MCX COMMODITY MARKET NEWS & LEVELS - 22 AUG 2016

                                   

HIGH LIGHTS:- 

Brent, NYMEX down in Asia on output curb caution, stronger dollar.

Gold prices hit on Fischer comments, silver down more than 2%.

LME Copper to Stay Range-Bound.

PRECIOUS METALS:- 

Gold fell further in Asia on Monday and silver dropped sharply as investors noted comments by Federal Reserve Vice Chair Stanley Fischer that appeared to raise prospects for a near-term rate hike by the Federal Reserve. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.68% to $1,337.06 a troy ounce.Also on the Comex, silver futures for September delivery dropped 2.33% to $18.867 a troy ounce. The Fischer comments come ahead of a highly anticipated speech by Fed Chair Janet Yellen at the annual meeting of top central bankers and economists in Jackson Hole, Wyoming, seen as offering fresh clues on the timing of the next U.S. rate hike.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31500
RESIST 1: 31380
SUP 1: 31000
SUP 2: 30850

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 46000
RESIST 1: 45400
SUP1: 44000
SUP2: 43600

BASE METALS:- 

LME copper will narrowly range USD 4,785-4,835/mt during Asian trading hours Monday.
Annual meeting of central bankers in Jackson Hole and crude oil prices will come under the spotlight this week. Preliminary manufacturing PMIs and revised Q2 GDP in developed countries will have less impact. 
The annual meeting of central bankers will be held in Jackson Hole during August 25-27. Considering US presidential election and recent poor economic data, speech by US Fed Chairwoman at the meeting in Jackson Hole will grab the most attention for clues as to whether the US Fed will lift interest rate in September or December meeting. Movement of the US dollar index will have big impact on base metals.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:325
RESIST 1:324
SUP1:318
SUP2:316

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:155.00
RESIST 1:154.30
SUP1:152.50
SUP2:151.80

CS LEAD (AUG) OVERVIEW: 

TREND : BULLISH
RESIST 2:128.00
RESIST 1:126.80
SUP1:125.00
SUP2:123.60

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:112.00
RESIST 1:111.40
SUP1:110.50
SUP2:109.20

ENERGIES:- 

Crude prices eased more in Asia on Monday as investors took profits on recent gains and showed a more cautious view on prospects that major producers would agree to an output freeze in the coming month and noted a stronger dollar on remarks from Federal Reserve Vice Chair Stanley Fischer.On the New York Mercantile Exchange, crude oil for delivery in September fell 0.63% to $48.80 a barrel. Crude pared some gains after a report showed the number of U.S. oil rigs rose for the eighth week in a row, underling concerns over a global supply glut.The market started to recover a little over two weeks ago, when Saudi Arabia’s energy minister said the country would work with other oil producers to stabilize prices at an informal OPEC meeting in Algeria next month.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3350
RESIST 1:3320
SUP1:3230
SUP2:3200

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BULLISH
RESIST 2:181.00
RESIST 1:179.00
SUP1:173.00
SUP2:170.00
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