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LAST RECOMMENDATION UPDATE: GIVEN ON 18 MAR 2016:
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CRUDEOIL ROCKS HIT 2700 MADE LOW OF 2634 !!!!!!!!!!!!!!!!!!!
GOLD: Gold edged lower on Friday, as the
dollar steadied above a five-month low, but the metal remained on track for a
weekly gain after the Federal Reserve scaled back rate increase expectations.
The U.S. central bank held interest rates steady on Wednesday and indicated it
would tighten policy this year, but fresh projections offered by the Fed showed
policymakers expect two quarter-point increases by year-end, half the number
forecast in December. Expectations the Fed would raise rates steadily this year
had faded since the bank's initial hike in December, as concerns about global
growth roiled financial markets. Above is MCX Gold Oct daily chart. It suggests
that prices are showing weakness in the near term. It has potential to break
immediate support of 28800 levels and correct till 28425-28030 levels. On the
upside, immediate resistance is located at 29420 and 29600 levels.
CRUDEOIL: Crude oil prices settled lower on Friday
after the U.S rig count rose for the first time since December,
renewing worries of a supply glut after an output freeze proposal helped boost the market to 2016 highs and multiweek gains. U.S. energy firms this week added one oil rig after 12 weeks of cuts,according to data by industry firm Baker Hughes. The addition, coming after oil rigs had fallen by two-thirds over the past year to 2009 lows, showed crude drilling picking up again after a 50 percent price rally since February. Despite the retreat, oil posted multi-week gains, with Brent up for a fourth straight week and U.S. crude a fifth week in a row. Both benchmarks rose about 2 percent this week Above is daily chart of MCX Crude oil. It suggests that prices are making higher highs and lows on daily chart. Any pullback till 2619 would be good buying opportunity for traders to go long for target of 2900 levels. On the downside, immediate support is located at 2430 levels
renewing worries of a supply glut after an output freeze proposal helped boost the market to 2016 highs and multiweek gains. U.S. energy firms this week added one oil rig after 12 weeks of cuts,according to data by industry firm Baker Hughes. The addition, coming after oil rigs had fallen by two-thirds over the past year to 2009 lows, showed crude drilling picking up again after a 50 percent price rally since February. Despite the retreat, oil posted multi-week gains, with Brent up for a fourth straight week and U.S. crude a fifth week in a row. Both benchmarks rose about 2 percent this week Above is daily chart of MCX Crude oil. It suggests that prices are making higher highs and lows on daily chart. Any pullback till 2619 would be good buying opportunity for traders to go long for target of 2900 levels. On the downside, immediate support is located at 2430 levels
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