HIGH LIGHTS:-
Gold prices trend weaker in Asia as investors eye dollar levels.
Oil prices fall on U.S. crude inventory build, record Saudi output.
LME Copper to Move at Highs.
PRECIOUS METALS:-
Gold eased slightly in Asia on Thursday as investors booked gains and kept an eye on dollar weakness.On the Comex division of the New York Mercantile Exchange, Gold for December delivery eased 0.06% to $1,351.05 a troy ounce.Silver futures for September delivery rose 0.15% to $20.200 a troy ounce.
Overnight, gold ticked up on Wednesday, as the dollar fell sharply against a basket of rivals, helping provide a slight boost to the yellow metal in quiet, range-bound trade. At the same time, the Labor Department's Job Openings and Labor Turnover Survey showed there were 5.1 million hires in June, an increase of 1.7%, offset slightly by 2.9 million quits on the month. |
PRECIOUS LEVEL
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 31650
RESIST 1: 31550
SUP 1: 31170
SUP 2: 31000
RESIST 2: 31650
RESIST 1: 31550
SUP 1: 31170
SUP 2: 31000
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 48220
RESIST 1: 47650
SUP1: 46460
SUP2: 45840
RESIST 2: 48220
RESIST 1: 47650
SUP1: 46460
SUP2: 45840
BASE METALS:-
LME copper will move at highs of USD 4,780-4,840/mt during Asian trading hours Thursday.
Swing trend will continue on base metal market on Thursday with focus on China’s social financing for July and new RMB loans, and US last week’s initial jobless claims.
Housing sales in China slow further in July and falling demand for housing loans will lead to declines in new RMB loans in July. The PBOC mainly withdrew net capital from market in the month, which will also drag down total social financing.
US inflation shows sign of marked recovery, which can be reflected by the three straight month’s growth in the annualized core CPI. As such, the import price index for July will likely improve.
Swing trend will continue on base metal market on Thursday with focus on China’s social financing for July and new RMB loans, and US last week’s initial jobless claims.
Housing sales in China slow further in July and falling demand for housing loans will lead to declines in new RMB loans in July. The PBOC mainly withdrew net capital from market in the month, which will also drag down total social financing.
US inflation shows sign of marked recovery, which can be reflected by the three straight month’s growth in the annualized core CPI. As such, the import price index for July will likely improve.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:327
RESIST 1:325
SUP1:320
SUP2:317
RESIST 2:327
RESIST 1:325
SUP1:320
SUP2:317
CS NICKEL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:733
RESIST 1:727
SUP1:714
SUP2:708
RESIST 2:733
RESIST 1:727
SUP1:714
SUP2:708
CS ZINC (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:155.00
RESIST 1:154.20
SUP1:152.00
SUP2:151.00
RESIST 2:155.00
RESIST 1:154.20
SUP1:152.00
SUP2:151.00
CS LEAD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:124.20
RESIST 1:123.40
SUP1:121.00
SUP2:120.00
RESIST 2:124.20
RESIST 1:123.40
SUP1:121.00
SUP2:120.00
CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:111.10
RESIST 1:110.60
SUP1:109.00
SUP2:108.20
ENERGY LEVELS
RESIST 2:111.10
RESIST 1:110.60
SUP1:109.00
SUP2:108.20
ENERGY LEVELS
ENERGIES:-
Oil prices fell early on Thursday as a build in U.S. crude inventories and record Saudi Arabian production weighed on markets.Oil fell sharply after data from the U.S. Energy Information Administration showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.
Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2 percent of capacity, ANZ bank said on Thursday.Bearish supply-side news also weighed on the market, with Saudi Arabia reporting a record 10.67 million barrels per day production in July, it added.
Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2 percent of capacity, ANZ bank said on Thursday.Bearish supply-side news also weighed on the market, with Saudi Arabia reporting a record 10.67 million barrels per day production in July, it added.
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2890
RESIST 1:2860
SUP1:2740
SUP2:2700
RESIST 2:2890
RESIST 1:2860
SUP1:2740
SUP2:2700
CS NATURAL GAS (AUGUST) OVERVIEW:
Click here for comments 0 comments: