Daily MCX News
BULLION:
Gold steadied near a 5-1/2-year low on Friday,
remaining on track to stretch its weekly losses to a seventh week, its longest
such slump since 1999, ahead of key U.S. data that may determine how soon the
Federal Reserve raises interest rates. That further strengthens the case for
the Fed to raise interest rates this year for the first time since 2006,
weighing on non-interest yielding gold. Analysts say that rate hike could come
as soon as Fed policymakers meet next month. The key may be the U.S. nonfarm
payrolls data due later in the day. Economists polled by Reuters show the U.S.
economy added 223,000 jobs in July, the same pace as June.
BASE METAL:
US non-farm payrolls number will be released Friday night.
July’s planned layoffs at US companies, ISM non-manufacturing PMI and sub-index
of Markit manufacturing PMI were disappointing. Consequently, markets expect
non-farm payrolls to be downbeat. LME
copper prices fell by USD 7/mt to end at USD 5,184/mt on Thursday. Investors exited the market on caution before
release of nonfarm payrolls, and large companies reported weak results,
pressuring US stock prices. SHFE 1510 copper contract may trade at RMB
37,800-38,200/mt on August 7. Spot copper will be quoted between a discount of
RMB 60/mt and a premium of RMB 20/mt to SHFE 1508 copper contract.
ENERGY:
Oil futures traded
slightly higher on Friday in thin early Asian trade, after setting multi-month
lows in the previous session, as investors await indications on how prolonged
the current period of oversupply will be. The contract is down about 4.8
percent this week, the biggest weekly fall since March. It is also heading for
a sixth week of declines, the longest losing streak since the turn of the year
when the market was in freefall. Investors are awaiting for weekly rig count
report ahead day.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 24915
RESIST 1: 24820
SUP 1: 24620
SUP 2: 24530
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:34015
RESIST 1:33940
SUP1:33420
SUP2:33100
STRATEGY : SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:2950
RESIST 1:2900
SUP1:2810
SUP2:2750
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BULLISH
RESIST 2:183
RESIST 1:181
SUP1: 178
SUP2:176
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:336
RESIST 1:334
SUP1:330
SUP2:327
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Thursday as seen in the daily chart opened at 2885 levels
and day high of 2895 levels. During this
period price corrected & made day
low of 2826 levels finally closed
at 2847 levels. Now, there are chances
of further downward movement technically & fundamentally.
The contract is down about 4.8 percent this week, the biggest weekly fall since March. It is also heading for a sixth week of declines, the longest losing streak since the turn of the year when the market was in freefall. Investors are awaiting for weekly rig count report ahead day.
The contract is down about 4.8 percent this week, the biggest weekly fall since March. It is also heading for a sixth week of declines, the longest losing streak since the turn of the year when the market was in freefall. Investors are awaiting for weekly rig count report ahead day.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2875
LEVELS FOR TARGET OF T1 2775, T2 2725
WITH SL OF 3000 LEVELS.
LEVELS FOR TARGET OF T1 2775, T2 2725
WITH SL OF 3000 LEVELS.
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