Daily MCX News
BULLION:
Gold held near a three-week peak early on Thursday as a weaker Chinese yuan kept equities under pressure, encouraging investors to seek safe-haven assets. China's currency fell to a four-year low on Wednesday, slumping for a second day after Beijing's shock devaluation. Sources told Reuters that there was some support within the Chinese government for a devaluation of perhaps up to 10 percent to help struggling exporters. Further weakness in the yuan could pull more funds out of equities and push them into safe-haven assets such as gold.
BASE METAL:
Base metal prices on the SHFE market are expected to keep rallying on Aug. 13, Shanghai Metals Market foresees. LME copper prices increased Wednesday but did not break through USD 5,200/mt, closing at USD 5,185/mt. Depreciation of Chinese yuan continued to hit financial market. LME gold rose sharply with investors seeking for safety. The US dollar index fell back as interest rate hike expectation weakened. However, crude oil prices remained low. China’s fixed asset investment and industrial added value grew more slowly in July.
ENERGY:
Oil prices were steady early on Thursday, supported by lower U.S. stockpiles and a firm demand outlook, but worries over China's economy continued to weigh. China's economy is showing increasing signs of weakness, with the devaluation of its yuan currency potentially denting demand for imports of fuel. China consumed roughly 10.12 million barrels per day (bpd) of oil in July, down more than 4 percent from June, although the implied use was up from 9.72 million bpd a year ago, according to calculations based on preliminary government data.BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 26300
RESIST 1: 26150
SUP 1: 25870
SUP 2: 25745
STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36680
RESIST 1:36280
SUP1:35560
SUP2:35100
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2890
RESIST 1:2850
SUP1:2785
SUP2:2760
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:194
RESIST 1:192
SUP1: 187
SUP2:183
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:342
RESIST 1:340
SUP1:334
SUP2:331
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL AUG., Wednesday as seen in the daily chart opened at 2787 levels
and day high of 2850 levels. During this
period price corrected & made day
low of 2781 levels finally closed
at 2821 levels. Now, there are chances
of further downward movement technically & fundamentally.
China's economy is showing increasing signs of weakness, with the devaluation of its yuan currency potentially denting demand for imports of fuel. China consumed roughly 10.12 million barrels per day (bpd) of oil in July, down more than 4 percent from June, although the implied use was up from 9.72 million bpd a year ago, according to calculations based on preliminary government data.
China's economy is showing increasing signs of weakness, with the devaluation of its yuan currency potentially denting demand for imports of fuel. China consumed roughly 10.12 million barrels per day (bpd) of oil in July, down more than 4 percent from June, although the implied use was up from 9.72 million bpd a year ago, according to calculations based on preliminary government data.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2830
LEVELS FOR TARGET OF T1 2730, T2 2700
WITH SL OF 2930 LEVELS.
LEVELS FOR TARGET OF T1 2730, T2 2700
WITH SL OF 2930 LEVELS.
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