HIGH LIGHTS:-
LME Copper to Consolidate at Highs.
Gold prices weaker in Asia as Fed's Dudley sees rate hike this year.
NYMEX, Brent weaker as API estimates show gasoline build, crude drop.
PRECIOUS METALS:-
Gold dipped in Asia on Wednesday as investors minded remarks from the New York Fed chief that room for rates to rise this year is ample even as prices data shows a steady trend.
On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.40% to $1,351.45 a troy ounce.Silver futures for September delivery eased 0.06% to $19.862 a troy ounce. Overnight, gold ticked up on Tuesday, remaining near 28-month highs, as a key policymaker from the Federal Reserve hinted that a near-term interest rate hike could be possible even as inflationary pressures remain soft. |
PRECIOUS LEVEL
CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31600
RESIST 1: 31500
SUP 1: 31250
SUP 2: 31100
RESIST 2: 31600
RESIST 1: 31500
SUP 1: 31250
SUP 2: 31100
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 47100
RESIST 1: 46800
SUP1: 46080
SUP2: 45850
RESIST 2: 47100
RESIST 1: 46800
SUP1: 46080
SUP2: 45850
BASE METALS:-
LME copper will fluctuate at highs of USD 4,785-4,835/mt during Asian trading hours Wednesday.Base metals fluctuated in a wide range overnight and diverged. This will continue today.
UK’s unemployment rate due for release today is expected to remain low, meaning the country’s job market is free from UK’s vote to leave the EU. But the sideeffect from the vote is expected to hurt the country’s job market and in turn weigh on the pound.
Atlanta Fed Chairman said US is close to full employment, and it will be feasible for the Fed to raise rates for two times this year. New York Fed Chairman also sees possibility of a Fed rate hike in September, and the Fed is expected to hike rates by over one time before 2017.
UK’s unemployment rate due for release today is expected to remain low, meaning the country’s job market is free from UK’s vote to leave the EU. But the sideeffect from the vote is expected to hurt the country’s job market and in turn weigh on the pound.
Atlanta Fed Chairman said US is close to full employment, and it will be feasible for the Fed to raise rates for two times this year. New York Fed Chairman also sees possibility of a Fed rate hike in September, and the Fed is expected to hike rates by over one time before 2017.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:325
RESIST 1:323
SUP1:317
SUP2:315
RESIST 2:325
RESIST 1:323
SUP1:317
SUP2:315
CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670
CS ZINC (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:153.00
RESIST 1:152.00
SUP1:150.00
SUP2:149.00
RESIST 2:153.00
RESIST 1:152.00
SUP1:150.00
SUP2:149.00
CS LEAD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:126.40
RESIST 1:125.60
SUP1:123.60
SUP2:122.60
RESIST 2:126.40
RESIST 1:125.60
SUP1:123.60
SUP2:122.60
CS ALUMINIUM (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:114.50
RESIST 1:113.60
SUP1:111.70
SUP2:110.40
RESIST 2:114.50
RESIST 1:113.60
SUP1:111.70
SUP2:110.40
ENERGIES:-
Oil prices fell in Asia on Wednesday in continued reaction to U.S, industry estimates of stockpiles last week that showed gasoline inventories unexpectedly higher even as crude stocks fell.
The American Petroleum Institute reported a bigger-than-expected 1 million-barrel drop in U.S. crude supplies that was unexpected, sources said, but gasoline supplies jumped 2.2 million barrels for the week ended Aug. 12, a worrying demand signal well ahead of the end of the summer driving season.Crude prices remained at their highest level in more than a month on Tuesday, as market players continued to digest market moving comments from Russia energy minister Alexander Novak in the previous session.
The American Petroleum Institute reported a bigger-than-expected 1 million-barrel drop in U.S. crude supplies that was unexpected, sources said, but gasoline supplies jumped 2.2 million barrels for the week ended Aug. 12, a worrying demand signal well ahead of the end of the summer driving season.Crude prices remained at their highest level in more than a month on Tuesday, as market players continued to digest market moving comments from Russia energy minister Alexander Novak in the previous session.
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:3190
RESIST 1:3150
SUP1:3050
SUP2:3000
RESIST 2:3190
RESIST 1:3150
SUP1:3050
SUP2:3000
CS NATURAL GAS (AUGUST) OVERVIEW:
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