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Gold rose slightly in Asia on Wednesday with possible China trade data on the deck to set the tone. China is expected to report trade data with a surplus balance of $46.64 billion seen, with imports down 4.1% in June year-on-year and exports down 5.0%.
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13 JULY 2016 www.capitalstars.com www.capitalstars.com | | CapitalStars Research CapitalStars Research MCX DAILY NEWSLETTER CapitalStars Financial Research Pvt. Ltd. Dial On +91 731 6669900, 6790000
Dial On +91 731 6669900, 6790000 Oil drops as investors lock in gains; surprise U.S. stockpile build. Highlights Gold edges up in Asia as investors await China trade data. Goldman Sachs Joins Base Metal Bulls. Gold rose slightly in Asia on Wednesday with possible China trade data on the deck to set the tone. China is expected to report trade data with a surplus balance of $46.64 billion seen, with imports down 4.1% in June year-on-year and exports down 5.0%. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.15% to $1,337.35 a troy ounce. Overnight, gold fell sharply in broad risk-on trade, as the Dow Jones Industrial Average surged to an all-time intraday high on Tuesday morning, dampening the precious metal's demand as a safe-haven asset. PRECIOUS METALS Meanwhile, Federal Reserve Bank of St. Louis president James Bullard reiterated his position that current economic conditions deem it appropriate for the U.S. central bank to raise short-term rates only once over the next two years. Goldman Sachs on Monday raised its outlook for zinc, aluminum and nickel prices anticipating supply inequalities to continue across the metals sphere throughout the second half of the year. “In our view, the impact of the prior stimulus is still set to result in sufficient demand growth such that we will continue to see supply differentiation across the metals space during the second half of 2016,” the bank said in a note to investors. BASE METALS LME copper will hold firm and range USD 4,850-4,910/mt during Asian trading hours Wednesday. Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5 percent in the previous session, partly on forecasts from the U.S. government and OPEC that demand would increase next year. Oil prices were also under pressure from industry data that showed a surprise build in U.S. crude stocks, price gains in other commodities including gold and a stronger U.S. dollar which gained against a basket of currencies analysts said. ENERGIES The American Petroleum Institute on Tuesday said U.S. crude inventories rose by 2.2 million barrels in the week to July 8 to 523.1 million barrels, compared with analysts' expectations for a decrease of 3 million barrels. Advise that matters….
Dial On +91 731 6669900, 6790000 PRECIOUS LEVELS SYMBOL TREND R2 R1 S1 S2 GOLD SILVER DOWN 31600 31300 30900 30700 SIDEWAYS 49000 48620 47000 46500 BASEMETAL LEVELS SYMBOL TREND R2 R1 S1 S2 COPPER NICKEL ZINC LEAD ALUMINIUM UP 344 341 332 328 UP 742 730 700 684 UP 150.20 149.70 146.60 145.30 UP 128.30 127.70 125.50 124.80 UP 114.00 113.50 112.00 111.50 ENERGY LEVELS SYMBOL TREND R2 R1 S1 S2 CRUDE OIL NATURAL GAS DOWN 3220 3160 3000 2960 DOWN 190 187 178 175 Advise that matters….
Dial On +91 731 6669900, 6790000 PICK FOR THE DAY MCX CRUDE OIL JULY., Tuesday as seen in the daily chart opened at 3012 levels and day high of 3147 levels. During this period price corrected & made day low of 3007 levels finally closed at 3142 levels. Now, there are chances of further downward movement technically & fundamentally. The American Petroleum Institute on Tuesday said U.S. crude inventories rose by 2.2 million barrels in the week to July 8 to 523.1 million barrels. DAILY RECOMMENDATION: SELL MCX CRUDE OIL JUNE. AROUND 3140 LEVELS FOR TARGET OF T1 3040 /T2 3000 WITH SL OF 3240 LEVELS. Advise that matters….
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