Daily MCX News
BULLION:
Gold held declines from a two-day losing streak on Friday, ahead of a crucial U.S. jobs report as traders waited for clues about the timing of a Federal Reserve rate hike. Bullion came under pressure on Thursday as the dollar ticked higher after European central bankers cut economic growth targets and left interest rates unchanged. Also weighing on bullion was the absence of Chinese buyers with markets in the major gold consumer closed through Friday for public holidays. Strong economic data could prompt the Fed to raise rates sooner than later, hurting non-interest-paying bullion and boosting the dollar.
BASE METAL:
Markets in China, are closed on Thursday and Friday for public holidays. Base metal prices on the SHFE are expected to be mixed ahead of the holiday from Sept. 3-5, Shanghai Metals Market foresees. LME copper was trading over $5,200 per tonne while aluminium remained over $1,600 per tonne. Alongside the news of the debt repayment, a rally in copper prices also helped to mitigate the effect of Standard & Poor’s announcement on Thursday that it has placed the company’s BBB credit rating on negative watch due to a downgrade in its commodity price forecasts.
ENERGY:
ENERGY:
Oil prices eased in Asian trade on Friday as investors turned cautious ahead of U.S. jobs data later in the day which is expected to play into the Federal Reserve's decision on the timing of any U.S. rate hike. Oil stuck to a narrow range in thin trading, with Chinese markets closed as second day for a holiday to commerate the end of World War Two. Investors are also keeping an eye on U.S. oil rig data due later on Friday and any drop in rig numbers could bolster oil's price outlook.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26740
RESIST 1: 26630
SUP 1: 26280
SUP 2: 26020
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36070
RESIST 1:35850
SUP1:35300
SUP2:35000
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3190
RESIST 1:3150
SUP1:3020
SUP2:2980
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:184
RESIST 1:182
SUP1: 178
SUP2:175
STRATEGY: BUY ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:356
RESIST 1:352
SUP1:348
SUP2:342
STRATEGY: SELL ON RISE
MCX CRUDE OIL SEP., Thursday as seen
in the daily chart opened at 3048 levels and day high of 3213 levels. During
this period price corrected & made day low of 3042 levels finally closed at
3086 levels. Now, there are chances of further downward movement technically
& fundamentally.
Oil stuck to a narrow range in thin trading, with Chinese markets closed as second day for a holiday to commerate the end of World War Two. Investors are also keeping an eye on U.S. oil rig data due later on Friday and any drop in rig numbers could bolster oil's price outlook.
DAILY RECOMMENDATION:
Oil stuck to a narrow range in thin trading, with Chinese markets closed as second day for a holiday to commerate the end of World War Two. Investors are also keeping an eye on U.S. oil rig data due later on Friday and any drop in rig numbers could bolster oil's price outlook.
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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