Daily MCX News
BULLION:
Gold was digesting the aftermath of a four-day losing streak on Thursday, trading near its lowest in two weeks, after strong U.S. private-sector jobs data bolstered views that the Federal Reserve will hike rates this year. Investors will be watching U.S. non-farm payrolls data due on Friday for more clues about the strength of the economy and how it could affect a rate hike timing. Gold has come under pressure from expectations that the Fed is set to hike rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.BASE METAL:
Copper rallied adding 34 points to trade at 2.375 surprising investors. The slightly better Chinese PMI print helped the depressed metal climb. Analysts said that while the survey indicated stabilization, manufacturing remained weak since September's report marked a second consecutive month of contraction. Today's big jump in heavy volume came after news from top producing country Chile. Output at one of the world's largest copper mines, Collahuasi, will be cut by 30,000 tonnes due to current market conditions. The mine, owned by Anglo American and Glencore produced 470,000 tonnes of copper in 2014, roughly 2% of global output.
ENERGY:
Crude oil prices edged up in early Asian trading on Thursday as demand was estimated to have remained strong despite slowing economic growth in Asia, and as Russian and western air campaigns in Syria worried markets. Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes. World oil demand surged in the first six months of 2015 compared with the same period in 2014.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26170
RESIST 1: 25970
SUP 1: 25755
SUP 2: 25530
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:35200
RESIST 1:35025
SUP1:34245
SUP2:34025
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2950
SUP2:2920
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:172
RESIST 1:170
SUP1: 165
SUP2:163
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:353
RESIST 1:350
SUP1:342
SUP2:338
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Wednesday as seen in the daily chart opened at 3005 levels and day high of 3023 levels. During this period price corrected & made day low of 2950 levels finally closed at 2979 levels. Now, there are chances of further downward movement technically & fundamentally.
Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes
Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3030
LEVELS FOR TARGET OF T1 2930, T2 2900
WITH SL OF 3130 LEVELS.
LEVELS FOR TARGET OF T1 2930, T2 2900
WITH SL OF 3130 LEVELS.
Get real time advice for Stock Market, Forex, Comex. Stock trading tips, Forex, Commodity Online like gold, silver, intraday bullion trading, copper, crude trading tips and all market updates. Our Special Services like Equity King, Bullion King & Agri King. We Provide Stock trading tips. For 2 Days Free Trial, please visit our site……
Read more at:
Our Some Other Tips & Services, Get it Soon !!
Read more at:
Our Some Other Tips & Services, Get it Soon !!
www.capitalstars.com | T:+91-731-6790000,6669900
www.capitalstars.com | T:+91-731-6790000,6669900
