Buy MCX SILVER FUTURES above 75000 for the target of 80000 -GEPL Capital
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News / Other data
* Russia warned the West on Friday that unless obstacles to its exports of grain and fertilisers were removed, then Ukraine would have to export grain over land and Moscow would work outside the UN-brokered landmark grain export deal.
* Crude prices did not advance beyond Brent’s initial rally to $86.44 per barrel this week and WTI’s surge to $81.81, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from daily output after an earlier decision in November to reduce 2.0M barrels per day.
* U.S. natural gas futures resumed their weekly trend in the red, closing the current week down almost 10% after last week’s respite from three straight weeks of deficit. To add to the somber mood of longs in the market, the front-month contract took a fresh dive beneath the key $2 support, a reminder that new lows may be made in the coming days.
* Oil prices were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook. Brent crude settled up 13 cents, or 0.2%, at $85.12 a barrel. West Texas Intermediate U.S. crude closed 9 cents, or 0.1%, higher at $80.70. There will be no trading on the Good Friday holiday.
* Natural gas storage in the United States fell just a shade below forecast levels last week as cooler-than-normal weather from a historical perspective led to steadier heating demand, government data showed.
Chart for the Week
MCX SILVER FUTURES (Weekly) : 74475
Observation
*The MCX SILVER FUTURES have experienced an upward movement foe past 4 consecutive weeks as the formation of Higher Highs and Higher Lows reflect, This illustrates positive undertone of the prices.
* In latest trading session, the prices have shown Breakout of Cup & Handle pattern indicating continuation of uptrend
* The prices have taken support from the 10 & 20 periods EMA, which acted as a variable support to the prices earlier.
* Furthermore, the Momentum Indicator RSI on the weekly Time frame has shown a range shift which reflects the rising momentum of the prices.
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