Daily commodity prediction report 28.02.2018 by TradeIndia Research

1. 28/02/2018 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

2. 28/02/2018 Market Update (Energy): Crude oil may remain sideways as it can move in range of 4070-4150. U.S. oil prices extended declines into a second day on Wednesday as the dollar gained and industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut. U.S. West Texas Intermediate crude was down 37 cents, or 0.6 percent, at $62.64 by 0142 GMT, after falling 90 cents the previous session. Brent crude was down 40 cents, or 0.6 percent, at $66.23 a barrel. Market Metals): Shanghai metals mostly lost ground on Wednesday after new U.S. Federal Reserve Chairman Jerome Powell's pledge to stick with gradual increases in interest rates boosted the dollar and growth in Chinese manufacturing slowed more than expected. Growth in China's manufacturing sector in February slowed more than expected to the weakest in over 1- 1/2 years as the Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output. Market Update (Bullions): Update (Base Gold prices were unchanged near a more than two-week low early on Wednesday, as the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises. The Fed is expected to approve its first rate increase of 2018 at its next policy meeting in March, when it will also provide fresh economic projections and Powell will hold his first news conference. Since 2013 this year as an uncertain outlook for stocks. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

3. 28/02/2018 TECHNICAL ANALYST GOLD GOLD OUTLOOK: TREND: - DOWN RESISTANCE: - 30400, 30500. SUPPORT: - 30200, 30100. STRATEGY: - SELL ON HGIH. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Gold 4hr chart has formed “Falling wedge” pattern. The last session ended up retesting the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue in bullish momentum for a while to retest the resistance slope line. The upside rally could test all the way through $1324-1328(30405-30505) levels in the upcoming sessions. Once the market reaches the key resistance level at $1328(30505), then it might retest the same and turn bearish. The downside rally could again test $1324-1320(30405-30305) levels. Alternatively, if the market breaks above the key resistance then it might continue in bullish momentum. Support holds at $1315(30180). 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

4. 28/02/2018 OUTLOOK: SILVER SILVER TREND: - DOWN RESISTANCE: - 38300, 38500. SUPPORT: - 37900, 37700. STRATEGY: - SELL ON HIGH. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Silver 4hr chart has formed “Symmetrical triangle” pattern. The last session successfully broken out the channel’s support slope line in bearish momentum. The market is expected to continue in correction based bullish trend to retest the support slope line and turn bearish. The correction rally could test all the way through 38300-38500 levels in the upcoming sessions. After retesting the previous support which is now resistance at 38500, the downside rally could test 38300-38100 levels. Support holds at 38100. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

5. 28/02/2018 COPPER COPPER OUTLOOK: TREND: - DOWN RESISTANCE: - 455.50,458. SUPPORT: -450.50, 448. STRATEGY: - SELL ON HIGH. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Copper hourly chart has formed “Broadening top” pattern. The last session ended up consolidated near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to retest the key support level at 452 and turn bullish. The upside rally could test all the way through 455-460 levels in the upcoming sessions. Alternatively, if the market breaks below the support level then it might turn to bearish. The downside rally could test 448-444 levels. Resistance holds at 460. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

6. 28/02/2018 CRUDE OIL CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 4120, 4150. SUPPORT: - 4050, 4020. STRATEGY: BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Crude oil 4hr chart has formed “Rising wedge” pattern. The last session ended up bearish near the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below the key support level holding at $62.50(4071). The downside rally could test all the way through $61-60(3973-3908) levels in the upcoming sessions. Alternatively, if the support holds strong then the market might retest the same and turn bullish. The upside rally could test $63.50-64.50(4136-4201) levels. Resistance holds at $64.50(4201). 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free: 9009010900

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