Daily MCX News
BULLION:
Gold prices rose in Asia on Friday as investors looked ahead to continued easy global monetary policies. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.24% to $1,168.80 a troy ounce. Speaking at a press conference following the completion of a two-day meeting in Malta, Draghi signaled that the ECB is prepared to cut interest rates in the euro zone from their current record-low of 0.5%. Draghi also implied that the ECB will likely ramp up its EUR 60 billion a month bond buying program, as early as its policy meeting in Frankfurt on Dec. 3.
BASE METAL:
LME copper opened at USD 5,190/mt overnight and touched a high of USD 5,285/mt thanks to expectation for QE program expansion in eurozone, to end at USD 5,233.5/mt, up USD 41/mt. Positions grew 2,580. LME copper inventories fell to 280,000 mt. Overnight, the ECB gave a clear hint that the ECB is preparing to expand QE program as soon as December, depressing EUR. In turn, dollar went up. Base metal prices printed a large rise on the back of strong expectation for QE expansion. However, base metal prices fell back near session’s end because of stronger dollar and a slip in crude oil price.
ENERGY:
ENERGY:
Oil prices edged up in Asian trade on Thursday, gaining support from a weaker dollar to hold above a three-week low hit in the previous session after a bigger-than-expected build in U.S. crude stocks added to concerns of a global oil glut. Oil prices came under renewed pressure from worries about a global glut this week after U.S. crude inventories rose more than twice what analysts had expected. Oil experts from the Organization of the Petroleum Exporting Countries and non-member countries made no agreement this week to take steps to boost prices, officials said after talks in Vienna on Wednesday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27120
RESIST 1: 27050
SUP 1: 26725
SUP 2: 26580
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 37370
RESIST 1: 37170
SUP1: 36750
SUP2: 36620
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2930
SUP2:2900
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:158
RESIST 1:156
SUP1: 150
SUP2:148
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:340
SUP2:338
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL MCX CRUDE OIL Nov., Thursday as seen in the daily chart opened at 2983 levels and day high of 3021 levels. During this period price corrected & made day low of 2943 levels finally closed at 2951 levels. Now, there are chances of further downward movement technically & fundamentally.
Oil experts from the Organization of the Petroleum Exporting Countries and non-member countries made no agreement this week to take steps to boost prices, officials said after talks in Vienna on Wednesday.
DAILY RECOMMENDATION:
Oil experts from the Organization of the Petroleum Exporting Countries and non-member countries made no agreement this week to take steps to boost prices, officials said after talks in Vienna on Wednesday.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 2980
LEVELS FOR TARGET OF T1 2880 T2 2830
WITH SL OF 3100 LEVELS.
LEVELS FOR TARGET OF T1 2880 T2 2830
WITH SL OF 3100 LEVELS.
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