MCX COMMODITY MARKET NEWS & LEVELS - 28 JULY 2016

                                   

HIGH LIGHTS:- 

Oil scrambles off April lows but oversupply still weighs.

Gold prices gain in Asia as Fed holds rates, attention now on BoJ.

LME Copper Falls Ahead of Fed Meeting Minutes.

PRECIOUS METALS:- 

Gold gained in Asia on Thursday in a light regional data day as investors digested the latest Fed views and turned focus to a Bank of Japan policy announcement on Friday. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.86% to $1,346.05 a troy ounce.Silver futures for September delivery gained 1.97% to $20.388 a troy ounce. In a 9-1 vote, the FOMC left the target range on its benchmark Federal Funds Rate unchanged at a level between 0.25% and 0.50% on Wednesday at a two-day meeting in Washington D.C. At the same time, the FOMC only mildly suggested a rate hike could be in the offing this year.

PRECIOUS LEVEL

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 31750
RESIST 1: 31600
SUP 1: 31000
SUP 2: 30800

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 48600
RESIST 1: 48100
SUP1: 46850
SUP2: 46350

BASE METALS:- 

benchmark interest London Metal Exchange copper edged down but held above one-week lows hit in the previous session ahead of the outcome of a Federal Reserve meeting.LME copper will move at lows of USD 4,840-4,89/mt during Asian trading hours Thursday.
Base metals are expected to see weak trading on Thursday with focus on a series of sentiment indexes for July from euro zone and US last week’s initial jobless claims.
The Germany’s annualized CPI for July may be negative. The inflation in the country headed for stability in the recent months but still stayed low.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2:333
RESIST 1:331
SUP1:325
SUP2:323

CS NICKEL (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2:717
RESIST 1:710
SUP1:693
SUP2:687

CS ZINC (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:148.50
RESIST 1:147.50
SUP1:144.50
SUP2:143.00

CS LEAD (JULY) OVERVIEW: 

TREND : BEARISH
RESIST 2:122.00
RESIST 1:121.50
SUP1:119.00
SUP2:118.50

CS ALUMINIUM (JULY) OVERVIEW: 

TREND : BEARISH
RESIST 2:108.20
RESIST 1:107.60
SUP1:105.00
SUP2:104.30

ENERGIES:- 

Oil prices recovered slightly from April lows in early trading on Thursday, but the outlook for the industry remained weak as crude producers and fuel refiners continue to pump out more than the market can consume.
Oil prices were sold off heavily after the weekly EIA report showed a surprise build in crude oil inventory. The build adds to an already huge global refined product glut just as slowing economic growth dents the demand outlook for crude.
Crude futures have crashed approximately 9% in the last week and roughly 20% since reaching 10-month highs in early-June.Crude futures also remained relatively unchanged after the Federal Reserve left short-term interest rates unchanged on Wednesday for a fifth consecutive meeting.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BEARISH
RESIST 2:2920
RESIST 1:2890
SUP1:2780
SUP2:2750

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND : SIDWAYS
RESIST 2:186
RESIST 1:184
SUP1:178
SUP2:176

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