Commodity Face Today: 2nd Sept 2015

Commodity Market Face: Today 2nd Sept 2015

The China's official manufacturing Purchasing Managers Index (PMI) fell to 49.7 in August from 50.0 in July; The US Institute for Supply Management (ISM) index of national factory activity fell to 51.1 from 52.7.

We have ADP employment change, non farm productivity and factory orders, which are likely to have mixed impact on the market.Overall, gold is expected to be volatile in range.

In crude oil front, some economies are seeking OPEC’s help in discussing their production levels. Market is also having an eye on the upcoming STEO release, which is scheduled on 8th Sept.

Metals pressurized from their Friday’s high and closed on a marginally negative side. One of the key factors for the downside trend in the metals was the weak manufacturing data from China. Downside equity market movement might be supporting for commodity segment in first half trading session.

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MCX Commodity Tips and Updates For Today

MCX Gold

Prices scaled to new life high in a strong rally, after they broke-out from a consolidation range above 29,450. We have always maintained our bullish view on the metal & we could see more upside in the short-term. Prices now holds strong supports at 29400-29450 (Previous Resistance) and the long-term SMA’s i.e. 28790 (50-day SMA), 28470 (100-day SMA) and last at 28200 (200-day SMA).

MCX Silver 

Silver has breached crucial Resistance at 55150 Trend is expected to turn Positive & can Test levels of 57500 & 60000 (in short-term) and could move towards 65000 (in long-term). (Support/ Stop for Reversal holds below 52800). Advised to Accumulate on dips.

MCX Copper 

Holds strong resistance at 411.5-412 (200-day SMA)… next only at 426.5 (100-day SMA) and 427.5 (50-day SMA). Prices below 407 (on closing basis), can Test levels of 380 & 350. copper MCX June contract at dips close to Rs 408 per kilogram and dips further to Rs 406 per kilogram looking for a target of Rs 413 per kilogram and beyond that to Rs 414 per kilogram with a stop loss of Rs 402 per kilogram.

Free Commodity Tips For Today

• MCX Gold August : Buy around 30000 levels with a stop loss placed below 29900 levels for targets of 30200 levels.
• MCX Silver July : Buy around 54700 levels with a stop loss placed below 54400 levels for targets of 55100 levels.
• MCX Crude June : Buy around 4710 levels with a stop loss placed below 4660 levels for targets of 4850 levels.
• MCX Natural Gas June : Sell below 135 levels with a stop loss placed above 139 levels for targets of 129 levels.
• MCX Copper June : Buy around 409 levels with a stop loss placed below 405 levels for targets of 414 levels.
• MCX Nickel June : Buy around 890 levels with a stop loss placed below 875 levels for targets of 920 levels.
• MCX Lead June : Buy around 106 levels with a stop loss placed below 105 levels for targets of 108 levels.
• MCX Zinc June : Buy above 105 levels with a stop loss placed below 104 levels for targets of 106.50 levels.

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MCX Gold Tips and MCX Trend For Today

Gold prices on MCX slid more than 2% on Friday, extending losses from the previous session when US central bank chief Ben Bernanke disappointed investors by giving few hints on imminent monetary stimulus. Gold fell more then two percent from the previous day's record high as the rupee hit its strongest level in two weeks and global gold prices fell, though physical traders waited for bigger falls before entering into deals. Scrap flow remained firm.

A drift lower is favoured towards 29100, but is unlikely to evolve into major weakness unless confirmed with successive days of close below 29344. A push higher above 29800 would dilute intraday bearish sentiments but is required to close above 29800 to trigger rallies.

Spot gold prices declined by more than 0.2 percent today, however weakness in the US Dollar Index (DX) cushioned further fall in prices. The yellow metal touched an intra-day low of $1612/oz and hovered around $1615/oz.

MCX Gold is now trading in overbought level. The market sentiments are showing a SELL signal For short term. The current position is BUY. Positionally Support for the Gold is 29183-28696. Resistance for the Gold is 29592-29850.

For Intraday- Buy is advised above 29846 with a stop at 29024, else below 28789 go for sell.

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