Saturday, 24 June 2017

COMMODITY TRENDS


R1
S1
GOLD
28830
28400
SILVER
38710
37750
CRUDE
2900
2730
COPPER
380
365
LEAD
144
168
ALUMINIUM
124
120
ZINC
177
168


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ALUMINUM

The Aluminum is bearish for medium-long term .Currently Aluminum is moving sideways The Aluminum is now trading in oversold level. The Aluminum is now trading in oversold level. The oscillator is showing sell signal .In last 1 month volatility is very less buy the Aluminum above 124 or buys with strict stop at 120. The Aluminum is now trading in oversold level. The Aluminum is now trading in oversold level. The oscillator is showing sell signal for short term Aluminum is in hold short position. Immediate support for Aluminum is 120.Resistance for the Aluminum is 124.

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LEAD

Lead is bearish for medium-long term .Currently Lead is in strong uptrend with good momentum but volume is unsatisfactory the open interest is not increasing with trend Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term the current position is buying. Support for the Lead is 134-.Resistance for the Lead is 144.

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ZINC TRENDS

Zinc is bearish for medium-long term .Currently Zinc is showing some up move after small correction and trend is strong and supported with good volume The open interest is not increasing with trend . Caution note buying at higher levels seems decreasing. The oscillator is showing buy signal for short term Zinc is in hold long position and closed above 1 month high with volume signals up breakout. Support for the Zinc is 168.Resistance for the Zinc is 177.

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COPPER

LME Copper prices are currently trading lower by 0.1 percent at $5734/t. Prices are expected to trade sideways today as latest hawkish comments by Fed member Patrick Harker to keep a pause on rate hikes will provide some relief. Also, consistent decline in LME stocks will provide a cushion. We expect MCX copper prices to trade sideways today. the Copper is bearish for medium-long term .Currently Copper is moving sideways The oscillator is showing SELL signal .In last 1 month volatility is very less buy the Copper above 379 or buy with strict stop at 358. The oscillator is showing sell signal for short term Copper is in hold long position. Support for the Copper is 365.Resistance for the Copper is 380.


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CRUDE OIL

Oil futures tilted higher in American trade moving farther away from ten-month lows as the dollar gave up ground following earlier data from the US the world's largest energy consumer. Oil futures are recovering on profit-taking while still heading for the fifth weekly loss in a row the longest such streak since 2015, as markets price in above five-year averages global oil inventories at 292 million barrels and after US Libyan and OPEC production increased in May.  Otherwise the Energy Information Administration released its report on US crude stocks showing a drawdown of 2.5 million barrels in the week ending June 16, adding to the 1.7M drop in the previous reading while analysts expected a 1.2% fall with total stocks now reaching 509.1 million barrels remaining within the upper range in average for this time of year. Gasoline stocks fell 0.6 million barrels while distillate stocks rose 1.1 million barrels both remaining within the upper range in average for this time of year.



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SILVER

Silver futures rose nearly one percent away from the lowest since May 12 as the dollar index edged lower following earlier data from the world's largest economy. Silver dropped weighed down by a stronger dollar supported by data showing a strong U.S. jobs market. The U.S. Department of Labor said initial jobless claims in the week ending June 10 decreased by 8,000 to 237,000 from the previous week’s total of 245,000.The central bank maintained its outlook of one more rate hike for this year as it expects that a tightening labor market will lift inflation to the 2% target

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