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
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
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.
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
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
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
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
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
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
RESIST 2:3260
RESIST 1:3230
SUP1:3100
SUP2:3060
CS NATURAL GAS (AUGUST) OVERVIEW:
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