Daily MCX News
BULLION:
Gold jumped in Asia on Friday after a tepid start as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 1.20% to $1,130.40 a troy ounce. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.
BASE METAL:
LME copper kept fluctuating during European and US trading hours with closing price up USD 5/mt at USD 5,395/mt. Investors stayed wary ahead of the release of US interest rate meeting minutes. The earthquake in Chile gave no solid support to copper prices . US dollar ended down 1% following US interest rate meeting yesterday evening. But COMEX copper finally still slipped from highs despite the sliding dollar. US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. LME copper meets resistance at highs and should move between USD 5,360-5,440/mt during Asian trading hours.
ENERGY:
Crude oil prices eased
in early Asia on Friday as investors took stock of the Federal Reserve decision
to hold rates and comments on global economnic weakness. On the New York
Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81
a barrel. On Thursday afternoon, the Federal Open Market Committee announced
that it is keeping its benchmark Federal Funds Rate at its current level
between zero and 0.25%, citing widespread concerns related to global economic
weakness.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26250
SUP 2: 26170
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36500
RESIST 1:36290
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:3180
RESIST 1:3130
SUP1:3065
SUP2:3000
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:180
RESIST 1:178
SUP1: 174
SUP2:172
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:366
RESIST 1:364
SUP1:360
SUP2:356
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Thursday as seen
in the daily chart opened at 3084 levels and day high of 3159 levels. During
this period price corrected & made day low of 3078 levels finally closed at 3097 levels. Now, there are chances of
further downward movement technically & fundamentally.
On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness.
DAILY RECOMMENDATION:
On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3115
LEVELS FOR TARGET OF T1 3015, T2 2965
WITH SL OF 3235 LEVELS.
LEVELS FOR TARGET OF T1 3015, T2 2965
WITH SL OF 3235 LEVELS.
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