MCX COMMODITY MARKET NEWS & LEVELS - 05 JULY 2016

BULLION:
Gold on the Comex division of the New York Mercantile Exchange rose 0.97% to $1,352.00 a troy ounce, while silver continued sharp overnight gains, jumping 4.49% to$20.468 a troy ounce. Silver prices continued sharp overnight gain into Asia on Tuesday and gold rose as investors continue to favor precious metals on political and economic concerns that suggest central banks will continue easy monetary policies for some time to come.

BASE METAL:

LME copper will narrowly range USD 4,870-4,920/MT during Asian trading hours Tuesday. Eurozone retail sales and US factory and durable goods orders in May will be released today. Base metals should diverge today. Should Caixin’s service PMI in May weaken, market expectations that Chinese economy will slide further will grow, and will in turn weigh down base metals.

ENERGY:
Crude oil prices dropped further in Asia on Tuesday as investors looked ahead to U.S. industry data on stockpiles. Later Tuesday, the American Petroleum Institute will release its estimates of crude and refined product stockpiles at the end of last week. The data will be followed on Wednesday by more closely-watched figures from the U.S. Department of Energy.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 32100
RESIST 1: 31920
SUP 1: 31460
SUP 2: 31320
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 48600
RESIST 1: 48200
SUP1: 47200
SUP2: 46400
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BEARISH
RESIST 2:3340
RESIST 1:3310
SUP1:3220
SUP2:3190
STRATEGY: SELL ON RISE

CS NATURAL GAS (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2:201
RESIST 1:199
SUP1:193
SUP2:189
STRATEGY: BUY ON DIPS

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND : BULLISH
RESIST 2:201
RESIST 1:199
SUP1:193
SUP2:189
STRATEGY: BUY ON DIPS

CAPITALSTARS