Daily MCX News
BULLION:
Gold prices dipped mildly in Asia on Friday as
investors looked for shifts in the outlook for Asian economies after China's
surprise devaluations this week. On the Comex division of the New York
Mercantile Exchange, gold for December delivery traded down 0.14% to $1,114.00
a troy ounce. During a press conference in Beijing, PBOC deputy governor Yi
Gang said the central bank is hoping to accelerate foreign exchange market
development by improving its yuan pricing mechanism both offshore and on the
China mainland.
BASE METAL:
LME copper did not show significant changes Thursday
as market players were cautious following yuan’s devaluation, and closed at USD
5,177/mt, edging down USD 8/mt. The People’s Bank of China said Thursday that
there is no basis for persistent and substantial devaluation and that it is
taking measures to cushion any impact from a weaker Chinese yuan. In the US,
the retail sales and initial jobless claims were reported positive, and the US
dollar index held up. SHFE 1510 copper contract may trade at RMB
39,000-39,700/mt on August 14. Spot copper will be quoted at discounts of RMB
20-100/mt to SHFE 1508 copper contract.
ENERGY:
Crude oil prices
dipped in Asia on Friday as investors looked ahead to U.S. rig count data as a
supply potential gauge. On the New York Mercantile Exchange, WTI crude for
September delivery eased 0.36% to $42.08 a barrel. Overnight, U.S. crude
futures fell to fresh six-year lows on Thursday amid a stronger dollar, as
energy traders continued to unload long positions upon concerns of a glut of
oversupply on global markets. Saudi Arabian production fell mildly in July,
overall OPEC output increased by 100,000 bpd to 31.5 million bpd as Iraq, Iran,
Angola and the UAE all reported monthly gains.
BULLION & ENERGY
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 26300
RESIST 1: 26150
SUP 1: 25660
SUP 2: 25580
STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36400
RESIST 1:36170
SUP1:35685
SUP2:35530
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2820
RESIST 1:2790
SUP1:2720
SUP2:2680
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:188
RESIST 1:185
SUP1: 183
SUP2:180
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:343
RESIST 1:342
SUP1:336
SUP2:333
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL AUG., Thursday as seen in the daily chart opened at 2816 levels
and day high of 2845 levels. During this
period price corrected & made day
low of 2746 levels finally closed
at 2758 levels. Now, there are chances
of further downward movement technically & fundamentally.
Crude oil prices dipped in Asia on Friday as investors looked ahead to U.S. rig count data as a supply potential gauge. Overnight, U.S. crude futures fell to fresh six-year lows on Thursday amid a stronger dollar, as energy traders continued to unload long positions upon concerns of a glut of oversupply on global markets.
Crude oil prices dipped in Asia on Friday as investors looked ahead to U.S. rig count data as a supply potential gauge. Overnight, U.S. crude futures fell to fresh six-year lows on Thursday amid a stronger dollar, as energy traders continued to unload long positions upon concerns of a glut of oversupply on global markets.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2780
LEVELS FOR TARGET OF T1 2680, T2 2630
WITH SL OF 2900 LEVELS.
LEVELS FOR TARGET OF T1 2680, T2 2630
WITH SL OF 2900 LEVELS.
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