Precious Metals:- Gold prices internationally edged slightly up as investors expected rise in US unemployment claims. Spot gold prices increased by 0.46 percent in the yesterday's trading session mainly due to weak Dollar Index (DX). However, robust economic data from US and Euro zone hurt the demand for gold which is considered as a safe haven during poor economic situation and this capped sharp upside in the prices. Additionally, fall in SPDR (Standard & Poor Depository Receipt) gold holdings by 0.5 percent in yesterday's trade and stood at 910.53 tonnes which is at lowest since February 2009. In Indian markets, we are seeing a little upside and a pretty volatile markets mainly on the currency side, the rupee is depreciating/appreciating. There are too much of things happening across rupee against the US dollar.
On the COMEX (U. S. market), Gold futures were likely to find support at $1,272.10 a troy ounce, Tuesday's low, and resistance at $1,319.85, Monday's high. Over all, MCX Gold October future was consolidate and sustaining in a range for the entire week. So for the coming week 27750/27342 will act as a major support whereas 28444/28870 will act as a major resistance level in MCX Gold October future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold October future sustain above the levels of 28000 then it could test the levels 28119 /28300.
We expect spot Silver prices also to trade on the positive note on the back of weakness in Dollar index coupled with positive global market sentiments. Further, favourable economic data from China along with the expectation of positive economic data from Germany may support prices to trade in green. In the Indian Markets, silver prices followed the gold trend. Depreciation in the Indian Rupee also supported silver prices in Indian markets.
Technically, MCX Silver is also in consolidation and sustaining around lower levels. So, for the coming week 45000/46750 will act as major resistance levels where as 41900/40400. will act as major support in MCX Silver September futures. Last week MCX Silver September futures was sustaining around lower levels. For the next week traders can use sell on higher level strategy, if MCX Silver September futures sustains above 43025 then it could test the levels of 43950/ 44925.
Energy:-
Crude prices fell due to higher gasoline stocks which stoked demand concerns and pressured crude prices while crude inventories fell as per expectations. Rising Brent supplies and optimism over Iran and US negotiations also hurt crude prices. China's crude oil imports rose to 26.11 million tonnes in July, up 17.8% from the previous month. But , rising tensions in Libya over operations shut down and positive Chinese trade data could limit the sharp fall in Crude oil prices. U. S. crude oil futures settled down 0.88% at $104.37 per barrel. Front-month Brent Crude oil futures was down by 0.68% to settle at $107.44 a barrel.
So, for the coming week 6290/6146 will act as major supports levels whereas 6580/6700 will act as major resistance in MCX Crude oil August futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude August future sustain above 6400 levels then it could test the levels 6470/6580.
Base Metals:-
Copper prices rose due to a weaker dollar and positive German industrial production also supported copper prices. China's imports of copper rose 8.1 percent to 410,680 tonnes in July from 379,951 tonnes in the previous month. China's overall exports rose by 5.1% and imports by 10.9% Yo Y leading to a trade surplus of 17.8B. Copper prices are likely to go up due to higher Chinese imports as China is one of the world's largest importer of copper.
Trend of MCX Copper future is consolidate and also sustaining around higher levels. So, for the coming week, it could face major resistance of 454.65/466.20 whereas 437.85/429 could be a major support in MCX Copper. For the next week trader may go for buy on lower levels, if MCX Copper future sustain above 445 levels then it could test the level of 449.15/ 454.65 levels.
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