Daily Commodity Prediction Report 02.04.2018 by TradeIndia Research

1. 02/04/2018 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

2. 02/04/2018 Market Update (Energy): Crude oil may open on firm note tracking positive international markets. Crude oil can move higher towards 4260 in MCX. Oil prices rose on Monday, lifted by a drop in U.S. drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total count down to 797. Oil prices have generally been supported by supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started in 2017 in order to rein in oversupply and prop up prices. Market Metals): Base metals complex may open in green on good demand at lower levels. Copper may move higher and can test 445. China's top copper smelters on Friday cut their minimum treatment and refining charges (TC/RCs) for copper concentrate by 10.3 percent for the second quarter of 2018. China has imposed the additional tariffs amid escalating trade tensions between Beijing and Washington, sparking fears of a full-blown trade spat between the world's two biggest economies. Market Update (Bullions): Update (Base Gold prices rose on Monday after three consecutive sessions of falls as the dollar eased amid fresh concerns of trade tensions between the United States and China. China has slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as wine and certain fruits and nuts, in response to U.S. duties on imports of aluminium and steel, the country's finance ministry said. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

3. 02/04/2018 TECHNICAL ANALYST GOLD GOLD OUTLOOK: TREND: - UP RESISTANCE: - 30800, 30900. SUPPORT: - 30600, 30500. STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bearish in trend after 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 30300. The downside rally could test all the way through 30200-30100 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 30400-30500 levels. Key resistance holds at 30600. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

4. 02/04/2018 OUTLOOK: SILVER SILVER TREND: - UP RESISTANCE: - 38900, 39100. SUPPORT: - 38500, 38300. STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Silver daily chart has formed “Symmetrical triangle” pattern. The last session ended up retesting the channel’s support slope line. The market is expected to continue in bullish momentum, testing all the way through 38500-38700. Alternatively, if the market breaks below the key support holding at 30250 then it might turn bearish once again. The downside rally could test 38000-37800 levels. Key resistance holds at 38700. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

5. 02/04/2018 COPPER COPPER OUTLOOK: TREND: - DOWN RESISTANCE: - 432.50,435. SUPPORT: -427.50, 425. STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Copper daily chart has formed “Descending broadening chart” pattern. The last few sessions been bullish in trend after retesting the channel’s support slope line. The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at 440. The upside rally could test all the way through 443-447 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 436-432.50 levels. Key support holds at 432.50. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

6. 02/04/2018 CRUDE OIL CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 4230, 4260. SUPPORT: - 4170, 4140. STRATEGY: BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Crude oil hourly chart has formed “Broadening top” pattern. The last session ended up bullish in trend after retesting the channel’s support slope line. The market is expected to continue in bullish momentum, once the same breaks above the key resistance level holding at 4260. The upside rally could test all the way through 4300-4360 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 4200-4150 levels. Key support holds at 4150. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

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