Daily MCX News
BULLION:
Gold languished near a four-week low on Tuesday as investors bet the Federal Reserve would hike U.S. rates this year, triggering fund outflows. Gold is seeing a sell-off as investors position themselves for a possible U.S. rate hike this year. Last week, the Fed firmly put a December rate rise in play, hurting earlier expectations that the increase could be pushed to next year on global growth concerns. U.S. economic data on Monday was supportive of a rate hike this year. Manufacturing activity in October hit a 2-1/2-year low, but a rise in new orders offered hope the United States might have seen its worst.
BASE METAL:
LME copper started at USD 5,089.5/mt overnight and moved higher to USD 5,133.5/mt before ending at USD 5,120/mt, up USD 7/mt. Both trading volumes and positions declined. Transactions stayed weak. Market sentiment stayed cautious before US nonfarm payrolls due out Friday. US dollar moved in a tight range at highs. Markets lacked major reports overnight. LME copper should range between USD 5,090-5,130/mt during Asian trading hours. Base metals prices are expected to remain weak as the Shanghai Composite Index falls back. US factory orders in September slated for release today are expected to fall but more slowly.
ENERGY:
U.S. crude futures edged up early on Tuesday, but the market outlook remains bearish as supply still exceeds demand and due to worries the dollar will strengthen when the U.S. Federal Reserve eventually raises interest rates. Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said in a morning note.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26775
RESIST 1: 26600
SUP 1: 26340
SUP 2: 26150
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 36830
RESIST 1: 36600
SUP1: 35950
SUP2: 35560
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3130
RESIST 1:3080
SUP1:3000
SUP2:2970
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:156
RESIST 1:153
SUP1: 147
SUP2:144
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:342
RESIST 1:340
SUP1:335
SUP2:333
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL Nov., Monday as seen in the daily chart opened at 3052 levels and day high of 3080 levels. During this period price corrected & made day low of 3007 levels finally closed at 3033 levels. Now, there are chances of further downward movement technically & fundamentally.
Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said in a morning note.
Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said in a morning note.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3070
LEVELS FOR TARGET OF T1 2970 T2 2920
WITH SL OF 3200 LEVELS.
LEVELS FOR TARGET OF T1 2970 T2 2920
WITH SL OF 3200 LEVELS.
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