Daily MCX News
BULLION:
Spot gold neared its highest level in more than a month on Friday as bets climbed that the United States would delay an expected hike in interest rates to later than September. U.S. Federal Reserve officials widely agreed last month the economy was nearing the point where interest rates should move higher, but worried lagging inflation and a weak global economy posed too big a risk to commit to "lift off. A mini debt crisis in northern China is exposing cracks in a financial pillar of the country's economic revival plan: the $430 billion loan-guarantee industry.
BASE METAL:
Base metal prices on the SHFE bare expected to gain further strength from a falling dollar on Aug. 21, Shanghai Metals Market foresees. LME copper rallied Thursday on buying support and weaker US dollar, and touched a high of USD 5,120/mt before ending at USD 5,090/mt, up USD 85/mt. The National Association of Realtors announced US pending home sales grew 2% MoM in July to an annualized 5.59 million sets, the highest since February 2007. Later, however, the minutes of FOMC suggested that the Fed was in no hurry to hike interest rate, pushing down the US dollar index.
ENERGY:
Oil prices resumed their downward trend in early Asian trade on Friday with the U.S. benchmark on track for its eighth weekly decline, pulled lower by weaker global stock markets and concerns over an economic slowdown in China. Asian stocks fell on Friday morning, following Wall Street down as fears took hold of a China-led deceleration in global growth. Chinese manufacturing data due later Friday will offer the latest glimpse into the health of the world's second largest economy.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 27090
RESIST 1: 26940
SUP 1: 26200
SUP 2: 26000
STRATEGY: BUY IN DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36720
RESIST 1:36415
SUP1:35630
SUP2:35450
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2790
RESIST 1:2770
SUP1:2670
SUP2:2640
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:185
RESIST 1:183
SUP1: 176
SUP2:174
STRATEGY: BUY ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:339
RESIST 1:337
SUP1:327
SUP2:325
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Thursday as seen in the daily chart opened at 2700 levels and day high of 2841 levels. During this period price corrected & made day low of 2679 levels finally closed at 2754 levels. Now, there are chances of further downward movement technically & fundamentally.
Asian stocks fell on Friday morning, following Wall Street down as fears took hold of a China-led deceleration in global growth. Chinese manufacturing data due later Friday will offer the latest glimpse into the health of the world's second largest economy.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2760
LEVELS FOR TARGET OF T1 2660, T2 2600
WITH SL OF 2900 LEVELS.
LEVELS FOR TARGET OF T1 2660, T2 2600
WITH SL OF 2900 LEVELS.
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