Daily MCX News
BULLION:
Gold prices rose smartly in early Asia on Monday with
investors noting prospects for the Federal Reserve to raise rates
later this year, but also seeing bargains after a series of sharp
falls. Gold futures for August delivery on the Comex division of the
New York Mercantile Exchange rose 0.91% to $1,095.90 a troy ounce.
Gold has been under heavy selling pressure in recent months amid
speculation the Fed will raise interest rates for the first time in
nine years as soon as September.
BASE METAL:
Copper prices are expected to drift lower next week with
the US dollar index on the rise, SMM foresees. China’s flash July
manufacturing PMI was 48.2, falling to a 15-month low and remaining
below 50 for the fifth straight month, according to Caixin.com. This
suggest great pressure for Chinese economy and fueled market concerns
over China’s demand for commodity, weighing down commodity prices.
The Fed released by mistake that it had expected to raise interest
rates by 25 basis points before the year’s end. This bolstered the
US dollar index and weighed on base metals.
ENERGY:
Crude oil prices dipped further in
Asia on Monday as oversupply worries dominated the market as well as
demand prospects from the U.S. as the Federal Reserve mulls an
interest rate hike. On the New York Mercantile Exchange, crude oil
for delivery in September fell 0.21% to $48.04 a barrel. Nymex oil
prices fell to the lowest levels of the session after industry
research group Baker Hughes said late Friday that the number of rigs
drilling for oil in the U.S. increased by 21 last week to 659, the
most since May. Global oil production is outpacing demand following a
boom in U.S. shale oil production and after a decision by the
Organization of Petroleum Exporting Countries last year not to cut
production.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
:BEARISH
RESIST
2: 25970
RESIST
1: 24865
SUP
1: 24690
SUP
2: 24570
STRATEGY:
SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:34050
RESIST
1:33900
SUP1:33650
SUP2:33435
STRATEGY
: SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND
:BEARISH
RESIST
2:3185
RESIST
1:3155
SUP1:3080
SUP2:3040
STRATEGY:
SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND
:BEARISH
RESIST
2:182
RESIST
1:180
SUP1:
177
SUP2:175
STRATEGY:
SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND
:BEARISH
RESIST
2:343
RESIST
1:340
SUP1:335
SUP2:332
STRATEGY:
SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUGUST Friday as seen in the daily chart opened at 3130 levels and day high of 3158 levels. During this period price corrected & made day low of 3080 levels finally closed at 3098 levels. Now, there are chances of further downward movement technically & fundamentally.
Nymex oil prices fell to the lowest levels of the
session after industry research group Baker Hughes said late Friday
that the number of rigs drilling for oil in the U.S. increased by 21
last week to 659, the most since May.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUGUST BELOW 3125 LEVELS
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUGUST BELOW 3125 LEVELS
FOR TARGET OF T1 3025/T2 2975
WITH SL OF 3240 LEVELS.
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