Daily commodity prediction report by trdaeindia reserch 21 11 2017

21/11/2017

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Crude oil futures decline ahead of the OPEC meeting: Crude oil futures declined on Monday, as traders turned cautious ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non-OPEC producers will agree to extend output curbs. OPEC meets next week to determine whether they will extend their supply quota plan through 2018. Oil has come under pressure of late due to speculation that global supplies will continue to outpace demand.

Copper Silent and Unchanged in Trading Session On Monday: Indian Copper was trading unchanged in the session ending Monday. The prices were at levels of Rs 440.35 per kg. The prices tested a high of Rs 440.7 per kg, and a low of Rs 438.3 per kg. Copper was little changed on Monday after a report showed China's property sector, a major metals consumer, remained resilient in October but a stronger dollar capped gains.

China's new home prices rose at a slightly faster pace in October after gains had held steady the previous month, as prices remained resilient in the face of falling sales and a tighter liquidity environment.

Gold futures edge lower on MCX:

Gold futures edged lower on MCX due to a stronger US dollar, but remained near a onemonth high hit in the previous session on uncertainty over progress on a potential overhaul of the US tax code.

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TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - DOWN RESISTANCE: - 29500, 29600.

SUPPORT: - 29300, 29200.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The last session of Gold future market is clearly a result of a retest in support line of the “Ascending broadening wedge” channel which triggered the bullish momentum. The market is expected to continue on the same trend and the rally could test $12821284(29420-29470) levels in the upcoming sessions. Resistance holds at $1286(29520) and support holds at $1276(29270).

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21/11/2017

SILVER

OUTLOOK: TREND: - DOWN RESISTANCE: - 39600, 39800.

SUPPORT: - 39200, 39000.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Silver 4Hr chart has formed “Rising wedge” pattern. The last session has broken the channel’s support line on bearish momentum which confirms the sell signal in the upcoming session of the market. The same is expected to rally on with the bearish trend which could test 39200-39000 levels. Previous Support has become Resistance at 39500 and support holds at 39000.

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21/11/2017

COPPER

OUTLOOK: TREND: - UP RESISTANCE: - 445.50,448.

SUPPORT: -440.50, 438.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK COPPER is in short term bearish phase. The daily Technical chart of COPPER displays "Falling wedge" pattern indicating bearish downtrend as per the channel. Key Support holds at 436. Key resistance holds at 444-447. On the daily basis, the market shall remain on an uptrend till the resistance.

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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3700, 3730.

SUPPORT: - 3650, 3620.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK Crude Oil 4Hr chart has formed the “Descending broadening wedge” pattern and the last session has met up with the channel’s resistance slope line which indicates that market could retest the level and turn back to bearish momentum in the upcoming sessions. The downside rally could test $56-55.50(3642-3610) levels in the upcoming sessions. Resistance holds at $57(3707) and Support holds at $55.75(3625).

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