Technical Report for the Day: Copper ,Crude Oil &Gold Market

Copper ended the session on 10 Feb 2017 at INR 408.2 per kg. The prices tested a high of INR 408.7 per kg and a low of INR 390.90 per kg. Technical charts suggest that breach above INR 410 per kg will be beneficial for Copper. Indian Copper were not able to move past important resistance levels of Rs 410 on Friday. Further appreciation from here can take prices close to INR 410 and 413 per kg. On the lower side Rs 405 and 402 per kg are supports. The strategy can be to sell Copper on rise. Gains are expected in Copper with opening can be near Rs 410 per kg. 

 
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Gold Losses was noted in the prices of MCX Refined gold. Levels of INR 29187 per 10 grams was noticed during the closing, with an uptick of 4.46%. The value gained from the strongest levels since December 2016. The prices gained and reached near to critical levels of INR 29500 per 10 grams which means that further gains can create confidence and prices can move towards Rs 30000 per 10 grams. If gains occur from here it can take yellow metal towards INR 30100 and 30200 per 10 grams. On lower side, Gold will be supported at Rs 28800 per 10 grams and INR 28700. The high of Gold was at INR 29204 per 10 grams and a low of INR 28925 per 10 grams was tested during the day.  


Crude Oil gained in the session ending 10 Feb 2017 and ended with gains to the tune of 1.75%. The prices of Crude Oil ended the session at INR 3606 per barrel, up INR 62. The benchmark expiry contract of Crude Oil tested a high of INR 3620 per barrel. A low of INR 3541 per barrel was registered during the day. Losses in Crude Oil can take prices towards Rs 3520 and 3480 per barrel. On the higher side Rs 3620 and 3650 per barrel are the noted resistances.

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