MCX Bullion Trading News

Daily MCX News

BULLION:

Gold 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:

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:

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.

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 !!

• Indian Share Market Tips
• Crude Oil Tips
• Best MCX Tips
• Commodity Trading Tips
• Gold Trading Tips
• Silver Trading Tips
• Daily Trading Tips

www.capitalstars.com | T:+91-731-6790000,6669900

CapitalStars Financial Research Financial Advisory Services