HIGH LIGHTS:-
- LME Copper to See Range-Bound Trading.
- Oil prices rebound after Algeria says all options open at OPEC meeting.
- Gold prices edge higher in Asia as busy week looms on central bank views.
PRECIOUS METALS:-
Gold edged up in Asia on Monday with a busy week of central bank remarks ahead and what is expected to be a record audience for the first debate between the top two contenders for the U.S. presidency.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.04% to $1,342.25 a troy ounce.
A pair of speeches from European Central Bank President Mario Draghi will be in focus for fresh hints on whether the ECB will step up monetary stimulus in the coming months to boost inflation and prop up the economy. PRECIOUS LEVEL |
CS GOLD (OCT) OVERVIEW:
TREND : BEARISHRESIST 2: 31630
RESIST 1: 31500
SUP 1: 31150
SUP 2: 30950
CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 47700
RESIST 1: 47300
SUP1: 46150
SUP2: 45800
RESIST 2: 47700
RESIST 1: 47300
SUP1: 46150
SUP2: 45800
BASE METALS:-
LME copper will fluctuate at USD 4,840-4,875/mt on Monday and SHFE 1611 copper will range between RMB 37,650-37,950/mt.A series of major economic indicators will be released from Europe and US this week. Volatility in oil prices will add to uncertainty over base metals.Caixin’s September manufacturing PMI for China is not pessimistic, despite a 0.6% decline in August compared to July. Domestic industrial power consumption improved in August, and value added at industrials picked up to 6.3% YoY.
The Fed left interest rate unchanged at its September policy meeting, with market expectations toward a Fed rate hike in December growing. Fed Chairwoman Janet Yellen’s statement will affect the US dollar movement.
The Fed left interest rate unchanged at its September policy meeting, with market expectations toward a Fed rate hike in December growing. Fed Chairwoman Janet Yellen’s statement will affect the US dollar movement.
BASE METAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:333
RESIST 1:329
SUP1:326
SUP2:323
RESIST 2:333
RESIST 1:329
SUP1:326
SUP2:323
CS NICKEL (SEPTEMBER) OVERVIEW:
TREND : BULLISHRESIST 2:715
RESIST 1:710
SUP1:690
SUP2:685
CS ZINC (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:152.50
RESIST 1:151.50
SUP1:149.30
SUP2:148.50
RESIST 2:152.50
RESIST 1:151.50
SUP1:149.30
SUP2:148.50
CS LEAD (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:129.30
RESIST 1:128.90
SUP1:126.00
SUP2:124.80
RESIST 2:129.30
RESIST 1:128.90
SUP1:126.00
SUP2:124.80
CS ALUMINIUM (SEPEMBER) OVERVIEW:
TREND : BULLISHRESIST 2:110.00
RESIST 1:109.00
SUP1:107.20
SUP2:106.00
ENERGIES:-
Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers.That came after prices tumbled 4 percent on Friday amid signs Saudi Arabia and Iran were making little progress in achieving preliminary agreement to freeze production.
Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible output-limiting deal.
ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3100
RESIST 1:3050
SUP1:2930
SUP2:2900
RESIST 2:3100
RESIST 1:3050
SUP1:2930
SUP2:2900
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:203.00
RESIST 1:200.00
SUP1:195.00
SUP2:194.00
RESIST 2:203.00
RESIST 1:200.00
SUP1:195.00
SUP2:194.00
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