Choice International Ltd
Published on 21/09/2017 11:49:57 AM

Silver

MCX Silver price has been on corrective mode on the daily and hourly chart which suggests goring pessimism among the short term traders. Moreover, price has fallen below 21 EMA on the daily chart which confirms the reversal of the earlier uptrend.. In addition, RSI has fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 39400 over the short term.

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Choice International Ltd
Published on 21/09/2017 11:49:17 AM

Gold

In the hourly chart, MCX Gold price has been falling with a lower top lower bottom formation which is a bearish set up. In addition, price is on corrective mode for the last few trading session. In addition, RSI has come out of its overbought zone and fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 29300 over the short term.

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Enrich Commodities India Pvt.Ltd
Published on 21/09/2017 11:31:34 AM

Technical View

Short term Intraday Opportunity

Intraday four-hour chart has formed “Ascending broadening wedge”. Current prices hold nearby resistance area at $ 50.70(3240). The lower high was broken yesterday, which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Trailing Support holds at $50(3215). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.

The view of price action which is a 50-day moving average is likely to crossover 200 day moving average.

Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3215).

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Enrich Commodities India Pvt.Ltd
Published on 21/09/2017 11:30:50 AM

Technical outlook:

The daily gold chart has formed “Ascending broadening wedge. “. In this pattern, prices broke through support line at $1330(29850) which indicates a bearish momentum. The Gold trend has turned from positive to negative momentum towards $1300(29000). A break below support line could make the next stopping point to be 50 day moving average at $1287(28750). It is expected to move towards $1300-1289(29000-28850).

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IIFL Wealth Management Ltd
Published on 21/09/2017 11:27:47 AM

 Non-Ferrous Metals : In the non-ferrous pack, divergent trends were evident, with Copper prices losing further ground, while Aluminium ruling the roost. Aluminium prices have been particularly underpinned by reports of several smelters in China's Henan province initiating production curtailment, two months before China's official winter curbs sets in. The cut in output is expected to last till March next year. Meanwhile, IAI reported that global aluminium production for August (excliding China) at 2.164mn tons, down from 2.173mn tons in July. Chinese output for was 2.64mn tons from 2.686mn tons in July.

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IIFL Wealth Management Ltd
Published on 21/09/2017 11:27:04 AM

Gold : Gold prices fell to a three week low, as hawkish tone of Fed weighted on the entire prcious pack. The policy statement has amply bolstered expectations of a rate hike in December, with interest rate futures factoring in 73% probability of a rate hike, when compared with 53% prior to the FOMC meeting. Fed stated that dot plot (interest rate projections) remain unchanged, corroborating prospects for an additional rate increase this year and three more in 2018. Moreover, the central bank will start trimming its balance sheet by US$10bn of securities a month, beginning from October. Nevertheless, Fed Chief reassured the markets, stating that tapering of the balance sheet will be data driven. On short term outlook, we sense that breach of psychological mark of US$1,300 us very much on the cards.

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