07/03/2018

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Market Update (Energy):

Crude oil may open lower as surge in stock positions in
API data dragged the price lower. Crude oil may test
4020 in MCX .Oil prices fell on Wednesday, pulled down
by weaker share markets after a key advocate for free
trade in the U.S. government resigned, triggering
concerns that Washington would go ahead with import
tariffs and risk a trade war. Crude inventories rose by
5.661 million barrels in the week to 426.880 million
barrels, data from the American Petroleum Institute
showed on Tuesday.

Market Update (Base

Metals): London Metal Exchange copper

slipped by 0.5 percent to $6,971 a tonne by 0223 GMT,

paring a 1.4 percent gain from the previous session.
Prices have traded in a $6,850-$7,250 range since
midFebruary, bumping up against four-year highs, as
global manufacturing has ramped up to feed
construction and power industries in Europe, China
and the United States.

Market Update (Bullions):

Gold prices inched higher early Wednesday to
their highest in a week as U.S. equities and the
dollar weakened after President Donald Trump
said he would push ahead with punitive tariffs
on steel and aluminum imports, rekindling fears
of a potential trade war. Trump's top economic
adviser Gary Cohn resigned on Tuesday after
the U.S. president said he was sticking with
plans to impose hefty tariffs on steel and
aluminium imports.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 30750, 30850.

SUPPORT: - 30550, 30450.

STRATEGY: - SELL ON HGIH.

TECHNICAL OUTLOOK

Gold 4-hour chart has formed a long-term “Triple bottom chart” pattern. The last few
sessions been bullish in trend. The market is expected to continue in bullish momentum
once the same breaks above a key resistance holding at $1345(30705). The upside rally
could test all the way through $1350-1360(30830-31080) levels in the upcoming
sessions. Alternatively, if the key resistance holds strong then the market might retest the
same and turn bearish. The downside rally could test $1330-1320(30330-30080) levels.
Key Support holds near $1320(30080).

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39400, 39600.

SUPPORT: - 39000, 38800.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver daily chart has formed "Falling channel” pattern. The last session ended up
retesting near the channel’s resistance slope line. The market is expected to continue in
bearish momentum, testing all the way through 38400-38000 levels in the upcoming
sessions. Alternatively, if the market breaks above the key resistance holding at 39000
then it might turn bearish once again. The downside rally could test 39250-39500 levels.
Support holds near 38000.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 457.50,460.

SUPPORT: -452.50, 450.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Copper hourly chart has formed "Descending channel” pattern. The last session ended up
retesting the channel’s resistance slope line. The market is expected to continue in bearish
momentum, once the same breaks below a key support holding at 454. The downside rally
could test all the way through 452-450 levels in the upcoming sessions. Alternatively, if the
market breaks above the key resistance holds at 457 then it might turn bullish once again.
The upside rally could test 460-462 levels.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 4080, 4110.

SUPPORT: - 4020, 3990.

STRATEGY: SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil daily chart has formed "Megaphone chart” pattern. The last session ended up
retesting a key resistance holding at $63(4090) inside the channel. The market is expected
to continue in bearish momentum, testing all the way through $61.50-60(3993-3895) levels
in the upcoming sessions. Alternatively, if the market breaks above the resistance level
then it might continue in bullish momentum. The upside rally could test $64-66(4155-4285)
levels. Key Support holds at $60(3895).

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