Daily MCX News
BULLION:
Gold prices posted a mild rebound in Asia on Thursday with investors seeing some bargains on the physical side after a steady drop over the past week. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.14% to $1,093.00 a troy ounce. The National Association of Realtors said in a monthly report on Wednesday that existing home sales in June increased 3.2% on a month-to-month basis to an annual rate of 5.49 million units, its highest level since February, 2007. Analysts expected existing home sales to rise to 5.40 million on the month.
BASE METAL:
Base metal prices on the SHFE are expected to extend losses on Jul. 23, Shanghai Metals Market foresees. US FHFA’s house price index for May grew 0.4% MoM with April’s 0.3% and rose 5.7% YoY with previous value of 5.3%. June’s annualized number of existing home sales came in at 5.49 million with May’s 5.32 million, hitting a fresh high since February 2007. Those upbeat data from US supported dollar to end up 0.07% to 97.42. The market lacked solid macroeconomic news last evening. But falling commodity prices weighed down base metals. LME copper price closed down USD 97/mt or 1.78% at USD 5,456/mt.
ENERGY:
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2: 25915
RESIST 1: 24825
SUP 1: 24430
SUP 2: 24265
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:34320
RESIST 1:34185
SUP1:33880
SUP2:33670
STRATEGY : SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3275
RESIST 1:3240
SUP1:3180
SUP2:3120
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:189
RESIST 1:186
SUP1: 182
SUP2:180
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:353
RESIST 1:350
SUP1:343
SUP2:340
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUGUST Wednesday as seen in the daily chart opened at 3230 levels and day high of 3238 levels. During this period price corrected & made day low of 3183 levels finally closed at 3197 levels. Now, there are chances of further upward movement technically & fundamentally.
Crude inventories nationwide are now at 463.9 million barrels the highest level at this time of year in at least 80 years. At the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX oil, its crude inventory increased by 813,000 last week, above expectations for a 300,000 build.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUGUST ABOVE 3170 LEVELS
FOR TARGET OF T1 3270, T2 3320
WITH SL OF 3070 LEVELS.
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