December 9, 2016

HIGH LIGHTS:-

U.S. crude oil remains below $40 as oversupply still weighs.

Gold prices fall in Asia on profit-taking after overnight surge.

LME Copper to Stay Range-Bound.

PRECIOUS METALS:-

Gold prices fell on Wednesday in Asia on profit-taking as the yellow metal benefits from continued easy global monetary policies. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.17% to $1,370.25 a troy ounce.Silver futures for September delivery fell 0.14% to $20.672 a troy ounce.

Overnight, gold surged on Tuesday, soaring more than $10 an ounce to test 28-month highs, as the dollar slumped to its lowest level since late-June and inflation remained relatively weak, potentially delaying the timing of the Federal Reserve’s latest interest rate hike.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BULLISH

RESIST 2: 32250

RESIST 1: 32050

SUP 1: 31600

SUP 2: 31400

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH

RESIST 2: 48800

RESIST 1: 48500

SUP1: 47700

SUP2: 47500

BASE METALS:-

LME copper will narrowly range USD 4,870-4,910/mt during Asian trading hours Wednesday.

Market attention will focus on US crude oil stocks and July ADP employment today. Despite volatility in US non-farm payrolls in May and June, ADP employment held largely stable. Employment sub-index under manufacturing index of the US Federal Reserve Bank of Philadelphia and New York and ISM manufacturing PMI all fell in July, except employment sub-index under the US Federal Reserve Bank of Dallas. Hence, ADP employment is likely to drop slightly in July.

The UK’s service PMI hit the biggest fall in 20 years in June, which is blamed on Brexit. Should the UK’s service PMI continue falling in July, this will be interpreted as deterioration of UK economic outlook.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH

RESIST 2:333

RESIST 1:330

SUP1:324

SUP2:321

CS NICKEL (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:734

RESIST 1:726

SUP1:713

SUP2:705

CS ZINC (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:153.50

RESIST 1:152.50

SUP1:150.50

SUP2:149.50

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:123.50

RESIST 1:122.50

SUP1:120.00

SUP2:119.00

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:111.30

RESIST 1:110.00

SUP1:108.00

SUP2:107.00

ENERGIES:-

Oil prices edged up early on Wednesday, supported by a weaker dollar, but U.S. crude futures remained below $40 per barrel and Brent was below $42 as ongoing fuel oversupply and stuttering economic growth weighed on markets

Analysts said a weaker U.S. dollar, which has shed 2.5 percent in value against a basket of other leading currencies since July highs, was lending oil markets some support by making fuel imports cheaper for countries using other currencies, potentially stoking demand.

Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships.

Highlights

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:   

TREND :BEARISH

RESIST 2:2740

RESIST 1:2690

SUP1:2620

SUP2:2600

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND : BEARISH

RESIST 2:188.50

RESIST 1:186.50

SUP1:182.00

SUP2:178.00

Our Some Best Services Read it Here…

Commodity Market TipsMCX Copper TipsMCX TipsCrude oil tipsNifty Options Tips,Stock Market LiveFinancial Advisory Company in IndoreStock Advisory Company in Indore

CapitalStars Provides 2 Days Free Trial To Our Client…

CapitalStars Financial Research Financial Advisory Services 

www.capitalstars.com | T:+91-731-6790000,6669900

suhanisahani

Comments are closed.

NOTE : You are advised to take your position with your sense and judgment.The views and investment tips expressed by users on MCXStar.com are their own, and not that of the website or its management. MCXStar.com advises users to check with certified experts before taking any investment decisions. If any other company also giving same script and recommandation then we are not responsible for that. We have not any position in our given scripts. Visiting our web one should by agree to our terms and condition and disclaimer also. All credit goes to original authors of post on this website. Website owner is not responsible for any loss due to your own decision or judgement. Thanks for Visiting our Website.