Monday, 21 August 2017

Crude Oil Gained On The Back Of Unconfirmed Reports

Crude oil trading range for the day is 2963-3181.

Crude oil gained on the back of unconfirmed reports of a shutdown of one of the largest oil refineries in the U.S., easing investor concerns about the glut in supply.

Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said.

However, crude oil inventories fell by 8.9 million barrels, according to the EIA figures, the seventh weekly decline in a row.

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Silver Settled Flat As Prices Struggled To Take Advantage

Silver trading range for the day is 38463-39977.

Silver settled flat as prices struggled to take advantage of a slump in the dollar on political uncertainty in the United States and a suspected Islamist attack in Spain.

Policymakers in Europe and the U.S. expressed concerns about unwinding monetary stimulus too soon.

Prices were also supported by a weaker U.S. dollar amid concerns U.S. President Donald Trump will not be able to implement his agenda.

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Gold Settled Flat After Prices Breached A 1300$ Mark As The Dollar Retreated

Gold trading range for the day is 28859-29595.

Gold settled flat after prices breached a 1300$ mark as the dollar retreated on political uncertainty in the United States.

The precious metal was also supported by a weaker U.S. dollar amid concerns U.S. President Donald Trump will not be able to implement his agenda.

Gold prices in India were at their widest discount to international prices in 11 months due to sluggish demand and an influx of the precious metal sourced from South Korea.

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Friday, 18 August 2017

MCX Silver Price Has Given Breakout Of A Inverted Head

On the daily chart, MCX Silver price has given breakout of a inverted Head and Shoulder pattern, which is very bullish pattern.

Moreover, on the daily chart, COMEX Silver price has moved above its previous peak of $16.96.

Furthermore, price has been trading above its 21 EMA on the daily chart. In addition, momentum indicator RSI is in positive crossover and rising on the daily chart.

Therefore, we keep our bullish view on Gold with an expectation of 40900 levels.

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Crude Oil Selling Pressure Is More Likely At The Resistance Place

Crude Oil on 17th August 2017, Crude Oil August futures prices up by pts closed at 3021, trading range between 2981 – 3029. Crude oil for September delivery on the New York Mercantile Exchange settled at $47.09 a barrel.

Crude futures edged higher on Thursday, as investors pondered over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high.

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Gold Prices Traded On A Firm Note, Underpinnted By Legislative

Gold prices traded on a firm note,underpinnted by legislative paralysis in US,where more Republicans are turning to be dissidents of President Trump.Earlier,speculation was rife regarding the resignation of National Economic Council director Gary Cohn.This can prove to be major upset for Trump administration given that Cohn plays a crucial role in formulating important politics,including tax reforms.Meanwhile,geopolitical issue continue to provide an element of support to the yellow metal.In the latest,a terrorist attack is reported in Barcelona,while US-South Korean military exercise are scheduled to begin next week in the Korean Peninsula,which could potentilly annoy Pyongyang.

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Thursday, 17 August 2017

Natural Gas Dropped As Investors Looked Ahead To Weekly Data

Natural gas trading range for the day is 183.5-189.9.

Natural gas dropped as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel.

A weak weather system will sweep across the Great Lakes to Northeast US Fri-Sat with minor cooling.

Traders largely ignored forecasts for hotter weather over the next two weeks that is expected to boost cooling demand.

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