MCX COMMODITY MARKET TIPS & REPORT - 06 JULY 2016

BULLION:
Gold rallied to a more than two-year high and oil extended its losses on Wednesday, as renewed fears over the impact of Britain's exit from the European Union prompted investors to dump riskier assets in favor of the safer bullion. Financial markets were weak across the board, with Asian stocks tumbling and sterling plumbing a 31-year low, on worries that global efforts to boost liquidity may not be enough to cushion the impact of Brexit.

BASE METAL:

LME copper will fall to USD 4,790-4,830/mt during Asian trading hours Wednesday due to firmer dollar and softer crude oil. Base metals mostly closed with losses overnight and will diverge today. US trade data in May slated for release today are expected to deteriorate. A strong US dollar index, combined with sluggish economy worldwide, hurt US exports. US domestic demand also softened sharply, so US trade deficit may expand.

ENERGY:
Crude oil prices reversed course and fell in Asia on Tuesday in thin trade with many countries on holiday to mark Eid al-Fitr in the region and elsewhere, but sentiment dampened on concerns linked to Brexit and weak demand prospects. Overnight, crude futures fell sharply on Tuesday in the worst one-day decline in a month. 

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 32300
RESIST 1: 32100
SUP 1: 31600
SUP 2: 31430
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 48600
RESIST 1: 48300
SUP1: 46470
SUP2: 46200
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BEARISH
RESIST 2:3300
RESIST 1:3260
SUP1:3120
SUP2:3090
STRATEGY: SELL ON RISE

CS NATURAL GAS (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:200
RESIST 1:197
SUP1:186
SUP2:182
STRATEGY: SELL ON RISE

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND :BEARISH
RESIST 2:334
RESIST 1:332
SUP1:324
SUP2:322
STRATEGY: SELL ON RISE

CAPITALSTARS