MCX DAILY COMMODITY MARKET NEWS & LEVELS - 23 AUG 2016

                                   

HIGH LIGHTS:- 

Gold prices trend weaker in Asia with Fed rate hike timing in focus.

Oil prices fall as analysts say market still oversupplied.

LME Copper to Fluctuate at Lows.

PRECIOUS METALS:- 

Gold prices were slightly weaker in Asia with the focus on prospects for a Fed rate hike this year dominating market sentiment. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.14% to $ 1,341.50 a troy ounce, while silver future edged up 0.02% to $18.862 a troy ounce. Overnight, gold prices declined in North American trade on Monday, touching a two-week low amid indications the Federal Reserve could raise interest rates as soon as next month. Odds for a near-term rate hike mounted after Fed vice chairman Stanley Fischer said on Sunday that the U.S. economy was close to hitting the central bank's targets for full employment and 2% inflation.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 31500
RESIST 1: 31400
SUP 1: 31200
SUP 2: 31000

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 45700
RESIST 1: 45200
SUP1: 44300
SUP2: 44000

BASE METALS:- 

LME copper will move at lows of USD 4,740-4,780/mt during Asian trading hours Tuesday.
Market will eye preliminary August manufacturing PMIs from Germany, the euro zone and the US, as well as US July new home sales today. Economy in the euro zone showed obvious signs of stabilizing recently, with inflation up. It is expected that manufacturing PMIs in Germany and the euro zone will perform well, which will boost August consumer confidence index in the euro zone. Markit’s August manufacturing PMI for the US might diverge from ISM’s manufacturing PMI and extend gains. This will boost the US dollar.   

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:325
RESIST 1:324
SUP1:317
SUP2:316

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:156.00
RESIST 1:155.00
SUP1:153.30
SUP2:152.00

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:125.70
RESIST 1:125.00
SUP1:123.50
SUP2:122.80

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BULLISH
RESIST 2:113.00
RESIST 1:112.00
SUP1:110.50
SUP2:109.20

ENERGIES:- 

Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.Analysts said the falls were a result of an overdone price rally this month which lifted crude by over 20 percent between the beginnings of the month and late last week. While oil prices have rebounded sharply since Aug. 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar (and exacerbated by a sharp reversal in net speculative positions)," Goldman Sachs said.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3350
RESIST 1:3320
SUP1:3230
SUP2:3200

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BULLISH
RESIST 2:181.00
RESIST 1:179.00
SUP1:173.00
SUP2:170.00
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