Daily MCX News
BULLION:
Gold prices eased in Asia early Wednesday, continuing a
downward trend from overnight with eyes on the Federal Open Market
Committee statement due later in the day. The FOMC could provide
further hints on whether it will raise rates by September when it
completes its two-day meeting on Wednesday. On the Comex division of
the New York Mercantile Exchange, gold for December delivery eased
0.09% to $1,095.70. In China, the Shanghai Composite Index extended
losses from Monday's freefall closing Tuesday's session down 1.7%.
BASE METAL:
Base metal prices on the SHFE are expected to rally
across the board on Jul. 29 due to short-covering, Shanghai Metals
Market foresees. The PBOC said in the bulletin of its August regular
meeting it has maintained steady monetary policy this year and will
stick on this stance in the latter half of the year, and will also
maintain liquidity at reasonable level to support real economy.
Minsheng Securities thinks the PBOC has acted to stabilize the
market. Investors booked profits before the FOMC meeting, and the
resumption of operation at Greek banks allowed European and US shares
to rebound, giving a boost to base metals.
ENERGY:
Gold prices eased in Asia early Wednesday, continuing a
downward trend from overnight with eyes on the Federal Open Market
Committee statement due later in the day. The FOMC could provide
further hints on whether it will raise rates by September when it
completes its two-day meeting on Wednesday. On the Comex division of
the New York Mercantile Exchange, gold for December delivery eased
0.09% to $1,095.70. In China, the Shanghai Composite Index extended
losses from Monday's freefall closing Tuesday's session down 1.7%.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
:BEARISH
RESIST
2: 25000
RESIST
1: 24900
SUP
1: 24665
SUP
2: 24570
STRATEGY:
SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND
: BEARISH
RESIST
2:34200
RESIST
1:33930
SUP1:33560
SUP2:33300
STRATEGY
: SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND
:BEARISH
RESIST
2:3140
RESIST
1:3115
SUP1:3050
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
2:344
RESIST
1:341
SUP1:336
SUP2:334
STRATEGY:
SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX SILVER SEP., Tuesday as seen in the daily chart opened at
33760 levels and day high of 33839 levels. During this period price
corrected & made day low of 33566 levels finally closed at 33765
levels. Now, there are chances of further downward movement
technically & fundamentally.
The FOMC could provide further hints on whether it will
raise rates by September when it completes its two-day meeting on
Wednesday.
DAILY RECOMMENDATION:
SELL MCX SILVER SEP., BELOW 33985 LEVELS
FOR TARGET OF T1 33785, T2 33685
WITH SL OF 34235 LEVELS.
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