72%. Transaction volumes picked up and
there has been decrease of long positions. The prices of Gold tested a high of Rs 28894 per 10 grams and a low of Rs 28636 per 10
grams was noted. Further extension of gains will take Gold towards Rs 29200 and 29400 per 10 grams. On the lower side, Rs 28400
per 10 grams will be support levels.
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SILVER
OUTLOOK:
TREND: - DOWN
RESISTANCE: - 39000, 39200
SUPPORT: - 38600, 38400
STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Prices of Refined silver were down by losing 818 points to end at Rs 39503 per 30 kilogram. And at end it is settled
on 38685. On the higher side Rs 39433 per 30 kilogram as resistance was noted while lows were at Rs 38530 per 30
kilograms as support was noted. The metal remains under a volatile zone.
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COPPER
OUTLOOK:
TREND: - DOWN
RESISTANCE: - 378,381.50
SUPPORT: -373, 370.50
STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
The price of MCX Copper was gained by a big margin in a single session on 1 May 2017. The tormenting by bears still continues in
Copper and the prices have now breached all important Rs 380 per kg levels and have been able to set Rs 388 per kg as next
benchmark resistance. From here the declines can take metal towards Rs 378 per kg. Copper settled at Rs 380.55 per kg. The
session on Tuesday can see Copper at Rs 384 per kg and on the lower side Rs 378 and 375 per kg will be active supports. On the
higher side Rs 386 per kg was noted on 1 May 2017 while on the lower side Rs 365 per kg was tested.
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CRUDE OIL
OUTLOOK:
TREND: - DOWN
RESISTANCE: - 3160, 3190
SUPPORT: - 3100, 3070
STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
The prices of Crude Oil were bearish in the trades ending Monday. The session saw settlement of benchmark Crude
Oil at Rs 3142 per barrel, down 1.07%. On the higher side, Rs 3173 per barrel was tested while on lower side Rs
3132 per barrel. The prices of Crude Oil are resisted at Rs 3250 per barrel. On the lower side, Rs 3080 per barrel are
the supports.
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