Commodity daily prediction report for 15 11 2017 by tradeindia research

15/11/2017

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15/11/2017

Crude oil futures plunge to two-week low: Crude oil futures plunged on Tuesday to settle near two-week lows after the International Energy Agency (IEA) revised down its forecast for global demand growth and said it expects U.S producers to ramp up output. The IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and 2018, to an estimated 1.5 million bpd and 1.3 million bpd, respectively, as warmer temperatures were expected to weigh on consumption while rising output might add to glut in the crude supplies.

Traders largely overlooked the other report that OPEC member compliance with deal to curb output improved, rising to 96% in October from 87% in September.

Copper futures end lower on Tuesday: Comex copper futures ended lower on Tuesday, while London copper prices too fell, despite the Indonesian unit of Freeport-McMoRan Inc closed the main access road to its giant copper mine in the eastern province of Papua for the second time in three days after another shooting.

Gold futures end higher on Tuesday:

Gold futures ended higher on Tuesday due to a weak US dollar against a basket of major currencies and sluggish stock market helped pull the precious metal off a one-week low hit, while traders also said uncertainty over the fate of a US tax cut prompted some safehaven buying of gold.

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15/11/2017

TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - UP RESISTANCE: - 29700, 29850.

SUPPORT: - 29450, 29350.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The technical chart of Gold 4 H market has formed a “Rectangle chart pattern” which shows a clear accommodation of both positive and negative momentum in the market in last few weeks. Market seems to be marking long corrections in sideways and the previous session has ended up bullish which means a correction is to be implemented on bearish momentum in the market in the upcoming sessions which could test $1276-1272(29490-29390) levels. Resistance holds at $1288(29790) and long-term support holds at $1269(29315).

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15/11/2017

SILVER

OUTLOOK: TREND: - UP RESISTANCE: - 40000, 40200.

SUPPORT: - 39600, 39400.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK Silver four-hour market has taken the formation of “Symmetrical triangle” chart pattern. The last few sessions seems consolidated inside and near the tip of the triangle and also ended up in bullish which indicates a chance of bullish momentum in the upcoming session. Buy signal will be confirmed once market breaks above the triangle’s resistance slope line which rally could test 40200-40400 levels.

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COPPER

OUTLOOK: TREND: - UP RESISTANCE: - 442.50,445.

SUPPORT: -437.50, 435.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Copper market daily chart has formed a Descending triangle pattern and the last session has ended with a strong bearish sign which can be read as a trend reversal pattern. The market is expected to turn negative once it breaks and closes below support level which is held at 442 and further downside rally might extend to 440-438 levels. On the other hand, buyers may push higher side up to 445-447.

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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3640, 3670.

SUPPORT: - 3570, 3540.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK Medium term analysis: Crude Oil 4hr technical chart has formed a “ascending broadening wedge” pattern.

The chart clearly indicates the acquisition of bearish momentum over the market in the last few sessions which confirms that sellers have taken control as the interim line has broken out on the same. The market is expected to fall further on bearish trend and extend towards the support level near $54 for a retest.

Long term analysis: Crude Oil daily chart has formed a “Rising wedge” pattern. The previous session has been bearish and has broken the previous short-term support and thus confirms the sell signal in the market in upcoming sessions. The market could extend for a retest over the channel’s support line near 3550 in the upcoming weeks.

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