Daily MCX News
BULLION:
Gold futures fell mildly on Tuesday erasing slight gains from one session earlier, as metal traders remained cautious ahead of a critical two-day FOMC meeting beginning on Wednesday. Gold likely gained support at $1,089.50, the low from Aug.10 and was met with resistance at $1,132.90, the high from Sept. 3. Fed chair Janet Yellen has also noted that it could take up to 18 months for a change in interest rates to fully impact the economy. Yesterday also, investors appeared hesitant to make any major moves before the FOMC issues a closely watched statement on Thursday, where it could raise its benchmark Federal Funds Rate for the first time in nine years.
BASE METAL:
LME copper tested support at USD 5,250/mt overnight as market still digested the news of a slump in Chinese stock market. But during European and US trading hours, LME copper bounced backed and regained earlier losses due to short covering and year-on-year growth in China’s August social power consumption. LME copper finally closed at USD 5,332/mt, up by USD 39/mt. LME copper is likely to move in USD 5,280-5,380/mt during Asian trading hours. SHFE 1511 copper may hover between RMB 40,300-40,800/mt on Sept. 16 following Tuesday evening’s growth.
ENERGY:
U.S. oil prices extended gains in Asia on Wednesday on an unexpected stockpile draw and higher gasoline prices, while international crude markets remained weak on the back of low growth expectations. U.S. crude futures rose after industry group the American Petroleum Institute reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. A surge in American gasoline prices was also supportive.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26200
RESIST 1: 26125
SUP 1: 25900
SUP 2: 25740
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:35340
RESIST 1:35030
SUP1:34450
SUP2:34230
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:3100
RESIST 1:3050
SUP1:2925
SUP2:2875
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:187
RESIST 1:185
SUP1: 180
SUP2:178
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:365
RESIST 1:363
SUP1:357
SUP2:355
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Monday as seen
in the daily chart opened at 2934 levels and day high of 2994 levels. During
this period price corrected & made day low of 2927 levels finally closed at 2955 levels. Now, there are chances of
further downward movement technically & fundamentally.
U.S. crude futures rose after industry group the American Petroleum Institute reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. A surge in American gasoline prices was also supportive.
DAILY RECOMMENDATION:
U.S. crude futures rose after industry group the American Petroleum Institute reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. A surge in American gasoline prices was also supportive.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3050
LEVELS FOR TARGET OF T1 2950, T2 2900
WITH SL OF 3170 LEVELS.
LEVELS FOR TARGET OF T1 2950, T2 2900
WITH SL OF 3170 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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