Daily MCX News
BULLION:
Gold wallowed near recent lows on Friday and was on track to post its biggest weekly drop in five as strong U.S. economic data backed the case for a near-term increase in interest rates. The U.S. economy expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate for the April-June period. Economists say entering the current market turbulence with strong momentum will help the U.S. economy shrug off the drag from China's weakness. Some analysts say the first interest rate hike could happen in December instead of September.
BASE METAL:
BASE METAL:
Base metal prices on the SHFE are expected to rally on Aug. 28 due to improved sentiment, Shanghai Metals Market foresees. LME copper prices rose above USD 5,100/mt helped by a 10% surge in crude oil price Thursday and touched a high of USD 5,142/mt before ending at USD 5,124/mt, up USD 204/mt. Rising Chinese and US shares boosted market sentiment, prompting some investors to return to risky assets. China’s stock market posted an over 5% increase. In the US, the Q2 GDP growth and initial jobless claims both beat forecasts. SHFE 1511 copper contract may trade at RMB 39,200-39,800/mt on August 28.
ENERGY:
Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude supplies. Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week. The recovery in commodity prices looks fragile with concerns over China's growth still weighing on market activity. China's falling auto sales have been at the forefront of concerns that its economy is slowing much faster than expected, weighing on oil prices
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26530
RESIST 1: 26400
SUP 1: 26175
SUP 2: 26035
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:34660
RESIST 1:34420
SUP1:33400
SUP2:33150
STRATEGY : SELL ON RISE
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:2950
RESIST 1:2910
SUP1:2750
SUP2:2670
STRATEGY: BUY ON DIPS
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:183
RESIST 1:180
SUP1: 176
SUP2:174
STRATEGY: SELL ON RISE
BASE METAL
TREND :BULLISH
RESIST 2:345
RESIST 1:344
SUP1:336
SUP2:333
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Thursday as seen in the daily chart
opened at 2616 levels and day high of 2838 levels. During this period price
corrected & made day low of 2616 levels finally closed at 2789 levels. Now, there are chances of further downward
movement technically & fundamentally.
Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude supplies.
Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude supplies.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2880
LEVELS FOR TARGET OF T1 2780, T2 2730
WITH SL OF 3000 LEVELS.
LEVELS FOR TARGET OF T1 2780, T2 2730
WITH SL OF 3000 LEVELS.
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CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
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