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Friday, September 25, 2015

MCX Bullion Trading News

Daily MCX News
BULLION:
Bullion KingGold prices fell in Asia on Friday after Fed Chair Janet Yellen said that an interest rate hike this year is still very much on the cards. Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year. In prepared remarks for a speech at the University of Massachussetts-Amherst,Yellen emphasized that most of her colleagues will likely support raising the target range for the Federal Funds Rate at some point this year. FOMC only disclosed that 13 of 17 of its members were in favor of raising rates this year. Yellen had not personally associated herself with a rate hike since July.

BASE METAL:
Bullion King
Overnight, LME copper once dipped to USD 5,013/mt but later rebounded due to softer dollar, to close up USD 21/mt at USD 5,080/mt. Safety-seeking sentiment is boosted in market. German’s auto industry is attacked and Caterpillar will lay off workers. European and US stocks all dropped. US durable goods orders are soft. US dollar index fell initially but later rallied thanks to the dovish tone of Yellen’s speech, weighing down base metals. Investors will exit market to seek safety ahead of holiday. LME copper should move between USD 5,020-5,120/mt during Asian trading hours.


ENERGY:

Bullion King

Oil markets remained subdued in early trading in Asia on Friday after weak data from Japan reinforced concerns over global economic growth. Japan's core consumer prices fell 0.1 percent in August from a year earlier, government data showed on Friday, marking the first year-on-year drop since April 2013. The index includes oil products but excludes fresh food prices. HSBC cautioned not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a global oversupply that analysts estimate at 2.5 million barrels per day remains largely in place due to high production.

BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 27150
RESIST 1: 26950
SUP 1: 26450
SUP 2: 26380
STRATEGY: BUY ON DIPS

CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36470
RESIST 1:36250
SUP1:35460
SUP2:35150
STRATEGY : BUY ON DIPS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3050
RESIST 1:3010
SUP1:2975
SUP2:2920
STRATEGY: SELL ON RISE

CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:179
RESIST 1:178
SUP1: 175
SUP2:173
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (NOVEMBER) OVERVIEW:
 
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:338
SUP2:334
STRATEGY: SELL ON RISE

COMMODITY PICK OF THE DAY: 
MCX GOLD


MCX CRUDE OIL OCT., Thursday as seen in the daily chart opened at 2991 levels and day high of 3016 levels. During this period price corrected & made day low of 2921 levels finally closed at 2984 levels. Now, there are chances of further downward movement technically & fundamentally.

HSBC cautioned not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a global oversupply that analysts estimate at 2.5 million barrels per day remains largely in place due to high production.

DAILY RECOMMENDATION: 
SEL MCX  CRUDE OIL AUG., BELOW 3030
LEVELS FOR TARGET OF T1 2930, T2  2900
WITH SL OF 3135 LEVELS.

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