December 8, 2016

                                   

HIGH LIGHTS:-

Gold flat as China PMIs diverge, Caixin in expansion.

NYMEX, Brent boosted as China PMIs diverge, Caixin in expansion.

LME Copper to Stay Range-Bound.

PRECIOUS METALS:-

Gold drifted traded flat in Asia on Monday as manufacturing data in China diverged and the New York Fed’s William Dudley said market views on interest rates are too pessimistic.

The Caixin manufacturing PMI came in at 50.6, well above a reading of 48.7 expected for July, which was up a tad from 48.6 the previous month. Earlier, in China, the semi-official manufacturing PMI published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing for July rose to 49.9. Just missing the expected expansion level of 50.  Gold for December delivery on the Comex division of the New York Mercantile Exchange was flat at $1,357.45 a troy ounce. Silver futures for September delivery jumped 1.29% to $20.6082 a troy ounce.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BULLISH

RESIST 2: 32100

RESIST 1: 31700

SUP 1: 31250

SUP 2: 31050

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH

RESIST 2: 48800

RESIST 1: 48400

SUP1: 47120

SUP2: 46650

BASE METALS:-

LME copper will narrowly range USD 4,885-4,935/mt during Asian trading hours Monday.

This week will see release of July manufacturing PMIs from major economies, US non-farm employment data, as well as policy meeting of the Bank of England (BOE).

China’s official manufacturing PMI, due for release today, is expected to be unchanged from June in July. Despite downward pressure on the economy, official manufacturing PMI will still hover around 50.

The BOE will announce policy decision for its August meeting on Thursday. The BOE made no changes in monetary policy during its July meeting while waiting for more economic data.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS

RESIST 2:334

RESIST 1:332

SUP1:327

SUP2:325

CS NICKEL (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:734

RESIST 1:725

SUP1:704

SUP2:695

CS ZINC (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:153.50

RESIST 1:152.50

SUP1:149.70

SUP2:148.00

CS LEAD (AUG) OVERVIEW: 

TREND : BULLISH

RESIST 2:125.30

RESIST 1:124.70

SUP1:122.30

SUP2:121.50

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BULLISH

RESIST 2:111.30

RESIST 1:110.50

SUP1:108.50

SUP2:107.20

ENERGIES:-

Oil prices started August trading with fresh falls on Monday after several bearish reports, including rising output from OPEC, a rise in U.S. drilling and weak economic data from Asia.

U.S. West Texas intermediate futures were trading at 41.58 per barrel, down 2 cents from July’s last close. WTI shed 13 percent of value in July. Overproduction of crude and a wave of refined products were the main factors weighing on oil.

Last week’s crude build in the U.S. and the return of production in both Canada and Nigeria was a rude awakening that rebalancing (of oil markets) is probably further away than the market thought,” Singapore Exchange (SGX) said on Monday.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:   

TREND :BEARISH

RESIST 2:2880

RESIST 1:2850

SUP1:2730

SUP2:2700

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND : BULLISH

RESIST 2:198

RESIST 1:196

SUP1:188

SUP2:185

 CAPITALSTARS

suhanisahani

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