Daily MCX News
BULLION:
Gold prices eased slightly in early Asia on Friday as investors continued to assess the likely timing of a Federal Reserve rate hike expected this year. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.06% to $1.088.10 a troy ounce. On Wednesday, the Federal Open Market Committee (FOMC) concluded its two-day July meeting without offering any indications on whether it will adjust its benchmark Federal Funds Rate later this fall. U.S. short-term interest rates have remained level between zero and 0.25% for nearly six years since the end of the Financial Crisis. Nearly a decade has passed since the Federal Reserve last instituted a rate hike.
BASE METAL:
The IMF said it will not provide Greece a third round
of aid due to the country’s large debt scale and inefficiency in reform
execution. German officials believe the German Bundestag will unlikely approve
the EUR 86 billion bailout fund for Greece without the support from the IMF.
Germany’s unemployment increased 9,000 in July, lower than the 5,000 expected,
with the unemployment rate unchanged at 6.4%, which is in line with market
expectations. Euro zone July CCI fell 7.1, flat at June’s and in compliance
with market anticipation. LME copper prices fell to USD 5,210/mt as the US
dollar index rose and market was still affected by the weak Chinese shares. LME
copper closed at USD 5,257/mt, down by USD 69/mt.
ENERGY:
Crude oil prices held
steady to lower in early Asia on Friday the market looking ahead to U.S. data
on working rigs as producers weigh the cost of pumping more oil into an
oversupplied market. On the New York Mercantile Exchange, WTI crude for
September delivery fell 0.03% to $48.51 a barrel. In June, the kingdom produced
more than 10.6 million barrels a day, amounting to its highest level on record.
Some analysts predict that Saudi output could exceed 11 million bpd before the
end of the summer.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 25025
RESIST 1: 24860
SUP 1: 24665
SUP 2: 24570
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:34365
RESIST 1:34190
SUP1:33715
SUP2:33540
STRATEGY : BUY ON DIPS
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3210
RESIST 1:3180
SUP1:3100
SUP2:3070
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:187
RESIST 1:184
SUP1: 177
SUP2:175
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:345
RESIST 1:342
SUP1:338
SUP2:335
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Thursday as seen in the daily chart opened at 3144 levels
and day high of 3174 levels. During this
period price corrected & made day
low of 3122 levels finally closed at 3132
levels. Now, there are chances of
further downward movement technically & fundamentally.
In June, the kingdom produced more than 10.6 million barrels a day, amounting to its highest level on record. Some analysts predict that Saudi output could exceed 11 million bpd before the end of the summer.
In June, the kingdom produced more than 10.6 million barrels a day, amounting to its highest level on record. Some analysts predict that Saudi output could exceed 11 million bpd before the end of the summer.
DAILY RECOMMENDATION:
SELL
MCX CRUDE OIL AUG., BELOW 3125
LEVELS FOR TARGET OF T1 3025, T2 2975
WITH SL OF 3235 LEVELS.
LEVELS FOR TARGET OF T1 3025, T2 2975
WITH SL OF 3235 LEVELS.
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