Daily MCX News
BULLION:
Gold steadied near $1,160 an ounce on Tuesday as investors kept to the sidelines ahead of a Federal Reserve policy meeting that kicks off later in the session, waiting for clues on the timing of a U.S. rate hike. The data comes ahead of the Fed's two-day policy meet beginning on Tuesday. The U.S. central bank is widely expected to leave rates unchanged but investors are increasingly skeptical that it will raise rates before the end of the year. The Fed holds one more policy meet this year in December.
BASE METAL:
LME copper started at USD 5,158/mt overnight and moved higher to USD 5,240/mt thanks to Chinese stock rally. But later LME copper fell back due to stronger dollar and ended at USD 5,188/mt, up by USD 8/mt. Trading volumes fell almost half. LME copper will move in USD 5,160-5,220/mt during Asian trading hours. Economic figures from US will come under spotlight on Tuesday, citing US September’s durable goods orders and Conference Board CCI. And eyes will be on US Fed interest rate meeting. US September’s durable goods orders should fall 1.1% from August, better than the 2.3% slip in August.
ENERGY:
ENERGY:
Crude Oil prices fell on Tuesday, on course for a third week of losses as U.S. inventory data is expected to show another increase in crude stocks. Inventories U.S. production numbers continue to disappoint the market," he said. "Producers are squeezing as much production as they can." Investors are also waiting for the outcomes of key policy meetings this week to give some direction to the market, Le Brun said. That includes the outcome of a two-day U.S. FOMC meeting which starts later on Tuesday and China's fifth plenum, a four-day meeting of the Communist Party's central committee, that began on Monday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27020
RESIST 1: 26940
SUP 1: 26720
SUP 2: 26620
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37260
RESIST 1: 37100
SUP1: 36720
SUP2: 36600
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:2920
RESIST 1:2880
SUP1:2820
SUP2:2780
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:162
RESIST 1:159
SUP1: 152
SUP2:149
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:338
SUP2:336
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL Nov., Monday as seen in the daily chart opened at 2930 levels and day high of 2940 levels. During this period price corrected & made day low of 2870 levels finally closed at 2877 levels. Now, there are chances of further downward movement technically & fundamentally.
Investors are also waiting for the outcomes of key policy meetings this week to give some direction to the market, Le Brun said. That includes the outcome of a two-day U.S. FOMC meeting which starts later on Tuesday and China's fifth plenum, a four-day meeting of the Communist Party's central committee, that began on Monday.
DAILY RECOMMENDATION:
Investors are also waiting for the outcomes of key policy meetings this week to give some direction to the market, Le Brun said. That includes the outcome of a two-day U.S. FOMC meeting which starts later on Tuesday and China's fifth plenum, a four-day meeting of the Communist Party's central committee, that began on Monday.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 2880
LEVELS FOR TARGET OF T1 2780 T2 2730
WITH SL OF 3000 LEVELS.
LEVELS FOR TARGET OF T1 2780 T2 2730
WITH SL OF 3000 LEVELS.
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