BULLION:
Gold prices dipped in early Asia on Friday as investors
looked ahead to Europe where a week of furious deal making over terms
for Greece's bailout comes to a head this weekend. On Thursday
evening, Greece presented a signed copy of an emergency bailout to
its troika of creditors three hours before the expiration of a
midnight deadline. Under the new proposal, Greece agreed to a strict
package of reforms and spending cuts worth up to €13 billion,
according to the Guardian. The Greek Parliament is expected to
approve the proposal on Friday before prime minister Alexis Tsipras
heads to Brussels for an emergency summit over the weekend.
BASE METAL:
Base metal prices on the SHFE are expected to rally
across the board on Jul. 10, Shanghai Metals Market foresees. The
easing of concerns on China’s stock market and Greek issues will
help improve market sentiment, SMM explains. Utilization rate at
China’s copper wire rod producers fell to 69.85% in June and most
of the surveyed are pessimistic about the production in July, SMM
finds in a recent survey. Panic triggered by China’s stock crash
and Greek debt crisis seemed to ease some, which, combined with
bright financial reports from large firms, including Pepsi, allowed
US shares to rebound.
ENERGY:
Crude oil prices gained slightly
in Asia on Friday as investors kept up a focus on China's stock
market volatility for demand cues from the world's top importer.
Energy traders also awaited the release of oil services firm Baker
Hughes weekly U.S. rig count on Friday for further indications on
supply levels throughout the nation. Last week, the firm said U.S.
oil rigs rose by 12 to 640, ending a 29-week streak of weekly draws.
In Vienna, hopes for a final agreement on an Iranian Nuclear Deal
before Friday's deadline faded following equivocal comments from U.S.
president Barack Obama on the possibility of an accord.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2: 26390
RESIST
1: 26340
SUP
1: 26010
SUP
2: 25870
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:35560
RESIST
1:35310
SUP1:34675
SUP2:34115
STRATEGY
: SELL ON RISE
| |||||||||
CS CRUDE OIL (JULY) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:3400
RESIST
1:3370
SUP1:3275
SUP2:3230
STRATEGY:
SELL ON RISE
| |||||||||
BASE METAL
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