HIGH LIGHTS:-
LME Copper to Stay Range-Bound.
NYMEX, Brent crude weaker in Asia as API estimates show solid build.
Gold prices weaker in Asia as investors cautious ahead of Yellen views.
PRECIOUS METALS:-
Gold dipped in Asia on Wednesday with the focus on remarks by the Fed chief at the end of the week to see if recent hawkish views by colleagues on the need to hike interest rates soon are repeated and expanded.
Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.29% to $1,342.15 a troy ounce, while silver futures dipped 0.48% to $18.832 a troy ounce. 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 : SIDEWAYS
RESIST 2: 31500
RESIST 1: 31400
SUP 1: 31200
SUP 2: 31000
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 45290
RESIST 1: 44950
SUP1: 44000
SUP2: 43500
BASE METALS:-
LME copper is expected to range between USD 9,300-9,400/mt and SHFE copper to fluctuate between RMB 70,000-71,200/mt.Market will eye US crude oil stocks, Germany Q2 GDP and US July existing home sales today.
Preliminary annual rate of Germany’s Q2 GDP recorded the biggest growth in five years, so final annual rate of Germany’s Q2 GDP is expected to be positive as well. However, economist pointed out that Germany’s GDP growth in H2 2016 may not be as strong as in H1. US existing home sales hit a 9-year high in June and rose for four months in a row. Such high growth means US existing home sales may slow down significantly in July. US housing market remains strong, though, as reflected by positive July new home sales.
Preliminary annual rate of Germany’s Q2 GDP recorded the biggest growth in five years, so final annual rate of Germany’s Q2 GDP is expected to be positive as well. However, economist pointed out that Germany’s GDP growth in H2 2016 may not be as strong as in H1. US existing home sales hit a 9-year high in June and rose for four months in a row. Such high growth means US existing home sales may slow down significantly in July. US housing market remains strong, though, as reflected by positive July new home sales.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:319
RESIST 1:317
SUP1:311
SUP2:309
RESIST 2:319
RESIST 1:317
SUP1:311
SUP2:309
CS NICKEL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670
RESIST 2:706
RESIST 1:694
SUP1:680
SUP2:670
CS ZINC (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:156.00
RESIST 1:155.00
SUP1:154.00
SUP2:153.30
RESIST 2:156.00
RESIST 1:155.00
SUP1:154.00
SUP2:153.30
CS LEAD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:126.50
RESIST 1:125.50
SUP1:124.00
SUP2:123.00
RESIST 2:126.50
RESIST 1:125.50
SUP1:124.00
SUP2:123.00
CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:113.00
RESIST 1:112.00
SUP1:110.50
SUP2:109.20
RESIST 2:113.00
RESIST 1:112.00
SUP1:110.50
SUP2:109.20
ENERGIES:-
Crude oil prices fell further in Asia on Wednesday on a spurt in U.S. industry figures for stockpiles last week, but there was evidence that gasoline demand was up with a fall in supplies as the Labor Day weekend approaches.
Crude oil for October delivery on the New York Mercantile Exchange fell 1.10% to $47.57 a barrel. London-traded Brent futures dipped 0.86% to $49.53 a barrel.The American Petroleum Institute reported a 4.46 million-barrel rise in U.S. crude supplies for the week ended Aug. 19, sources said. There was a solid 2.1 million draw in gasoline stocks, more than expected, while distillates showed a draw of 800,000 barrels on the week. Gasoline stocks are key ahead of the end of the Summer driving season though imports from China continue to weigh on the market. |
ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3300
RESIST 1:3270
SUP1:3150
SUP2:3120
RESIST 2:3300
RESIST 1:3270
SUP1:3150
SUP2:3120
CS NATURAL GAS (AUGUST) OVERVIEW:
Click here for comments 0 comments: