Daily MCX News
BULLION:
Daily MCX News
Gold prices dipped slightly in Asia on Thursday after
Greece passed legislation needed to get bailout funds that could
re-open its banking system and make needed payments on sovereign
debt. Greece's parliament late Wednesday in Europe passed a key
austerity bill needed to kick start a third bailout program with
Prime Minister Alexis Tsipras vowing not to resign and pledging to go
after oligarchs, tax evasion and corruption, reports said. The vote
was 229 yes, 64 no and 6 present, reflecting support on the measures
from opposition parties.
BASE METAL:
Base metal prices on the SHFE are expected to come under
pressures from a rising dollar on Jul. 16, Shanghai Metals Market
foresees. China's National Bureau of Statistics attributed the
stabilization to recent policy steps. While an International Monetary
Fund study published on Tuesday showed that Greece needs far more
debt relief than European governments have been willing to
contemplate so far, as fractious parties in Athens prepared to vote
on a sweeping austerity package demanded by their lenders. The Fed’s
Chair Janet Yellen reiterated that chances remain for interest rate
hike this year, driving down the US shares and boosting the dollar.
ENERGY:
Crude oil prices rebounded in Asia
Thursday as investors took a chance to buy following a sharp
overnight dip caused by expectations that supplies globally will
remain more than ample for some time. Greece's parliament passed a
key austerity bill needed to kick start a third bailout program with
Prime Minister Alexis Tsipras vowing not to resign and pledging to go
after oligarchs, tax evasion and corruption, reports said. Energy
traders continue to focus on U.S. crude output, amid the protracted
race with Opec suppliers for control of global market share. Last
week, U.S. production fell by 42,000 barrels per day to 9.562 million
bpd, as output in the lower 48 states fell by 66,000.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2: 26015
RESIST
1: 25970
SUP
1: 25755
SUP
2: 25500
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:35430
RESIST
1:35215
SUP1:34555
SUP2:34335
STRATEGY
: SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
| |||||||||
TREND
MIXED TO SIDEWAYS
RESIST
2:3420
RESIST
1:3390
SUP1:3275
SUP2:3230
STRATEGY:
SELL ON RISE
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BASE METAL
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