HIGH LIGHTS:-
Gold holds weaker in Asia as China industrial, retail figures disappoint.
Oil prices rise on talk of possible exporter moves to prop up market.
LME Copper to Stay Firm.
PRECIOUS METALS:-
Gold held weaker in Asia on Friday as data out of China on industrial output and retail sales disappointed on demand expectations.On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.32% to $1,345.65 a troy ounce.
Overnight, gold ticked down on Thursday, amid a relatively steady dollar, as cautious investors awaited the release of monthly retail and consumer data at week's end for greater clarity on the current strength of the U.S. economy.Earlier on Thursday, figures from the World Gold Council revealed that consumer demand for the yellow metal soared to 1,064 tons over the first half of 2016, touching all-time highs. |
PRECIOUS LEVEL
CS GOLD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 31400
RESIST 1: 31280
SUP 1: 31070
SUP 2: 30900
RESIST 2: 31400
RESIST 1: 31280
SUP 1: 31070
SUP 2: 30900
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 47100
RESIST 1: 46870
SUP1: 46250
SUP2: 45930
RESIST 2: 47100
RESIST 1: 46870
SUP1: 46250
SUP2: 45930
BASE METALS:-
LME copper will move at highs of USD 4,830-4,880/mt during Asian trading hours Friday.
Base metals will see weak swing on Friday with focus on China’s consumption, investment and industrial output data, and US and Germany’s inflation data for July, US retail sales for July and University of Michigan’s CCI for August.
China’s investment growth may continue slowing in July and retail sales for June will likely drop. Value-added at domestic large industrial enterprises should keep stable.US June monthly wholesale data topped expectation and the growth in wages for July accelerated. As such, the July retail sales may be positive. As a result, US dollar will move higher and this will depress base metals.
Base metals will see weak swing on Friday with focus on China’s consumption, investment and industrial output data, and US and Germany’s inflation data for July, US retail sales for July and University of Michigan’s CCI for August.
China’s investment growth may continue slowing in July and retail sales for June will likely drop. Value-added at domestic large industrial enterprises should keep stable.US June monthly wholesale data topped expectation and the growth in wages for July accelerated. As such, the July retail sales may be positive. As a result, US dollar will move higher and this will depress base metals.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:328
RESIST 1:326
SUP1:321
SUP2:319
RESIST 2:328
RESIST 1:326
SUP1:321
SUP2:319
CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:726
RESIST 1:716
SUP1:700
SUP2:688
RESIST 2:726
RESIST 1:716
SUP1:700
SUP2:688
CS ZINC (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:154.00
RESIST 1:153.00
SUP1:150.40
SUP2:149.00
RESIST 2:154.00
RESIST 1:153.00
SUP1:150.40
SUP2:149.00
CS LEAD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:123.40
RESIST 1:122.60
SUP1:121.00
SUP2:120.00
RESIST 2:123.40
RESIST 1:122.60
SUP1:121.00
SUP2:120.00
CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:111.60
RESIST 1:111.00
SUP1:109.00
SUP2:108.20
RESIST 2:111.60
RESIST 1:111.00
SUP1:109.00
SUP2:108.20
ENERGIES:-
Oil prices edged up in early trading on Friday, extending gains from the previous session on expectations that exporters could at an upcoming meeting talk about ways to prop up a market that continues to be dogged by a supply overhang.
Markets were supported as Saudi Arabia's energy minister Khalid al-Falih said in a statement late on Thursday that oil producers would discuss during a meeting next month in Algeria potential action to stabilize oil prices."Talk of production cuts in the oil market saw prices surge overnight," ANZ bank said on Friday.An outlook published by the International Energy Agency (IEA) that said it expected a tightening supply and demand balance toward the end of the year also supported prices.
Markets were supported as Saudi Arabia's energy minister Khalid al-Falih said in a statement late on Thursday that oil producers would discuss during a meeting next month in Algeria potential action to stabilize oil prices."Talk of production cuts in the oil market saw prices surge overnight," ANZ bank said on Friday.An outlook published by the International Energy Agency (IEA) that said it expected a tightening supply and demand balance toward the end of the year also supported prices.
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:3030
RESIST 1:3000
SUP1:2880
SUP2:2820
RESIST 2:3030
RESIST 1:3000
SUP1:2880
SUP2:2820
CS NATURAL GAS (AUGUST) OVERVIEW:
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