Daily MCX News
BULLION:
Gold retained gains from its biggest daily jump in nearly nine months on Monday as weak U.S. jobs data eased fears the Federal Reserve will hike rates this year. The data raised new doubts on whether the economy was strong enough for the Fed to raise interest rates by the end of this year. Gold, which had been weighed down all year by expectations the U.S. central bank could soon raise rates, rallied as the dollar fell. The metal is still down nearly 4 percent this year.
BASE METAL:
BASE METAL:
Last week, LME Copper prices jumped by 1.5 percent and rebounded from six year lows as bearish investors closed out positions at the quarter-end and ahead of Chinese holidays. Also, supply disruptions from top producing countries Chile and Peru lift sentiment in beaten down sector. Chile's second-biggest copper mine Collahuasi, owned by Anglo American and Glencore, said on Tuesday it planned to cut output by 30,000 tonnes. We expect Copper prices to trade higher today as supply disruption concerns from top producing countries Chile and Peru will be supportive.
ENERGY:
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over. Saudi Aramco, the kingdom's state-owned oil company, cut its official selling price (OSP) for its main Arab Light grade to Asia to a discount of $1.60 a barrel to the regional benchmark Oman/Dubai price for November from a premium of 10 cents for October cargoes. Crude prices edged up on Monday after Russia said it was prepared to meet other producers to discuss the situation in the global oil market, while a report showed a fifth weekly decline in the U.S. oil rig count.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26930
RESIST 1: 26750
SUP 1: 26055
SUP 2: 25955
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26930
RESIST 1: 26750
SUP 1: 26055
SUP 2: 25955
STRATEGY: BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:3070
RESIST 1:3030
SUP1:2960
SUP2:2920
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:168
RESIST 1:164
SUP1: 161
SUP2:159
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:350
RESIST 1:347
SUP1:339
SUP2:337
STRATEGY: SELL ON RISE
MCX CRUDE OIL OCT., Thursday as seen in the daily chart opened at 2990 levels and day high of 3098 levels. During this period price corrected & made day low of 2959 levels finally closed at 2971 levels. Now, there are chances of further downward movement technically & fundamentally.
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over. While a report showed a fifth weekly decline in the U.S. oil rig count.
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over. While a report showed a fifth weekly decline in the U.S. oil rig count.
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.
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