Daily MCX News
BULLION:
Gold was trading near its highest in seven weeks on Monday, bolstered by expectations the Federal Reserve will not hike U.S. interest rates soon. The metal climbed to $1,159.80 on Friday, its highest since Aug. 28, after minutes from the Fed's September policy meet showed that the central bank was deeply cautious about tightening monetary policy. Hedge funds and money managers raised their bullish bets in COMEX gold and silver to four-month highs in the week ended Oct. 6, data on Friday showed, amid expectations the Fed will delay a much-anticipated rate hike.
BASE METAL:
For Goldman Sachs Group Inc., copper and aluminum will continue to decline as a strong dollar, lower energy prices and China's deleveraging help drive down production costs. The bank expects zinc and nickel prices to be broadly flat from current levels, the analysts wrote in the report before Glencore Plc announced plans on Friday to cut zinc production by about a third by suspending or reducing output from mines in Australia, Peru and Kazakhstan. It lowered its price forecast for 2016 to $10,333 a metric ton for nickel from $14,500 and to $1,700 a ton for zinc from $2,383. Lead was cut to $1,650 a ton from $2,083.
ENERGY:
ENERGY:
Oil prices rose in early Asian trading on Monday after U.S. drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data to be published following the one-week National Holiday. U.S. drillers removed nine oil rigs in the week ended Oct. 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc said late on Friday. Data from China in coming days is likely to point to further weakness in the world's second-largest economy, starting with import and export data to be published on Tuesday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26880
RESIST 1: 26750
SUP 1: 26340
SUP 2: 26180
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:37500
RESIST 1:37330
SUP1:36220
SUP2:35820
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3420
RESIST 1:3330
SUP1:3180
SUP2:3120
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3420
RESIST 1:3330
SUP1:3180
SUP2:3120
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:352
RESIST 1:347
SUP1:340
SUP2:337
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Friday as seen in the daily chart opened at 3230 levels and day high of 3303 levels. During this period price corrected & made day low of 3193 levels finally closed at 3205 levels. Now, there are chances of further upward movement technically & fundamentally.
Oil prices rose in early Asian trading on Monday after U.S. drillers cut oil rigs for six straight weeks, Data from China in coming days is likely to point to further weakness in the world's second-largest economy, starting with import and export data to be published on Tuesday.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3220
LEVELS FOR TARGET OF T1 3320, T2 33700
WITH SL OF 3100 LEVELS.
LEVELS FOR TARGET OF T1 3320, T2 33700
WITH SL OF 3100 LEVELS.
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