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Support at 28700 and Resistance at 28900
Break and sustain below 28700 will take to 28620---28550 and then to 28400 mark. More and more downside panic will see only close below 28700 mark else it could test its resistance level of 28900 again
Break and sustain above 28900 with volume will see further upside rally till 29050 and then to 29450---29600 mark
Traders can trade with levels only
Support at 36200---35900 and Resistance at 37000
Close above 37000 will take to 37300---37450 and then to 38000 mark else it could test its support level of 36200---35900 again
Three consecutive closes + weekly close below 35900 will see free fall in Silver
Trade with levels only
Sell below 66.35 Target 66.00-65.80. Stop loss above 66.70 (LTP 66.50)
Important factor/data from India
RBI first bi-monthly monetary policy statement 2016-17 on 5 April 2016
Dollar/Rupee extended its recent bearish trend for fifth consecutive week and settled at 66.502 compare to previous week close of 67.16 as exporter undertook selling activities on fears that greenback may weaken further after the Federal Reserve Chairperson, Janet Yellen continued to sound cautious of downward risks to the world's largest economy and said the central Bank would raise its policy rates gradually.
Since 8 March USDINR has been following the Bearish Gartley pattern on weekly chart, and recently it broke the crucial support of 66.90 which is coincide with 127% Fibonacci Retracement of CD point.
Short term trend continues to look bearish following to above pattern and a break below 66.35 may show correction towards 66.05-65.80 that will coincide with 161.8% Fibonacci Retracement.
Below 2500 …Crude Crashed to kiss 2461..Will it kiss 2400 ?
Yes , CRUDE MCX……………………Below 2500 level , CRASHED VERTICALLY to kiss 2461 !
(Those who shorted again at 2585 level………………………….Again Minted Money in TONS )
Burgeoning oil-producer unity, which was leading toward an accord in Doha to cap output, came under immense strain as Saudi Arabia’s deputy crown prince said the kingdom’s commitment depended on regional rival Iran, which has already ruled out its participation. If any producer increases output – and Iran has made clear its intention to do so – Saudi Arabia will likewise boost sales, Mohammed bin Salman said this weekend in an interview with Bloomberg.
“Kiss goodbye to any Doha accord, ” said Carsten Fritsch, an analyst at Commerzbank in Frankfurt. “There will be no agreement without Saudi Arabia. Why should others sign up to freeze output?”
Oil has recovered almost 50pc from the 12-year low reached in January as Saudi Arabia and Russia led the tentative agreement to freeze production in an effort to curb the global glut. The two countries, along with most OPEC members and some others outside the group, are due to meet in Doha on April 17 to finalise the pact.
While Iran will attend the talks, it has refused any limits on supply as it restores exports after international sanctions were lifted in January.
“If all countries agree to freeze production, we’re ready, ” bin Salman said in the interview. “If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door.”
Oil prices slumped after the interview was published, with West Texas Intermediate futures sliding as much as 4.2pc to $36.72 a barrel, erasing gains for the year.
Brent Crude also fell 4.2pc to $39.07 a barrel.
Saudi Arabia hadn’t informed Russia that it had no plans to freeze oil output without Iran doing the same, said Russia’s Energy Minister Alexander Novak in St Petersburg on Friday. It was too early to talk about any freeze for Iran within a wider OPEC-Russia deal, he said.
There had been signs that Saudi Arabia might make an exception for Iran, said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas.
“There appeared to be more conciliatory signals from Saudi Arabia, ” Tchilinguirian said. “These new remarks call that into question. We have returned to the earlier Saudi position, whereby a production agreement is conditional on oil producers participating.”
Even if the pact is signed, it would have little impact on supplies, according to the International Energy Agency, because most of the countries involved have little capacity to increase output even if they chose to.
“It doesn’t change balances one bit, ” said Amrita Sen, chief oil analyst at consultant Energy Aspects in London.
The Saudi deputy crown prince’s comments may not be fatal for the accord, as Saudi Arabia may simply be trying to press for a stronger deal in Doha and showing resolve to a domestic audience, according to Petromatrix, a consultant in Zug, Switzerland.
“This could be part of the pre-meeting politics, ” said Olivier Jakob, the consultant’s managing director. He said the reins of government and the seat of economic policy in the kingdom, where King Salman took the throne last year, were “less clearly defined” than before and “that can lead to headline noise going into the meeting”.
Iran plans to boost crude output to 4 million barrels a day, the highest level since 2008, before it will consider joining other suppliers in seeking ways to rebalance the global oil market, Oil Minister Bijan Zanganeh said in mid- March. The previous month he had dismissed any proposal for Iran to moderate its supply growth as “ridiculous”.
The Saudi push for a freeze has become “a joke, ” said Elham Hassanzadeh, founder of consultancy Energy Pioneers, a consultant that specialises in Iran. “Now that Iran is managing to get itself back into the market, there’s almost no chance it will stop that effort.”
European shares responded to the new row with fresh declines as oil companies tumbled and investors assessed the implications of better-than-expected US jobs data.
A measure of energy-related companies fell the most of the 19 industry groups on the Stoxx Europe 600 Index, with Total SA leading the retreat. In short, it was the worst quarterly start to a year since 2009 – with all but one of its constituent groups falling. The VStoxx Index, which tracks volatility expectations for euro-area stocks, advanced 5.9pc.
“The market is missing confidence, ” said Mathias Haege, who helps oversee €300m at MaxAlpha Assets in Frankfurt.
“At the end of the day, it doesn’t matter what central banks are doing if economic growth doesn’t accelerate and corporate earnings continue to shrink.”
Investors are looking for indications of the trajectory of interest rates after recent mixed economic reports and Federal Reserve Chair Janet Yellen’s reiteration that any increases will be gradual in light of uncertain global growth. Traders have cut the odds of an April rise to zero.