Weekly Commodity Market Report for 3 Apr-7 Apr 2017 by TradeIndia Research
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‣ Gold notched a quarterly gain of<br />
about 8.4 percent on Friday, marking its<br />
best quarter in a year, as uncertainty over<br />
U.S. President Donald Trump's tax and<br />
investment plans and elections in Europe<br />
fuelled demand <strong>for</strong> bullion as a safe haven.<br />
‣ Copper is not far from $6,000 per tonne,<br />
which ought to be a respectable enough<br />
price <strong>for</strong> mining companies to prosper, if<br />
history is anything to go <strong>by</strong>, at least. But<br />
the market failed to gather significant<br />
steam despite disruptions to production at<br />
Freeport-McMoRan’s Grasberg and Cerro<br />
Verde operations over the past several<br />
weeks.<br />
‣ Indian state refiners will cut oil imports<br />
from Iran in <strong>2017</strong>/18 <strong>by</strong> a fifth, as New Delhi<br />
takes a more assertive stance over an<br />
impasse on a giant gas field that it wants<br />
awarded to an Indian consortium, sources<br />
familiar with the matter said.<br />
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TECHNICAL ANALYSIS<br />
GOLD<br />
OUTLOOK :<br />
GOLD(JUN)<br />
SUPPORT:- 28620-28500<br />
RESISTANCE:- 28766-28870<br />
TREND:-<br />
STRATEGY :-<br />
BULLISH<br />
BUY ON DIPS<br />
TECHNICAL OUTLOOK<br />
Technically trend in the Gold Jun contract looks bullish and is likely to continue with the trend<br />
<strong>for</strong> near term. Support is seen at 28620 while resistance is seen at level 29020. Traders may buy<br />
above 28850 with the stop loss of 28580 <strong>for</strong> the target of 29170.<br />
In Comex, gold has strong resistance at $1261 . This week gold closed below $1248.Major<br />
support now at $1226- $1210 and strong resistance at $1261-1274.<br />
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SILVER<br />
OUTLOOK :<br />
SILVER(MAY)<br />
SUPPORT:- 41840-41350<br />
RESISTANCE:- 42630-42930<br />
TREND:-<br />
STRATEGY :-<br />
BULLISH<br />
BUY ON DIPS<br />
TECHNICAL OUTLOOK<br />
Technically trend in the Silver MAY. contract looks very bullish and is likely to continue with<br />
the trend <strong>for</strong> near term. Support is seen at 41650 while resistance is seen at 42630 level.<br />
Traders may buy above 42400 with the stop loss of 41690 <strong>for</strong> the target of 43400,MCX Silver<br />
MAY Contract, showed upside movement this week and made a weekly high of 42440.<br />
In Comex silver has a resistance of $18.50 and strong support at $17.80. In COMEX Silver<br />
closed 18.19.<br />
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COPPER<br />
OUTLOOK :<br />
COPPER(APR)<br />
SUPPORT:- 370-361<br />
RESISTANCE:- 390-398<br />
TREND:-<br />
STRATEGY :-<br />
BEARISH<br />
SELL ON RISE<br />
TECHNICAL OUTLOOK<br />
The trend in mcx Copper APR. contract looks bearish and further down side is expected <strong>for</strong> near<br />
term. Support is seen at 370.00 while resistance is seen at 390.00 level. Traders may sell below<br />
378 with the stop loss of 385.10 <strong>for</strong> the target of 370.<br />
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CRUDE OIL<br />
OUTLOOK :<br />
CRUDEOIL(APR)<br />
SUPPORT:- 3144-3004<br />
RESISTANCE:- 3356-3428<br />
TREND:-<br />
STRATEGY :-<br />
BULLISH<br />
SELL ON RISE<br />
TECHNICAL OUTLOOK<br />
The trend in mcx Crude Oil MAR. Contract looks bullish and further upside is expected <strong>for</strong> near<br />
term but we will see some profit booking on higher side. Support is seen at 3144 while<br />
resistance is seen at 3356 level. Traders may sell around 3350. With the stop loss of 3420 <strong>for</strong> the<br />
target of 3260.<br />
In Nymex Crude Oil has a resistance of $52.10 and strong support at $48.50. In NYMEX Crude<br />
Oil closed 50.62.<br />
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INTERNATIONAL MARKET UPDATE<br />
GOLD<br />
1247.21<br />
SILVER<br />
18.19<br />
COPPER<br />
2.64<br />
CRUDEOIL<br />
50.62<br />
USDINR<br />
64.84<br />
EURUSD<br />
1.066<br />
USDJPY<br />
111.32<br />
GBPUSD<br />
1.252<br />
TECHNICAL OUTLOOK<br />
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ECONOMIC CALENDAR<br />
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