01/02/2018

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Market Update (Energy):

Crude oil may open in green as it may move in
range of 4070-4150. U.S. crude stocks rose more
than expected last week, while gasoline and
distillate inventories fell, the Energy Information
Administration said on Wednesday. Crude
inventories rose by 6.8 million barrels in the last
week, compared with analysts' expectations for an
increase of 126,000 barrels. The increase followed
10 weeks of declines. Crude stocks at the Cushing,
.

Market Update (Base

Metals): London copper traded flat on
Thursday, supported by optimism over the outlook for
global manufacturing but pressured by expectations
that demand could tail off ahead of the Lunar New
Year in mid-February. Growth in China's
manufacturing sector remained elevated in January, a
private business survey showed on Thursday, as new
business led factories to raise output at the start of the
year. The Caixin/Markit Manufacturing Purchasing
Managers' Index (PMI) was steady in January at 51.5,
matching December's reading, which was the highest
in four months and above the 50-point mark that
separates growth from contraction.
Market Update (Bullions):
Today budget will also give direction as
expectation of import duty cut is expected by
investors. At Fed Chair Janet Yellen's last
policy meeting as head of the central bank, the
Fed left interest rates unchanged. But its
message on inflation signalled it was on track to
raise borrowing costs in March under incoming
chief Jerome Powell. Inflation worries generally
boost gold, which is seen as a safe-haven
against rising prices. But expectations that the
Fed will raise interest rates to fight inflation

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 01/02/2018

make gold less attractive because it does not pay interest.

TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 30280, 30380.

SUPPORT: - 30080, 29980.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Gold daily chart has formed "Ascending broadening wedge” pattern. The last session
seems bullish in trend after retesting the channel’s support slope line. As per the
technical aspects of the indicator shown in the technical chart, a long-term bullish
momentum is indicated in the upcoming session as the 50-day moving average
crossovers the 100-day moving average. The upside rally could test $1355-1365(30240-
30490) levels in upcoming weeks. Alternatively, if the market breaks below the support
level at $1335(29740), then sellers might take control over the same. Resistance holds at
$1365(30490).

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 01/02/2018

OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39600, 39800.

SUPPORT: - 39200, 39000.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver 4hr chart formed "Falling wedge” pattern. The prices have already broken out the
pattern itself in bullish momentum. The breakout is expected to push the market
furthermore in positive trend, testing all the way through 39500-39700 levels in the
upcoming sessions. Alternatively, if the market breaks below the previous resistance
which is support now at 39200 then it might continue in bearish momentum. Resistance
holds at 39700.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 455.50,458.

SUPPORT: -450.50, 448.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Copper daily chart continues in "Descending broadening wedge” pattern. The last few
sessions consolidated near the channel’s resistance slope line. The market indicates
bullish momentum as a correction to retest the resistance level once again. Once the
market reaches the resistance level at 454 then it might retest the same and turn bearish.
The downside rally could test 451-448-445 levels in upcoming sessions. Alternatively, if
the market breaks above the resistance level then it might continue in bullish term. The
upside rally could test 458-462 levels. Support holds at 445.

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 4160, 4190.

SUPPORT: - 4100, 4070.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Crude oil 4hr chart has formed "Rising wedge” pattern. The last few sessions seems
strongly bullish in trend as the prices have already broken out the channel’s support trend
line. Exclusively the last session market ended up near the previous support line which can
be read as trend deciding area. If the resistance at $65(4138) holds strong then it might
retest the same and turn bearish, testing all the way through $64.50-63.50(4106-4042)
levels in the upcoming sessions. Alternatively, if the market breaks above the resistance
level then it might continue in bullish. The upside rally could test $65.50-66.50(4169-4233)
levels. Support holds at 63.50(4042).

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