December 6, 2016

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HIGH LIGHTS:-

Brent, NYMEX trade in narrow range in Asia as API data weighs.

Gold prices nudge down slightly in early Asia in cautious trade.

LME Copper to Stay Range-Bound.

PRECIOUS METALS:-

Gold prices drifted lower in early Asia on Thursday in cautious trade as investors await views from the U.S. Fed chief at the end of the week to set the tone on chances of a rate hike this year.Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.06% to $1,328.95 a troy ounce, while silver futures fell 0.13% to $18.532 a troy ounce.

Overnight, gold prices were slightly lower in North American hours on Wednesday, remaining in a familiar trading range as market players looked ahead to a highly anticipated speech from Federal Reserve Chair Janet Yellen at the end of this week.

Fed Chair Yellen may provide fresh clues on the timing of the next U.S. rate hike at a speech during an annual meeting of central bankers in Jackson Hole, Wyoming, on Friday.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH

RESIST 2: 31570

RESIST 1: 31325

SUP 1: 30850

SUP 2: 30650

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 44880

RESIST 1: 44500

SUP1: 43000

SUP2: 42500

BASE METALS:-

LME copper should stabilize between USD 4,625-4,655/mt on Thursday and SHFE copper will fluctuate between RMB 36,000-36,400/mt.Market will eye US July durable goods orders, weekly jobless claims and Germany August IFO index today.

US durable goods orders fell 4% MoM in June, the biggest decline since August 2014 and much worse than expected. This is due mainly to weakening demand for civil use aircrafts and national defense products. However, US durable goods orders might improve in July since Markit’s US manufacturing PMI rose markedly in July.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH

RESIST 2:317

RESIST 1:315

SUP1:305

SUP2:303

CS NICKEL (AUG) OVERVIEW:

TREND : BEARISH

RESIST 2:693

RESIST 1:680

SUP1:650

SUP2:640

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS

RESIST 2:155.00

RESIST 1:154.00

SUP1:152.60

SUP2:151.00

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:126.00

RESIST 1:125.00

SUP1:123.50

SUP2:122.50

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:111.50

RESIST 1:110.90

SUP1:109.30

SUP2:108.50

ENERGIES:-

Crude traded in a small range in Asia on Thursday with bearish data on U.S. stockpiles setting back sentiment for demand-led gains and growing caution on whether the world’s top producers can act in concert on output curbs.

Crude oil for October delivery on the New York Mercantile Exchange swung between small gains and losses and was last down flat at $46.77 a barrel.

Overnight, the U.S. Energy Information Administration noted in its weekly report that crude oil inventories rose by 2.5 million barrels in the week ended August 19. Market analysts’ expected a crude-stock drop of 0.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 4.5 million barrels.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:   

TREND :BEARISH

RESIST 2:3260

RESIST 1:3230

SUP1:3100

SUP2:3060

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BULLISH

RESIST 2:192.00

RESIST 1:190.00

SUP1:185.00

SUP2:183.00

 CAPITALSTARS

suhanisahani

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