BULLION:
Gold October futures are trading at $1377, up by 0.39%. The dollar index is trading marginally up by 0.07% against the major currencies. However, gold prices are also trading up by 0.39%. Today, the markets will be keeping a close eye on the economic releases from Germany and the UK. The German GDP is expected to increase along with the private consumption and government spending, which should support gains in the euro and extend the gains in gold prices. The euro-zone’s consumer confidence in the evening may also support the shared currency and an upside in gold prices. The United Kingdom’s GDP is also expected to improve, which would support gains in the pound against the dollar and lead to gains in gold prices. The three-day Jackson Hole Symposium is beginning today. However, since the chairmen of the major Central Banks are expected to remain absent, we do not expect much from the meet. At the MCX, the rupee opened on a positive note, which might pressurize gold prices at the domestic front. However, the volatility in the rupee might limit the fall in gold prices. Hence, gold prices at the international market may see gains. However, the strengthening of the rupee against dollar may limit the gains in gold prices at the MCX. Investors should remain cautious as rupee volatility in the Indian market may make gold prices volatile.
Gold Projected High Range at 31434-31751
Gold Projected Low Range at 31626-31309
Gold Mcx Oct Resistance on Upside at 31560-31940-32321
Gold Mcx Oct Support on Low side at 30927-30675-30295
Gold Trend Deciding Point at 31308
Silver Projected High Range at 51725-52338
Silver Projected Low Range at 52063-51450
Silver Mcx Sep Resistance on Upside at 51975-52700-53425
Silver Mcx Sep Support on Low side at 50750-50250-49525
Silver Trend Deciding Point at 51475
BASE METALS:
Base metals forwards at the LME are trading positive while the rupee has appreciated by 0.34% against the dollar and should result in a flat opening in India. Fundamentally, the spot demand for nickel and zinc has improved while other metals including copper recorded a fall in stocks and, this should continue to support slight gains in base metals. After a bunch of positive PMI data releases yesterday, the markets should now keep a close eye on the German and UK GDP figures. Positive euro-zone releases and higher Chinese FDI should also remain favorable for bas e metals at the International front. In the recent past, we have witnessed a huge divergence between LME and MCX prices and today. We expect the same to narrow down as prices may remain weak at the MCX and continue to inch up marginally at the LME, similar to yesterday.
Copper Projected High Range at 477-483
Copper Projected Low Range at 483-476
Copper Mcx Aug Resistance on Upside at 479-488-494
Copper Mcx Aug Support on Low side at 465-461-452
Copper Trend Deciding Point at 474
Nickel Projected High Range at 935-948
Nickel Projected Low Range at 947-934
Nickel Mcx Aug Resistance on Upside at 939-957-974
Nickel Mcx Aug Support on Low side at 912-903-886
Nickel Trend Deciding Point at 930
CRUDE:
Crude oil-related cues globally, reports showed that Libya will resume oil exports from Brega, one of four ports where it declared a force majeure recently as protests that shut the facilities since the end of July eased. Government sources said that Brega has the potential to add nearly 90,000 barrels a day (BPD) to the nation’s exports, which currently stand at 500,000 BPD. Cues over the supplies easing also
resulted into a modest reduction in the spread between the Brent and the WTI. On one side, WTI gained more than a percent yesterday while the Brent added just under 0.1% to close near $110 a barrel in London and narrowing the spread by 1$ to $5 per barrel. mongst cues to watch out for today, almost all the Asian equity indices are trading with strong gains, backed by positive daa across the key global economies. Early this morning, the Chinese FDI increased at a faster pace while similar optimistic cues are expected from the German and UK GDP data. The EU’s consumer confidence and the US’s new home sales should also see improvement and might provide support for yesterday’s up move in industrial commodities and oil for today’s session.
At our domestic front, the rupee has appreciated marginally by 0.3% against the dollar in early trade and could limit the gains in non-agri commodities at the MCX including oil. Overall, we expect oil may remain ranged for larger part of the session with the trading bias remaining on the positive side.
Crude Projected High Range at 6779-6832
Crude Projected Low Range at 6804-6751
Crude Mcx Sep Resistance on Upside at 6801-6862-6923
Crude Mcx Sep Support on Low side at 6697-6652-6591
Crude Trend Deciding Point at 6757
Natural Gas Projected High Range at 229-232
Natural Gas Projected Loe Range at 228-226
Natural Gas Mcx Aug Resistance on Upside at 230-233-236
Natural Gas Mcx Aug Support on Low side at 225-222-219
Natural Gas Trend Deciding Point at 228
Mentha Oil:
Mentha Oil Projected High Range at 868-877
Mentha Oil Projected Low Range at 861-852
Mentha Oil Mcx Aug Resistance on Upside at 873-881-888
Mentha Oil Mcx Aug Support on Low side at 854-843-835
Mentha Oil Trend Deciding Point at 862
TODAY STOCK MARKET TIPS
Buy Crude Oil Mcx Aug above 6786 Add more on Decline at 6765 sl 6744 Tgt 6823
Buy Natural Gas Mcx Aug Above 229 sl 225 Tgt 231
ECONOMIC DATA TO WATCH:
DATE | TIME | Region | Event | Period | Survey | Prior |
23.08.2013 | 11:30 | GE | GDP SA QoQ | 2Q F | 0.70% | 0.70% |
23.08.2013 | 11:30 | GE | Private Consumption QoQ | 2Q | 0.40% | 0.80% |
23.08.2013 | 11:30 | GE | Government Spending QoQ | 2Q | 0.30% | -0.10% |
23.08.2013 | 11:30 | GE | Capital Investment QoQ | 2Q | 1.50% | -1.50% |
23.08.2013 | 11:30 | GE | Construction Investment QoQ | 2Q | 1.70% | -2.10% |
23.08.2013 | 11:30 | GE | Exports QoQ | 2Q | 2.00% | -1.80% |
23.08.2013 | 11:30 | GE | Imports QoQ | 2Q | 1.70% | -2.10% |
23.08.2013 | 14:00 | UK | GDP QoQ | 2Q P | 0.60% | 0.60% |
23.08.2013 | 14:00 | UK | Private Consumption QoQ | 2Q P | 0.40% | 0.30% |
23.08.2013 | 14:00 | UK | Government Spending QoQ | 2Q P | 0.00% | 0.10% |
23.08.2013 | 14:00 | UK | Gross Fixed Capital Formation QoQ | 2Q P | 0.50% | 0.20% |
23.08.2013 | 14:00 | UK | Exports QoQ | 2Q P | 1.50% | -0.10% |
23.08.2013 | 14:00 | UK | Imports QoQ | 2Q P | 1.10% | -2.00% |
23.08.2013 | 14:00 | UK |
Total Business Investment QoQ |
2Q P | — | -1.90% |
23.08.2013 | 19:30 | EC | Consumer Confidence | Aug A | -16.5 | -17.4 |
23.08.2013 | 19:30 | US | New Home Sales | Jul | 487K | 497K |
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