Daily MCX News
BULLION:
Gold prices gained in Asia on Monday as investors sought bargains on the physical side amid market volatility on growth prospects in the region. Gold for December delivery rose 0.22% to $1,115.20 on the Comex division of the New York Mercantile Exchange. Uncertainty over the impact of the devaluation on global inflation expectations and the outlook for growth in China sparked fears that the Fed could keep short-term interest rates on hold for longer. But market volatility eased as the yuan steadied after the PBOC said there was no reason for the currency to fall further given the country's strong economic fundamentals
BASE METAL:
LME copper remained relatively stable Friday and edged down USD 7/mt to close at USD 5,170/mt. Copper prices are consolidating in a tight range between 338 to 342 levels Prices need to decisively breakout above 342 to move higher towards 344 levels. A break below 337 will see prices dip towards next support at 335/334 levels. Any major fall is likely only on a break below 334 levels. Until then dips will find buying support and prices will rebound higher. The flash data of US’ University of Michigan’s CCI for August came in at 92.9, missing forecast and its second lowest level since November 2014.
ENERGY:
Growing concerns over demand from China and Japan sent crude oil prices down on Monday in Asia as investors also noted a major industrial accident last week in the Chinese port city of Tianjin may also disrupt economic activity for a considerable period as cleanup gets underway. Oil prices were also hit by fears that Chinese demand for oil will drop after the country devalued its currency in a surprise move on Tuesday, as a weaker yuan would make imports more expensive. On the supply side, industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by two last week to 672, the fourth straight weekly gain.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BEARISH
RESIST 2: 26035
RESIST 1: 25995
SUP 1: 25700
SUP 2: 25580
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36320
RESIST 1:36100
SUP1:35250
SUP2:35030
STRATEGY : SELL ON RISE
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2850
RESIST 1:2815
SUP1:2720
SUP2:2670
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:188
RESIST 1:186
SUP1: 180
SUP2:178
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:343
RESIST 1:342
SUP1:336
SUP2:334
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL AUG., Friday as seen in the daily chart opened at 2742 levels
and day high of 2797 levels. During this
period price corrected & made day
low of 2732 levels finally closed
at 2780 levels. Now, there are chances
of further downward movement technically & fundamentally.
Oil prices were also hit by fears that Chinese demand for oil will drop after the country devalued its currency in a surprise move on Tuesday, as a weaker yuan would make imports more expensive. On the supply side, industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by two last week to 672, the fourth straight weekly gain.
Oil prices were also hit by fears that Chinese demand for oil will drop after the country devalued its currency in a surprise move on Tuesday, as a weaker yuan would make imports more expensive. On the supply side, industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by two last week to 672, the fourth straight weekly gain.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2770
LEVELS FOR TARGET OF T1 2670, T2 2620
WITH SL OF 2900 LEVELS.
LEVELS FOR TARGET OF T1 2670, T2 2620
WITH SL OF 2900 LEVELS.
Get real time advice for Stock Market, Forex, Comex. Stock trading tips, Forex, Commodity Onlinelike gold, silver, intraday bullion trading, copper, crude trading tips and all market updates. Our Special Services like Equity King, Bullion King & Agri King. We Provide Stock trading tips. For 2 Days Free Trial, please visit our site……
CapitalStars Financial Research Private Limited is an advisory company incepted with a vision of providing fair and accurate trading and investment calls in share and commodity market. CapitalStars also aveliable on social network
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
www.capitalstars.com | T:+91-731-6790000,6669900
