Daily MCX News
BULLION:
Gold extended losses into a fourth straight session on Monday, struggling near a 2-1/2-week low after U.S. payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike. Liquidity is likely to be thin on Monday as the U.S. markets are closed for the Labor Day holiday. Bullion had come under pressure on Friday after data showed nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, and the jobless rate dropped to a 7-1/2-year low. Hedge funds and money managers added slightly to their bullish position in COMEX gold contracts in the week ended Sept. 1.
BASE METAL:
Base metal prices on the SHFE are expected to come under downward pressures on Sept. 7, Shanghai Metals Market foresees. Base Metal Prices to Come under Downward Pressures, with Zinc and Lead Weaker. LME copper once bounced back to USD 5,250/mt on the back of short-covering last Thursday. US non-farm payrolls missed forecast, reflecting a slowdown in employment growth in August. Global stocks dropped across the board. With the bearish sentiment, LME copper retreated early day’s gains last Friday and slid to USD 5,100/mt before closing at USD, 109/mt.
ENERGY:
Crude oil futures fell on Friday, as worries over the health of the global economy added to the concerns that a global supply glut may stick around for longer than anticipated. Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks. The European Central Bank lowered its growth forecast and inflation outlook on Thursday, citing slowing growth in China and weak oil prices.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26740
RESIST 1: 26630
SUP 1: 26320
SUP 2: 26220
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36020
RESIST 1:35745
SUP1:35175
SUP2:34850
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3210
RESIST 1:3150
SUP1:3050
SUP2:2990
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:184
RESIST 1:182
SUP1: 176
SUP2:174
STRATEGY: BUY ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:356
RESIST 1:353
SUP1:345
SUP2:343
STRATEGY: SELL ON RISE
MCX CRUDE OIL SEP., Friday as seen
in the daily chart opened at 3097 levels and day high of 3148 levels. During
this period price corrected & made day low of 3061 levels finally closed at
3110 levels. Now, there are chances of further downward movement technically
& fundamentally..
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks.
DAILY RECOMMENDATION:
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks.
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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