HIGH LIGHTS:-
Gold inches up following BOE rate cut, ahead of U.S. jobs report.
Oil prices fall as short-covering rally fizzles, oversupply weighs.
LME Copper to Face Downward Pressure.
PRECIOUS METALS:-
Gold ticked up on Thursday, remaining near 28-month highs, as investors looked past a highly telegraphed interest rate cut from the Bank of England placing a greater focus on the U.S. monthly job report set to be released at week's end.
On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,355.25 and $1,371.35 an ounce before settling at $1,367.05, up 2.35 or 0.17% on the session. With the slight declines, Gold closed higher for the seventh time over the last eight sessions. Since opening the year near $1,075 an ounce, Gold has soared approximately 29% over the last six months and is on pace for one of its strongest years in a decade. |
PRECIOUS LEVEL
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 32100
RESIST 1: 31950
SUP 1: 31600
SUP 2: 31450
RESIST 2: 32100
RESIST 1: 31950
SUP 1: 31600
SUP 2: 31450
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 48250
RESIST 1: 48000
SUP1: 47000
SUP2: 46500
RESIST 2: 48250
RESIST 1: 48000
SUP1: 47000
SUP2: 46500
BASE METALS:-
LME copper will suffer pressure from firmer dollar and range USD 4,800-4,860/mt during Asian trading hours Friday.US July non-farm employment data will come under the spotlight today.
The US dollar index is expected to see limited changes since market expects US July non-farm payrolls to hold at normal levels. US Q2 GDP missed forecast, weakening expectations for imminent US rate hike. Should US July non-farm payrolls continue improving, possibility will increase for the US to lift interest rate before the year’s end.
Positive US July ADP employment strengthened anticipation that US non-farm payrolls will improve in July. However, recent employment data show non-farm payrolls in July will unlikely increase as much as in June and will probably add 150,000-200,000 jobs.
The US dollar index is expected to see limited changes since market expects US July non-farm payrolls to hold at normal levels. US Q2 GDP missed forecast, weakening expectations for imminent US rate hike. Should US July non-farm payrolls continue improving, possibility will increase for the US to lift interest rate before the year’s end.
Positive US July ADP employment strengthened anticipation that US non-farm payrolls will improve in July. However, recent employment data show non-farm payrolls in July will unlikely increase as much as in June and will probably add 150,000-200,000 jobs.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:327
RESIST 1:325
SUP1:319
SUP2:317
RESIST 2:327
RESIST 1:325
SUP1:319
SUP2:317
CS NICKEL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:727
RESIST 1:720
SUP1:700
SUP2:688
RESIST 2:727
RESIST 1:720
SUP1:700
SUP2:688
CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:153.30
RESIST 1:152.00
SUP1:150.50
SUP2:149.50
RESIST 2:153.30
RESIST 1:152.00
SUP1:150.50
SUP2:149.50
CS LEAD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:122.30
RESIST 1:121.50
SUP1:119.50
SUP2:118.30
RESIST 2:122.30
RESIST 1:121.50
SUP1:119.50
SUP2:118.30
CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:110.30
RESIST 1:109.50
SUP1:108.00
SUP2:107.00
RESIST 2:110.30
RESIST 1:109.50
SUP1:108.00
SUP2:107.00
ENERGIES:-
Oil prices fell on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China's imports, ending a two-day short-covering rally.
Traders said oil markets came under renewed pressure from overproduction in crude and refined products that has left onshore storage tanks filled to the rims and triggered the chartering of tankers to store unsold fuel.On the demand side, BMI Research said China's imports were weakening from records set in 2015 and this year.China's near-term crude imports will remain sluggish due to a combination of factors including brimming commercial fuel stockpiles, slower off-take growth among teapots and a more gradual pace of strategic stock building," BMI said.
Traders said oil markets came under renewed pressure from overproduction in crude and refined products that has left onshore storage tanks filled to the rims and triggered the chartering of tankers to store unsold fuel.On the demand side, BMI Research said China's imports were weakening from records set in 2015 and this year.China's near-term crude imports will remain sluggish due to a combination of factors including brimming commercial fuel stockpiles, slower off-take growth among teapots and a more gradual pace of strategic stock building," BMI said.
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:2880
RESIST 1:2850
SUP1:2750
SUP2:2720
RESIST 2:2880
RESIST 1:2850
SUP1:2750
SUP2:2720
CS NATURAL GAS (AUGUST) OVERVIEW:
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