BULLION:
Gold prices gained in Asia on Wednesday as a hard
deadline was set for Greece to present a credible reform package to
enable it to receive loans and open its banking system. Greece has a
five-day deadline to submit a detailed package of reforms to
international creditors in return for a bailout or risk the
"bankruptcy" of both the country and its financial system,
European Council President Donald Tusk and Commission President
Jean-Claude Juncker warned Tuesday. In a high-stakes atmosphere that
followed a meeting of euro zone leaders in Brussels after Greece's
Sunday austerity referendum, Tusk and Juncker did not mince words.
BASE METAL:
Base metal market is now predominated by strong bearish
sentiment, China again comes under the global spotlight, but not in a
good way this time. The tumble in China’s stock market has
triggered worries over economic growth in world’s second largest
economy. The panic was also spread to the commodity market. 13
lead-related enterprises were closed down recently due to
environmental protection inspection in Luxi County. LME copper once
plunged to $5,261 per tonne Tuesday, its lowest in six years. The
September-delivery copper lost another 1,360 yuan Tuesday night. Most
Chinese futures analysts remained bearish towards the red metal, SMM
interview.
ENERGY:
Oil futures steadied early on
Wednesday on an expected drop in U.S. inventory, but worries over the
Greek debt crisis and China's stock market turmoil dragged on prices.
A Reuters poll flagged a 700,000-barrel decline in U.S. oil
inventory, while industry group American Petroleum Institute
estimated a drop of nearly 960,000 barrels. Government data will be
published on Wednesday. Euro zone members have given Greece until the
end of the week to come up with a proposal for sweeping reforms in
return for loans that will keep the country from crashing out of
Europe's currency bloc and into economic run.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2: 26465
RESIST 1: 26340
SUP 1: 25940
SUP 2: 25880
STRATEGY: SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:36320
RESIST 1:36130
SUP1:34520
SUP2:34010
STRATEGY : SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:3440
RESIST
1:3390
SUP1:3260
SUP2:3225
STRATEGY:
SELL ON RISE
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BASE METAL
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