DAILY COMMODITY MARKET TIPS & LEVELS - 26 AUG 2016

                                   

HIGH LIGHTS:- 

LME Copper to Move in a Tight Range.

Brent, NYMEX down in Asia ahead of Baker Hughes rig count figures.

Gold trades in narrow range in Asia ahead of Yelllen views in Wyoming.

PRECIOUS METALS:- 

Gold traded narrowly in Asia on Friday with the market treading water ahead of views from the U.S. Fed chief later in the day expected to set the tone. Gold for December delivery on the Comex division of the New York Mercantile Exchange swung between small gains and losses, last up 0.02% to $1,325.35 a troy ounce, while silver futures for September gained 0.06% to $18.517 a troy ounce.  Investors stayed cautious as the closely watched summit of central bankers in Jackson Hole, Wyoming, gets ready to kick off.The annual economic symposium is in the spotlight with Fed Chair Janet Yellen's opening remarks on Friday at 10 a.m.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31300
RESIST 1: 31150
SUP 1: 30700
SUP 2: 30400

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 44880
RESIST 1: 44500
SUP1: 43300
SUP2: 43000

BASE METALS:- 

LME copper should fluctuate between USD 4,625-4,665/mt on Friday and SHFE 1610 copper will range between RMB 36,100-36,600/mt. Spot prices are expected to trade at premium of RMB 0-50/mt.Market will eye US Fed Chairwoman’s speech, US Q2 GDP and August University of Michigan’s consumer confidence index today. Preliminary annualized quarterly rate of US Q2 GDP was 1.2%, better than previous figure, but was much worse than expected. 
US Fed Chairwoman will make a speech at the annual gathering of central banks in Jackson Hall today, which will give clues as to future policy path. If her speech is not as hawkish as expected, base metals will see big volatility. 

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2:317
RESIST 1:315
SUP1:307
SUP2:305

CS NICKEL (AUG) OVERVIEW:

TREND : BEARISH
RESIST 2:693
RESIST 1:680
SUP1:650
SUP2:640

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:157.00
RESIST 1:156.00
SUP1:154.00
SUP2:153.00

CS LEAD (AUG) OVERVIEW: 

TREND : BULLISH
RESIST 2:127.00
RESIST 1:126.00
SUP1:123.70
SUP2:122.50

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:111.50
RESIST 1:110.90
SUP1:109.00
SUP2:108.50

ENERGIES:- 

Crude oil prices fell further in Asia on Friday in subdued trade ahead of the latest count of U.S. rigs in production from Baker Hughes. Crude oil for October delivery on the New York Mercantile Exchange fell 0.19% to $47.29 a troy ounce. On the ICE Futures Exchange in London, Brent oil for October delivery dipped 0.18% to $49.58 a barrel. Overnight, oil prices were lower for the second straight session on Thursday, as markets remained fixated on a global supply glut and amid fading hopes that major oil producers will reach a deal to freeze output.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BEARISH
RESIST 2:3260
RESIST 1:3230
SUP1:3120
SUP2:3100

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BULLISH

RESIST 2:199.00

RESIST 1:197.00

SUP1:191.00

SUP2:189.00

 CAPITALSTARS

                   CLICK HERE FOR DETAILS -  Chinese Imports Lose Momentum - 26 AUG 2016