Daily MCX News
BULLION:
Gold was little changed just below a near-two-week high on Thursday, as the dollar firmed and traders awaited minutes of the last Federal Reserve policy meeting for clues about the timing of a U.S. rate hike. The return of top consumer China from a week-long holiday could also lend support to prices on Thursday. A softer dollar would make gold cheaper for holders of other currencies, while a delay in rate hike could also support non-interest-paying bullion. Gold has benefited in recent years from ultra-low rates, which cut the opportunity cost of holding the metal.
BASE METAL:
Copper prices have slumped almost 10% in the third quarter of the current year. The prices have fallen almost 20% from the start of the year. But the worse is not yet over for the metal. The investment bank predicts further sell-off in copper during the last quarter of the year. According to Barclays, copper prices are likely to average at $4,850 per tonne during the final quarter of the year. The rise in copper production is likely to aggravate the surplus situation, which may accelerate the price fall. Barclay’s forecasts copper market surplus at 380 kilotons’ at end-2015.
ENERGY:
ENERGY:
Crude oil futures rose in early Asian trade on Thursday, shrugging off a surprise build in U.S. inventories as some Chinese traders returned following a weeklong National Day holiday period. Another concern lingering on investors’ minds is whether the global economy is experiencing a downturn. Those fears were stoked by a report from the IMF that China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the 2009 recession. The IMF expects Chinese economic growth to drop to a 25-year low of 6.8 percent this year, unchanged from its July forecast.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26850
RESIST 1: 26730
SUP 1: 26370
SUP 2: 26200
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:37730
RESIST 1:37570
SUP1:36360
SUP2:36000
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3260
RESIST 1:3220
SUP1:3090
SUP2:3050
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:167
RESIST 1:165
SUP1: 160
SUP2:158
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:350
RESIST
1:346
SUP1:339
SUP2:337
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Wednesday as seen
in the daily chart opened at 3167 levels and day high of 3251 levels. During
this period price corrected & made day low of 3119 levels finally closed at
3162 levels. Now, there are chances of further downward movement technically
& fundamentally.
Those fears were stoked by a report from the IMF that China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the 2009 recession. The IMF expects Chinese economic growth to drop to a 25-year low of 6.8 percent this year, unchanged from its July forecast.
Those fears were stoked by a report from the IMF that China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the 2009 recession. The IMF expects Chinese economic growth to drop to a 25-year low of 6.8 percent this year, unchanged from its July forecast.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3170
LEVELS FOR TARGET OF T1 3070, T2 3020
WITH SL OF 3290 LEVELS.
LEVELS FOR TARGET OF T1 3070, T2 3020
WITH SL OF 3290 LEVELS.
Get real time advice for Stock Market, Forex, Comex. Stock trading tips, Forex, Commodity Online like gold, silver, intraday bullion trading, copper, crude trading tips and all market updates. Our Special Services like Equity King, Bullion King & Agri King. We Provide Stock trading tips. For 2 Days Free Trial, please visit our site……
Read more at:
Our Some Other Tips & Services, Get it Soon !!
Read more at:
Our Some Other Tips & Services, Get it Soon !!
www.capitalstars.com | T:+91-731-6790000,6669900
www.capitalstars.com | T:+91-731-6790000,6669900
