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Thursday, October 22, 2015

MCX Bullion Commodity News

Daily MCX News
BULLION:
Bullion King
Gold was trading near its lowest in over a week on Thursday, hurt by a stronger dollar and an overnight sell-off following the metal's failure to breach a key technical level. Bullion briefly burst through its 200-day moving average around $1,175 per ounce on Wednesday for a sixth straight day, before easing back more than $10 to a session low. Its failure to hold above long-term resistance undermined sentiment and increased selling pressure, traders said.


BASE METAL:
Bullion King

LME copper opened at USD 5,193/mt overnight and dropped to USD 5,136/mt, to end at USD 5,192.5/mt, down 8.5%. Major reports were absent yesterday evening but base metals were depressed by Chinese stock declines, firmer dollar and a slip in crude oil prices. However, exit of shorts helped to support copper prices. LME copper should fluctuate between USD 5,160-5,220/mt during Asian trading hours. SHFE 1512 copper will move between RMB 38,900-39,400/mt on October 22. Spot copper will trade between discounts of RMB 40/mt and premiums of RMB 40/mt over SHFE 1511 copper.

ENERGY:

Bullion King


Gold was trading near its lowest in over a week on Thursday, hurt by a stronger dollar and an overnight sell-off following the metal's failure to breach a key technical level. Bullion briefly burst through its 200-day moving average around $1,175 per ounce on Wednesday for a sixth straight day, before easing back more than $10 to a session low. Its failure to hold above long-term resistance undermined sentiment and increased selling pressure, traders said.

BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27370
RESIST 1: 27200
SUP 1: 26970
SUP 2: 26590
STRATEGY: SELL ON RISE

CS SILVER (NOVEMBER) OVERVIEW:
TREND :  BEARISH
RESIST 2: 37600
RESIST 1: 37180
SUP1: 36400
SUP2: 35840
STRATEGY :  SELL ON RISE

CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2940
SUP2:2900
STRATEGY: SELL ON RISE

CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2940
SUP2:2900
STRATEGY: SELL ON RISE

BASE METAL

CS COPPER (NOVEMBER) OVERVIEW:
 
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:338
SUP2:336
STRATEGY: SELL ON RISE

COMMODITY PICK OF THE DAY: 
MCX GOLD

MCX CRUDE OIL Nov., Wednesday as seen in the daily chart opened at 3013 levels and day high of 3023 levels. During this period price corrected & made day low of 2954 levels finally closed at 2975 levels. Now, there are chances of further downward movement technically & fundamentally.

Oil prices came under renewed pressure from worries about a global glut this week after U.S. crude inventories rose more than twice what analysts had expected.

DAILY RECOMMENDATION: 
SEL MCX  CRUDE OIL AUG., BELOW 2980
LEVELS FOR TARGET OF T1 2880 T2 2830
WITH SL OF 3100 LEVELS.

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