HIGH LIGHTS:-
Gold prices edge up as Bank of Japan notes downside risks to economy.
Brent, NYMEX weaker as Bank of Japan shows caution on easing.
LME Copper to Set for Gains.
PRECIOUS METALS:-
Gold rose in Asia on Friday as the Bank of Japan moved cautiously in its latest policy review, but signaled that it might act in the future if warranted.
On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.45% to $1,347.25 a troy ounce.Silver futures for September delivery gained 0.57% to $20.307 a troy ounce. Investors were on the lookout for slight easing measures. While Japan prime minister Shinzo Abe unveiled a broad ¥28 trillion stimulus plan on Wednesday. |
PRECIOUS LEVEL
CS GOLD (AUGUST) OVERVIEW:
TREND : BULLISH
RESIST 2: 31600
RESIST 1: 31300
SUP 1: 31000
SUP 2: 30800
RESIST 2: 31600
RESIST 1: 31300
SUP 1: 31000
SUP 2: 30800
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 48600
RESIST 1: 48150
SUP1: 47120
SUP2: 46650
RESIST 2: 48600
RESIST 1: 48150
SUP1: 47120
SUP2: 46650
BASE METALS:-
benchmark interest LME copper will rise to USD 4,870-4,920/mt during Asian trading hours Friday.The Bank of Japan will announce its interest rate decision today. Base metal volatility will rise today.
Germany’s flash July CPI improved noticeably, with growth the most significant over the past month. But eurozone July expected inflation slid from June, while expected PPI also fell.
Eurozone annualized Q2 GDP will be affected by UK’s vote to leave the EU, and this is expected to trigger additional stimulus measures by the European Central Bank.
Japanese Prime Minister announced they will push JPY 2.8 trillion stimulus program this week, growing market expectations that the Bank of Japan will release easy monetary measures in the near term.
Germany’s flash July CPI improved noticeably, with growth the most significant over the past month. But eurozone July expected inflation slid from June, while expected PPI also fell.
Eurozone annualized Q2 GDP will be affected by UK’s vote to leave the EU, and this is expected to trigger additional stimulus measures by the European Central Bank.
Japanese Prime Minister announced they will push JPY 2.8 trillion stimulus program this week, growing market expectations that the Bank of Japan will release easy monetary measures in the near term.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:334
RESIST 1:332
SUP1:327
SUP2:325
RESIST 2:334
RESIST 1:332
SUP1:327
SUP2:325
CS NICKEL (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2:734
RESIST 1:725
SUP1:704
SUP2:695
RESIST 2:734
RESIST 1:725
SUP1:704
SUP2:695
CS ZINC (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2:150.50
RESIST 1:149.20
SUP1:146.50
SUP2:145.20
RESIST 2:150.50
RESIST 1:149.20
SUP1:146.50
SUP2:145.20
CS LEAD (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2:123.30
RESIST 1:122.00
SUP1:120.00
SUP2:119.00
RESIST 2:123.30
RESIST 1:122.00
SUP1:120.00
SUP2:119.00
CS ALUMINIUM (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2:109.50
RESIST 1:108.50
SUP1:107.50
SUP2:106.00
RESIST 2:109.50
RESIST 1:108.50
SUP1:107.50
SUP2:106.00
ENERGIES:-
Crude fell in Asia on Friday after a closely-watched review of policy and interest rate decision by the Bank of Japan showed caution on further easing as markets see continued weak global economic growth hitting demand prospects.
Market players await Friday's weekly U.S. rig count from Baker Hughes for further signals on drilling activity nationwide.Overnight, U.S. crude futures fell sharply on Thursday, officially entering bear market territory, as further signals of global oversupply dragged oil prices to levels not seen since a failed Doha summit in mid-April.
On Thursday, oil prices showed little signs of reversing an extended downturn after recent data provided indications of rising stockpiles, swelling rig counts and a spike in production.
Market players await Friday's weekly U.S. rig count from Baker Hughes for further signals on drilling activity nationwide.Overnight, U.S. crude futures fell sharply on Thursday, officially entering bear market territory, as further signals of global oversupply dragged oil prices to levels not seen since a failed Doha summit in mid-April.
On Thursday, oil prices showed little signs of reversing an extended downturn after recent data provided indications of rising stockpiles, swelling rig counts and a spike in production.
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2850
RESIST 1:2820
SUP1:2720
SUP2:2680
RESIST 2:2850
RESIST 1:2820
SUP1:2720
SUP2:2680
CS NATURAL GAS (AUGUST) OVERVIEW:
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