Diamond : Technical View : 27.11.2019
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Diamond prices dropped in yesterday’s session to settled at 3576.65 after the OECD says the global outlook is unstable. World GDP growth fell to 2.9 percent this year its lowest rate since the financial crisis - and is expected to remain stuck at 3 percent over the next two years. While down side will be limited as support can be seen in today's session with the all-import Thanksgiving shopping weekend that kicks off the holiday shopping period almost upon us, there are high hopes for a strong finish
to the year. Every holiday survey is predicting positive gains that should have retailers feeling positive. However, there are indicators that not all is well.
De Beers restricting supply through flexible buyback policy at $295M Sep. sight. US sustaining market for commercial-quality, medium-priced fancies under 1 ct. Chinese consumers seeking fancy shapes at better prices. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts.
Consumers shifting to lower-ticket items amid trade war uncertainty and stock market volatility. US polished-diamond imports dropped 21% to $1.6 billion in July, according to the latest data from the Commerce Department. Shortages in RapSpec A3+, nonfluorescent goods as manufacturers maintain low production.
Technically market is under long liquidation as market has witnessed drop in open interest by -56.76% to settled at 23250 while prices down -8.3 rupees, now Diamond 1Ct is getting support at 3573 and below same could see a test of 3569 levels, and resistance is now likely to be seen at 3582, a move above could see prices testing 3587.
to the year. Every holiday survey is predicting positive gains that should have retailers feeling positive. However, there are indicators that not all is well.
De Beers restricting supply through flexible buyback policy at $295M Sep. sight. US sustaining market for commercial-quality, medium-priced fancies under 1 ct. Chinese consumers seeking fancy shapes at better prices. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts.
Consumers shifting to lower-ticket items amid trade war uncertainty and stock market volatility. US polished-diamond imports dropped 21% to $1.6 billion in July, according to the latest data from the Commerce Department. Shortages in RapSpec A3+, nonfluorescent goods as manufacturers maintain low production.
Technically market is under long liquidation as market has witnessed drop in open interest by -56.76% to settled at 23250 while prices down -8.3 rupees, now Diamond 1Ct is getting support at 3573 and below same could see a test of 3569 levels, and resistance is now likely to be seen at 3582, a move above could see prices testing 3587.