Daily MCX News
BULLION:
Gold prices gained in Asia on Tuesday as investors continued to assess the impact of weak Chinese data on the decision making process of the Fed. In China, the August CFLP Manufacturing and Service PMI reached the expected 49.7 reading while services eased to 53.4 from 53.9 in July. Metal traders reacted to strong comments from Fischer on the potential that the Fed could raise short-term interest rates next month on the first day of trading since the influential policymaker's market-moving comments over the weekend. The Fed is also keeping a close eye on slack in the economy and labor market as it decides whether to raise short-term interest rates for the first time in nearly a decade.
BASE METAL:
China’s government has decided to abandon attempts to boost the stock market through large-scale share purchases, and will instead intensify efforts to find and punish those suspected of “destabilising the market”, according to senior officials. China’s official manufacturing and non-manufacturing PMI and Caixin manufacturing PMI for August should be closed eyed today. LME copper is expected to move between USD 5,080-5,150/mt during Asian trading hours. In China, market sentiment will pick up slightly heading into Sept. but cash still tightens for investors.
ENERGY:
ENERGY:
Crude oil prices dropped sharply in Asia on Tuesday as demand prospects from China looked dim after manufacturing surveys showed continued weakness for the world's second largest importer. In China, the August CFLP Manufacturing and Service PMI reached the expected 49.7 reading while services eased to 53.4 from 53.9 in July. The market will now take its cue off of industry data on U.S. stockpiles from the American Petroleum Institute later in the day. On Wednesday, the U.S. Department of Energy will release more-closely watched figures on crude and refined product stocks.
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26825
RESIST 1: 26750
SUP 1: 26520
SUP 2: 26380
STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:34940
RESIST 1:34750
SUP1:34230
SUP2:34050
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:3380
RESIST 1:3255
SUP1:2990
SUP2:2910
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:183
RESIST 1:182
SUP1: 178
SUP2:175
STRATEGY: BUY ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:352
RESIST 1:350
SUP1:346
SUP2:343
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Monday as seen in the daily chart
opened at 2993 levels and day high of 3260 levels. During this period price corrected
& made day low of 2917 levels finally closed at 3230 levels. Now, there are
chances of further upward movement technically & fundamentally.
The market will now take its cue off of industry data on U.S. stockpiles from the American Petroleum Institute later in the day. On Wednesday, the U.S. Department of Energy will release more-closely watched figures on crude and refined product stocks.
DAILY RECOMMENDATION:
The market will now take its cue off of industry data on U.S. stockpiles from the American Petroleum Institute later in the day. On Wednesday, the U.S. Department of Energy will release more-closely watched figures on crude and refined product stocks.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 2965
LEVELS FOR TARGET OF T1 3065, T2 3115
WITH SL OF 2845 LEVELS.
LEVELS FOR TARGET OF T1 3065, T2 3115
WITH SL OF 2845 LEVELS.
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CapitalStars Financial Research Private Limited is an advisory company incepted with a vision of providing fair and accurate trading and investment calls in share and commodity market. CapitalStars also aveliable on social network
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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