Daily MCX News
BULLION:
Gold prices dipped in early Asia on Tuesday with the
focus on the upcoming Federal Reserve meeting on Wednesday as well as
volatility in China's stock markets. On the Comex division of the New
York Mercantile Exchange, gold for December delivery fell 0.27% to
$1,093.90 a troy ounce. The Fed has kept short-term rates at its
current level between zero and 0.2% since the end of the Financial
Crisis in an effort to jumpstart the U.S. economy. It has also been
nearly a decade since the Fed has raised its benchmark Federal Funds
Rate. Investors await the start of the Federal Open Market
Committee's (FOMC) two-day meeting starting on Tuesday for further
hints on the timing of lift-off.
BASE METAL:
Base metal prices on the SHFE are expected to fluctuate
at lows on Jul. 28, Shanghai Metals Market foresees. LME copper
prices touched a low of USD 5,196/mt on Monday and closed down USD
72/mt at USD 5,196/mt. Chinese stock market saw an 8.5% tumble on
Monday, raising concerns over its real economic growth and
consumption. Meanwhile, the US durable goods orders for June were
reported above expectation, allowing the US dollar index to hover
near 96.7. Commodities were weighed down as a result. SHFE 1510
copper contract prices are expected to move at RMB 37,700-38,200/mt
on July 28. Growing imported copper supply will push spot copper
premiums down to RMB 320-400/mt.
ENERGY:
Crude prices dropped in early Asia on Tuesday with more than ample global supplies the focus and few near-tern demand triggers in sight. Crude futures have declined by more than 40% since Opec's controversial decision last November to keep its production ceiling above 30 million barrels per day. The strategy sent prices plummeting, amid a glut of oversupply on global markets. Libyan officials said Monday that crude output has dipped below 400,000 barrels per day as the effects of a bloody conflict has cut electric supply at a number of prominent oil fields throughout the country.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
:BULLISH
RESIST
2: 25150
RESIST
1: 25020
SUP
1: 24740
SUP
2: 24670
STRATEGY:
BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND
: BULLISH
RESIST
2:34235
RESIST
1:34120
SUP1:33650
SUP2:33400
STRATEGY
: BUY ON DIPS
CS CRUDE OIL (JULY) OVERVIEW:
TREND
:BEARISH
RESIST
2:3140
RESIST
1:3115
SUP1:3075
SUP2:3000
STRATEGY:
SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND
:BEARISH
RESIST
2:183
RESIST
1:181
SUP1:
178
SUP2:175
STRATEGY:
SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND
:BEARISH
RESIST
2:341
RESIST
1:339
SUP1:333
SUP2:330
STRATEGY:
SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX SILVER SEP., Monday as seen in the daily chart
opened at 33783 levels and day high of 34145 levels. During this
period price corrected & made day low of 33750 levels finally
closed at 33930 levels. Now, there are chances of further downward
movement technically & fundamentally.
The Fed has kept short-term rates at its current level
between zero and 0.2% since the end of the Financial Crisis in an
effort to jumpstart the U.S. economy.DAILY RECOMMENDATION:
SELL MCX SILVER SEP., BELOW 33750 LEVELS
FOR TARGET OF T1 33550, T2 33450
WITH SL OF 33970LEVELS.
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