Daily MCX News
BULLION:
Gold hovered below a 3-1/2-month high on Friday after strong U.S. inflation data supported the dollar, but the metal was set to post its biggest weekly jump in four weeks on bets the Federal Reserve will not hike interest rates this year. The data provided some relief to the dollar, which has been battered by a run of poor U.S. indicators, helping it move away from seven-week lows hit earlier in the week. Many Fed watchers are exasperated by the mixed messages from the U.S. central bank in recent weeks. Fed Chair Janet Yellen and other officials have said they expect a rate hike will be needed by the end of this year, but two Fed governors this week urged caution.
BASE METAL:
LME copper dipped to USD 5,280/mt due to US dollar rise but later rolled back all the losses, tracing crude oil prices, to end at USD 5,325.5/mt, up by USD 19.5/mt. Both positions and trading volumes posted a growth. LME copper stocks extended losses. China September new loans surge to RMB 1.05 trillion but M2 supply growth slows to 13.1% YoY, leaving room for additional pro-growth measures. Economic figures from US are mixed and crude oil price volatility intensifies. LME copper should move in USD 5305-5,355/mt during Asian trading hours. India-born Vedanta Resources has no plan for zinc output cut, according to the company’s Chief Executive Officer.
ENERGY:
ENERGY:
Crude oil futures rose on Friday to snap a week-long fall, as U.S. gasoline and distillate inventories dropped more than expected. Oil markets were also supported as Asian shares got a bright start on Friday, catching some of Wall Street's shine after upbeat U.S. price and jobless claims data calmed some recent concerns about the strength of the U.S. economy. Meanwhile, investors are waiting for China's latest economic growth data scheduled to be released on Monday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 27500
RESIST 1: 27390
SUP 1: 27050
SUP 2: 26790
STRATEGY: BUY ON DIPS
RESIST 1: 27390
SUP 1: 27050
SUP 2: 26790
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:38000
RESIST 1:37730
SUP1:37150
SUP2:36950
STRATEGY : BUY ON DIPS
RESIST 1:37730
SUP1:37150
SUP2:36950
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3150
RESIST 1:3100
SUP1:2990
SUP2:2950
STRATEGY: SELL ON RISERESIST 1:3100
SUP1:2990
SUP2:2950
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:165
RESIST 1:163
SUP 1: 159
SUP 2:155
RESIST 1:163
SUP 1: 159
SUP 2:155
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:352
RESIST 1:350
SUP1:347
SUP2:345
STRATEGY: BUY ON DIPSRESIST 1:350
SUP1:347
SUP2:345
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Thursday as seen in the daily chart opened at 3030 levels and day high of 3030 levels. During this period price corrected & made day low of 2936 levels finally closed at 2986 levels. Now, there are chances of further downward movement technically & fundamentally.
Oil markets were also supported as Asian shares got a bright start on Friday, catching some of Wall Street's shine after upbeat U.S. price and jobless claims data calmed some recent concerns about the strength of the U.S. economy.
DAILY RECOMMENDATION:
Oil markets were also supported as Asian shares got a bright start on Friday, catching some of Wall Street's shine after upbeat U.S. price and jobless claims data calmed some recent concerns about the strength of the U.S. economy.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3040
LEVELS FOR TARGET OF T1 2900, T2 2940
WITH SL OF 3140 LEVELS.
LEVELS FOR TARGET OF T1 2900, T2 2940
WITH SL OF 3140 LEVELS.
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