Daily Commodity Prediction Report 17.04.2018 by TradeIndia Research

1. 17/04/2018 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

2. 17/04/2018 Market Update (Energy): Crude oil may witness a consolidation in the range of 4300-4400 in MCX. On NYMEX, Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East. Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 39 cents, or 0.6 percent, at $66.61 a barrel. Market Update (Base Metals Copper may face resistance near 450 and can take support near 441. Zinc can face resistance near 207 and has support near 202 while lead can face resistance near 157 and it has support near 152. Aluminum may remain on firm note and can test 160- 162 in MCX. Shanghai aluminum futures hit their strongest in almost three months on Tuesday amid supply worries after Rio Tinto declared force majeure on some customer contracts after the United States imposed sanctions on the firm's Russian partner Rusal. Market Update (Bullions): Bullion counter may trade with sideways to upside bias as Middle East tensions increases safe haven. On domestic bourses gold can face resistance near 31350 in MCX and can take support near 31250. Meanwhile silver can face resistance near 39200 and can slip lower towards 38900. On COMEX, Gold prices edged higher on Tuesday as the U.S. dollar slipped further, making bullion less expensive for holders of other currencies. Spot gold was up 0.2 percent at $1,348.82 an ounce as of 0102 GMT. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

3. 17/04/2018 TECHNICAL ANALYST GOLD GOLD OUTLOOK: TREND: - DOWN RESISTANCE: - 31400, 31500. SUPPORT: - 31200, 31100. STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Gold daily chart has formed “Rising channel” patterns. The last session been a gap up one ended up in bullish trend. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 31400. The upside rally could test all the way through 31500-31600 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 31250-31100 levels. Key support holds at 31000. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

4. 17/04/2018 OUTLOOK: SILVER SILVER TREND: - DOWN RESISTANCE: - 39350, 39550. SUPPORT: - 38950, 38750. STRATEGY: - BUY ON LOW. TECHNICAL TECHNICAL OUTLOOK OUTLOOK Silver daily chart has formed “Symmetrical triangle” pattern. The last few sessions seems consolidated as the prices have already broken out the channel’s resistance slope line. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 39200. The upside rally could test all the way through 39350-39500 levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish. The downside rally could test 38900-38600 levels. Key Support holds at 38600. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

5. 17/04/2018 COPPER COPPER OUTLOOK: TREND: - DOWN RESISTANCE: - 451.50,454. SUPPORT: -446.50, 444. STRATEGY: - BUY ON LOW. TECHNICAL OUTL TECHNICAL OUTLOOK OOK Copper 4hr chart has formed “Rising channel” pattern. The last session ended up consolidated 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 450. The upside rally could test all the way through 452-454 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 446-443 levels. Key support holds at 443. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

6. 17/04/2018 CRUDE OIL CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 4390, 4420. SUPPORT: - 4330, 4300. STRATEGY: BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Crude oil daily chart has formed “Rising channel” pattern. The last session ended up bearish in trend retesting near an interim trend line inside the channel. The market is expected to continue in bearish momentum, once the same breaks below the key support holding at 4325. The downside rally could test all the way through 4300-4275 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 4370-4410 levels. Key resistance holds at 4410. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

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