Daily MCX News
BULLION:
Gold prices were higher in early Asia on Monday as markets looked ahead to remarks by a key Federal Reserve policymaker. Gold for December delivery on the Comex division of the New York Mercantile Exchange was up 0.15% to $1.161.30 a troy ounce. Ahead on Monday, Federal Reserve Bank of Atlanta President Dennis Lockhart is to speak; his comments will be closely watched. The Shanghai Composite tumbled more than 4% on Friday, Germany's DAX crashed almost 3%, while the Dow and S&P 500 suffered their worst day since 2011, as fears of a China-led global economic slowdown spooked traders and rattled sentiment.
BASE METAL:
LME copper tested a low of USD 4,992/mt and ended at USD 5,063/mt last Friday. Shanghai copper will come under selling pressure with the SHFE/LME copper price ratio expanding. Chinese shares continued to fall last Friday. US stock prices slumped, with the Dow and S&P 500 posting more than 5.8% of falls, the biggest declines since September 2011. Nasdaq plummeted 6.8%. The Caixin China manufacturing PMI was reported at its lowest since March 2009 during August, fueling concern over the country’s demand. With the exception of precious metals, prices of commodity, stocks markets dropped across the board last Friday due mainly to concerns over China’s demand.
ENERGY:
ENERGY:
Crude oil prices dropped sharply in Asia on Monday as markets reflected turmoil in China, with the Shanghai Composite down more than 7%, and overall negative sentiment on demand. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production. Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by two last week to 674, the fifth straight weekly gain.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 27440
RESIST 1: 27380
SUP 1: 27090
SUP 2: 26870
STRATEGY: BUY IN DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36960
RESIST 1:36720
SUP1:35990
SUP2:35830
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2790
RESIST 1:2760
SUP1:2670
SUP2:2640
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:184
RESIST 1:182
SUP1: 177
SUP2:174
STRATEGY: SELL ON RISE
BASE METAL
TREND :BEARISH
RESIST 2:340
RESIST 1:338
SUP1:334
SUP2:331
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Friday as seen in the daily chart opened at 2735 levels and day high of 2757 levels. During this period price corrected & made day low of 2670 levels finally closed at 2684 levels. Now, there are chances of further downward movement technically & fundamentally.
Crude oil prices dropped sharply in Asia on Monday as markets reflected turmoil in China, with the Shanghai Composite down more than 7%, and overall negative sentiment on demand. Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by two last week to 674.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2710
LEVELS FOR TARGET OF T1 2610, T2 2560
WITH SL OF 2850 LEVELS.
LEVELS FOR TARGET OF T1 2610, T2 2560
WITH SL OF 2850 LEVELS.
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