Daily commodity research report 08 01 2018 by tradeindia research

08/01/2018

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08/01/2018

Market Update (Energy): Crude oil may remain on volatile path as it may move in range of 3850-3930. Oil prices firmed on Monday on the back of a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week. Traders said the gains were due to a slight decline in the number of U.S.

Market Update (Base Metals): London copper edged away from its lowest in a fortnight on Monday but remained not far from a fouryear high, as traders filtered back from holidays and adjusted to a softer dollar and resilient Chinese demand. LME cash zinc is trading at a $26 premium to the benchmark contract up from a $10 discount on Dec. 12. Traders suggested the backwardation has encouraged deliveries into SHFE warehouses, where stocks have climbed around 10,000 tonnes since late December.

Market Update (Bullions): Gold prices held steady on early Monday, below 31/2-month highs hit last week, amid expectations of more US interest rate hikes this year. The US December non-farm payrolls report on Friday was weaker than expected. The dollar dipped briefly, then rose as investors reckoned the data would not deter the US Federal Reserve from raising interest rates multiple times this year, though at a gradual pace. Despite weaker-than-expected data, traders overall stuck to their conviction that the Federal Reserve will raise rates at least twice this year.

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08/01/2018

TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - DOWN RESISTANCE: - 29300, 29400.

SUPPORT: - 29100, 29000.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Gold daily chart formed “Rising wedge” pattern. The last session seems consolidated near the channel’s support line but overall bullish in trend. As per the technical aspects of the pattern, the market is expected to retest the level and rally on bullish once again. The upside rally could test $1325-1330(29295-29420) levels in upcoming sessions.

Alternatively, if market breaks below the support slope line then it might continue in bearish momentum. Major resistance holds at $1330(29420) and previous resistance become support at $1300(28670).

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08/01/2018

SILVER

OUTLOOK: TREND: - DOWN RESISTANCE: - 39400, 39600.

SUPPORT: - 39000, 38800.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK Silver daily chart has formed “Descending broadening wedge” pattern. The last few sessions been strongly bullish but consolidated after breaking the channel’s resistance slope line. The retest on the channel’s resistance slope line might push the trend to bullish further and the upside rally could test all the way through 39500-40000 levels in the upcoming sessions. Alternatively, if market breaks below the previous resistance line then market might have a chance turn bearish. Major Resistance holds at 40400 and previous resistance become support at 38800.

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08/01/2018

COPPER

OUTLOOK: TREND: - UP RESISTANCE: - 455.50,458.

SUPPORT: -450.50, 448.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Copper daily chart has formed “Megaphone chart” pattern. The last few sessions have been strongly bearish but consolidated after retesting the channel’s resistance slope line.

The retest might push the trend to bearish further once the same breaks below a middle support line at 450 and the downside rally could test all the way through 448-445 levels in the upcoming sessions. Major Resistance holds at 465 and Key support at 440.

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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3930, 3960.

SUPPORT: - 3870, 3840.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Crude Oil Daily chart has formed “Rising wedge” pattern. The trend remains bullish as prices retested a Key support level at $58.50. As per the technical aspects of the pattern, the retest is expected to push the market furthermore and the upside rally could test $62.50-63.50 levels in the upcoming sessions. Once the market reaches the major resistance level holding at $63.50, then it might have a chance to turn bearish once again.

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08/01/2018

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08/01/2018

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