Crude Can Sump its Flow Today Also

Commodity TIpsBULLION:

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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