commodity Daily Prediction Report By TradeIndia Research -11-02-19

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2. Energy:-Crude oil may open in red as oil prices fell by more than 1 percent on Monday as U.S. drilling activity picked up and as a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd. Crude oil can test 3680 while facing resistance near 3750. Base Metal:- Base metals prices may trade with sideways to negative bias. Copper may test 435 while facing resistance near 445 in MCX. Onwarrant copper stocks available to the market in LME- registered warehouses have fallen to 87,725 tonnes from about 130,000 tonnes in mid-January and are near decade lows, pointing to an undersupplied market. Chilean state miner Codelco said heavy rains had forced a suspension of operations at its northern copper mines Chuquicamata and Ministro Hales. Zinc can dip lower towards 187. Lead can move sideways in range of 145- 149. Bullions:- Bullion counter may trade in narrow range as gold prices held steady on Monday, supported by uncertainties around Sino-U.S. trade war and concerns of slowing global economic growth, while a strong dollar weighed on the precious metal. World stocks ended last week in the red amid uncertainty about global economic growth and trade tensions, posting their first weekly drop this year. Gold (Apr) can face resistance near 33300 while it has support near 33000. Silver can dip lower as it can test 39800 while facing resistance near 40200. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801

3. TECHNICAL ANALYST GOLD GOLD OUTLOOK: TREND: - UP RESISTANCE: - 33250, 33350 SUPPORT: - 33050, 32950 STRATEGY: - SELL ON HIGH. TE TECH CHNI NICAL CAL O OUTLOOK UTLOOK MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last session ended up consolidated after few negative rallies inside the channel, where the market is expected to continue on bullish momentum. The positive rally could be extending all the way up to 33350-33500 levels in the upcoming sessions. An alternative scenario indicates that if the market happens to breaks below a key support holding at 33150 and give a close on daily basis then it might revise the trend to bearish once again. The downside rally could test up to 33300-32900 levels. Key resistance holds at 33500. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801

4. OUTLOOK: SILVER SILVER TREND: - DOWN RESISTANCE: - 40200, 40400 SUPPORT: - 39800, 39600 STRATEGY: - SELL ON HIGH. TE TECH CHNI NICAL CAL O OUTLOOK UTLOOK MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last session ended up bullish in trend after few negative rallies inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 40200. The positive rally could be extending all the way up to 40350-40500 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and revise the trend to bearish once again. The downside rally could test up to 39900-39700 levels. Key support holds at 39700. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801

5. COPP COPPER ER OUTLOOK: TREND: - DOWN RESISTANCE: - 442.50,445. SUPPORT: -436.50, 434. STRATEGY: - BUY ON LOW. TE TECH CHNI NICAL CAL O OUTLOOK UTLOOK Copper daily chart has formed “Right angled descending broadening wedge” pattern. The last few sessions been in bearish trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 440. The downside rally could be testing all the way through 436-432 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 446-450 levels. Key resistance holds at 450. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801

6. CR CRUDE UDE OIL OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3740, 3770. SUPPORT: - 3680, 3650. STRATEGY: - SELL ON HIGH. TE TECH CHNI NICAL CAL O OUTLOOK UTLOOK MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previous session ended up in bullish trend but consolidated after few negative rallies, also retesting an interim trend line inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3850-3950 level in the upcoming sessions. An alternative scenario indicates that if market breaks below a key support holding at 3700 then it might revise the trend to bearish once again. Such break out could possibly test up to 3600-3500 levels. Key resistance holds at 3950. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801

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