MCX COMMODITY MARKET NEWS & LEVELS - 07 JULY 2016

BULLION:
Gold gained in Asia on Thursday as minutes from the Federal Reserve's June board meeting suggested any move to raise interest rates this year will be set against global economic headwinds. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.27% to $1,270.75 a troy ounce.

BASE METAL:

LME copper will narrowly range USD 4,730-4,780/mt during Asian trading hours Thursday. Base metals mostly closed with gains overnight. Market expectations toward easy monetary measures worldwide will support base metals prices, but fundamentals are still weak. ADP’s June employment data in June are expected to fall, but US job market will likely pick up in June.

ENERGY:
Oil prices rose in early trading on Thursday, supported by a report of another fall in U.S. crude inventories as well as a weaker dollar, although a glut of refined products and economic growth concerns continue to weigh on markets. International Brent crude oil futures were trading at $49.08 per barrel at 0045 GMT on Thursday, up 28 cents from their last settlement.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 32600
RESIST 1: 32420
SUP 1: 31950
SUP 2: 31700
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 49000
RESIST 1: 48470
SUP1: 46770
SUP2: 46530
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BEARISH
RESIST 2:3280
RESIST 1:3250
SUP1:3190
SUP2:3140
STRATEGY: SELL ON RISE

CS NATURAL GAS (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:200
RESIST 1:197
SUP1:186
SUP2:182
STRATEGY: SELL ON RISE

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND : BEARISH
RESIST 2:200
RESIST 1:197
SUP1:186
SUP2:182
STRATEGY: SELL ON RISE

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