HIGH LIGHTS:-
LME Copper to Move Lower.
Gold prices fall in Asia as investors await Fed decision on rates.
Brent, NYMEX gain after API figures show lower than seen crude build.
Gold prices fall in Asia as investors await Fed decision on rates.
Brent, NYMEX gain after API figures show lower than seen crude build.
PRECIOUS METALS:-
Gold price eased in Asia on Wednesday after an initial gain as investors await the Federal Reserve's latest decision on interest rates at next week's FOMC meeting.
Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.24% to $1,320.55 a troy ounce. Overnight, gold prices inched higher for the first time in five sessions on Tuesday, as investors continued to weigh up prospects for future U.S. interest rate increases following the latest comments from Federal Reserve officials. |
CS GOLD (OCT) OVERVIEW:PRECIOUS LEVEL
TREND : SIDEWAYSRESIST 2: 31280
RESIST 1: 31120
SUP 1: 30950
SUP 2: 30800
CS SILVER (DECEMBER) OVERVIEW
TREND : BEARISH
RESIST 2: 46400
RESIST 1: 46140
SUP1: 45050
SUP2: 44650
RESIST 2: 46400
RESIST 1: 46140
SUP1: 45050
SUP2: 44650
BASE METALS:-
LME copper should range between USD 4,635-4,675/mt on Wednesday with resistance at the 20-day moving average and SHFE 1611 copper will fluctuate at RMB 36,450-36,700/mt.
The euro zone’s final manufacturing PMI in July, though better than expected, was down from June. So, the euro zone’s July industrial output is expected to weaken as well. Crude oil prices recovered in August. New York Fed’s survey result showed consumers’ forecast for inflation in coming year rose from 2.5% to 2.8%. As such, US import price index is expected to improve in August.
The euro zone’s final manufacturing PMI in July, though better than expected, was down from June. So, the euro zone’s July industrial output is expected to weaken as well. Crude oil prices recovered in August. New York Fed’s survey result showed consumers’ forecast for inflation in coming year rose from 2.5% to 2.8%. As such, US import price index is expected to improve in August.
BASE METAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:323
RESIST 1:320
SUP1:314
SUP2:311
RESIST 2:323
RESIST 1:320
SUP1:314
SUP2:311
CS NICKEL (SEPTEMBER) OVERVIEW:
TREND :BEARISHRESIST 2:681
RESIST 1:672
SUP1:655
SUP2:650
CS ZINC (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:151.70
RESIST 1:150.50
SUP1:148.30
SUP2:147.00
RESIST 2:151.70
RESIST 1:150.50
SUP1:148.30
SUP2:147.00
CS LEAD (SEPTEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:128.50
RESIST 1:127.50
SUP1:125.00
SUP2:124.00
RESIST 2:128.50
RESIST 1:127.50
SUP1:125.00
SUP2:124.00
CS ALUMINIUM (SEPEMBER) OVERVIEW:
TREND : BEARISHRESIST 2:106.10
RESIST 1:105.70
SUP1:103.20
SUP2:102.20
ENERGIES:-
Crude oil held early gains in Asia on Wednesday after U.S. industry data showed a lower than expected build in stockpiles.Crude oil for October delivery on the New York Mercantile Exchange rose 0.40% to $45.08 a barrel. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia and other big Middle East crude exporters, will meet non-OPEC producers led by Russia at informal talks in Algeria between September 26 and 28.
Chances that the upcoming meeting would yield any action to reduce the global glut appeared minimal, according to market experts. Instead, most believe that oil producers will continue to monitor the market and possibly postpone freeze talks to the official OPEC meeting in Vienna on November 30.
ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3115
RESIST 1:3090
SUP1:2990
SUP2:2960
RESIST 2:3115
RESIST 1:3090
SUP1:2990
SUP2:2960
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:200.00
RESIST 1:198.00
SUP1:194.00
SUP2:192.00
RESIST 2:200.00
RESIST 1:198.00
SUP1:194.00
SUP2:192.00
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