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Daily MCX News
BULLION:
Gold was steady on Tuesday and trading below a near three-week high, retaining overnight losses as investors propped up equities and the U.S. dollar, denting the metal's appeal as a hedge. The market is now waiting to hear from Fed Chair Janet Yellen herself, who is due to speak on Thursday. Yellen is facing growing pressure from her colleagues and global investors to clarify where the world's biggest central bank is heading and how it is making its decisions. The drop in bullion prices comes after sharp gains last week following the Federal Reserve's move.
Overnight, LME copper initially was supported by China’s upbeat copper import data but later stronger dollar weighed down LME copper prices. As such, LME copper finally closed flat at USD 5,254/mt. China’s refined copper imports grew 12% to 262,691 mt in August, easing concerns that downturn in Chinese economy will slow China’s demand for copper. LME copper should move in USD 5,220-5,270/mt during Asian trading hours. SHFE 1511 copper will range between RMB 40,050-40,550/mt on Sept. 22.
ENERGY:
Crude oil prices fell on Tuesday as traders took profit following a 3-4 percent upward swing in the previous session as conflicting market signals continued to tear at prices. The dip in prices came after oil rallied on Monday, with U.S crude surging nearly 5 percent on signs of declining stockpiles and a fall in drilling activity, which implies lower future oil production. In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26690
RESIST 1: 26550
SUP 1: 26300
SUP 2: 26050
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36325
RESIST 1:36250
SUP1:35870
SUP2:35670
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3150
RESIST 1:3110
SUP1:3000
SUP2:2970
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:174
RESIST 1:172
SUP1: 167
SUP2:164
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:355
RESIST 1:353
SUP1:348
SUP2:346
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Monday as seen
in the daily chart opened at 3020 levels and day high of 3091 levels. During
this period price corrected & made day low of 3003 levels finally closed at
3080 levels. Now, there are chances of further downward movement technically
& fundamentally.
In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3100
LEVELS FOR TARGET OF T1 3000, T2 2900
WITH SL OF 3220 LEVELS.
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Daily MCX News
BULLION:
Gold dipped slightly on Monday after a three-day rally, but the metal still held close its highest in nearly three weeks, as the Federal Reserve's move last week to leave U.S. interest rates unchanged weighed on global equities. A majority of Wall Street's top banks now expect the Fed to begin increasing rates in December, according to a Reuter’s poll conducted on Thursday after the Fed's policy decision. Russia's gold reserves rose to 42.4 million troy ounces as of Sept. 1, compared with 41.4 million troy ounces a month earlier, the central bank said on Friday.
worries about soft global economy growth, igniting by the unchanged US interest rate. LME copper finally ended at a session low of USD 5,233/mt, slumping USD 162/mt or 3%. A delay in US interest rate hike gave no support to market and the reasons for the rate delay depressed commodity prices. US dollar index swung wildly following the unchanged US rate and finally returned above 95. LME copper should move at lows in USD 5,200-5,240/mt during Asian trading hours.
ENERGY:
Oil prices edged up in
early trading in Asia on Monday as U.S. drilling slowed and analysts estimated
that $1.5 trillion worth of planned American production was uneconomical at
prices of $50 per barrel or lower. Analysts said the low prices were beginning
to impact production as drillers slow down new projects, especially in
cost-sensitive North America where drillers react fast to changing prices. U.S.
energy firms cut oil rigs for a third week in a row last week, a sign that the
latest crude market weakness was causing drillers to put on hold production plans,
triggering a slight increase in prices on Monday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26350
SUP 2: 26250
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36775
RESIST 1:36420
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3150
RESIST 1:3110
SUP1:2925
SUP2:2880
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:178
RESIST 1:175
SUP1: 171
SUP2:168
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:364
RESIST 1:362
SUP1:349
SUP2:346
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL MCX CRUDE OIL SEP., Friday as seen
in the daily chart opened at 3084 levels and day high of 3098 levels. During
this period price corrected & made day low of 2953 levels finally closed at 2960 levels. Now, there are chances
of further downward movement technically & fundamentally.
Analysts said the low prices were beginning to impact production as drillers slow down new projects, especially in cost-sensitive North America where drillers react fast to changing prices.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3020
LEVELS FOR TARGET OF T1 2920, T2 2870
WITH SL OF 3140 LEVELS.
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Daily MCX News
BULLION:
Gold jumped in Asia on Friday after a tepid start as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 1.20% to $1,130.40 a troy ounce. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.
LME copper kept fluctuating during European and US trading hours with closing price up USD 5/mt at USD 5,395/mt. Investors stayed wary ahead of the release of US interest rate meeting minutes. The earthquake in Chile gave no solid support to copper prices . US dollar ended down 1% following US interest rate meeting yesterday evening. But COMEX copper finally still slipped from highs despite the sliding dollar. US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. LME copper meets resistance at highs and should move between USD 5,360-5,440/mt during Asian trading hours.
ENERGY:
Crude oil prices eased
in early Asia on Friday as investors took stock of the Federal Reserve decision
to hold rates and comments on global economnic weakness. On the New York
Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81
a barrel. On Thursday afternoon, the Federal Open Market Committee announced
that it is keeping its benchmark Federal Funds Rate at its current level
between zero and 0.25%, citing widespread concerns related to global economic
weakness.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26250
SUP 2: 26170
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36500
RESIST 1:36290
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:3180
RESIST 1:3130
SUP1:3065
SUP2:3000
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:180
RESIST 1:178
SUP1: 174
SUP2:172
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:366
RESIST 1:364
SUP1:360
SUP2:356
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Thursday as seen
in the daily chart opened at 3084 levels and day high of 3159 levels. During
this period price corrected & made day low of 3078 levels finally closed at 3097 levels. Now, there are chances of
further downward movement technically & fundamentally.
On Thursday afternoon, the Federal Open
Market Committee announced that it is keeping its benchmark Federal Funds Rate
at its current level between zero and 0.25%, citing widespread concerns related
to global economic weakness.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3115
LEVELS FOR TARGET OF T1 3015, T2 2965
WITH SL OF 3235 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, Get it Soon !!
