Daily MCX News
BULLION:
Gold and silver fell in early Asia on Monday after
China PMI final data for July came in weaker than expected. Gold for August
delivery on the Comex division of the New York Mercantile Exchange fell 0.12%
to $1,093.90 a troy ounce. Market players are watching the PMI amid concern
that further sharp drops in China's stock market could spread to other parts of
the economy, triggering fears that the Asian nation's demand for the industrial
metal will decline. Gold has been under heavy selling pressure in recent weeks
amid speculation the Fed will raise interest rates for the first time in nine
years in the coming months.
BASE METAL:
Copper utilization rate at major Chinese wire & cable
makers dropped 2.74 percentage points on the month in July to 75.74%, SMM’s
most recent survey indicates. LME copper prices hit a low of USD 5,211/mt last
Friday and closed at USD 5,224/mt, down by USD 34/mt. Many investors left the
market before release of China’s manufacturing data. The US economic figures
reported last Friday turned out disappointing, with the hiring cost posting
smallest rise in 33 years. The US dollar index presented a brief drop, capping
the decline in copper prices. However, the red metal resumed the downtrend
after the dollar rallied.
ENERGY:
Crude oil prices fell
further in Asia on Monday after a disappointing manufacturing survey from
China. On the New York Mercantile Exchange oil futures for September dipped
0.70% to $46.80 a barrel. Last week, crude oil futures fell sharply on Friday
to cap the worst monthly performance since the 2008 global financial crisis as
ongoing concerns over a glut in world markets continued to drive down prices.
Industry research group Baker Hughes said late Friday that the number of rigs
drilling for oil in the U.S. increased by five last week to 664, the second
straight weekly gain.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 25025
RESIST 1: 24860
SUP 1: 24550
SUP 2: 24450
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:34370
RESIST 1:34215
SUP1:33715
SUP2:33540
STRATEGY : BUY ON DIPS
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3180
RESIST 1:3150
SUP1:3000
SUP2:2975
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:182
RESIST 1:180
SUP1: 172
SUP2:169
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:343
RESIST 1:340
SUP1:334
SUP2:332
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Friday as seen in the daily chart opened at 3121 levels
and day high of 3121levels. During this
period price corrected & made day
low of 3030 levels finally closed
at 3038 levels. Now, there are chances
of further downward movement technically & fundamentally.
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by five last week to 664, the second straight weekly gain.
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by five last week to 664, the second straight weekly gain.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 3000
LEVELS FOR TARGET OF T1 2900, T2 2850
WITH SL OF 3120LEVELS.
LEVELS FOR TARGET OF T1 2900, T2 2850
WITH SL OF 3120LEVELS.
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