BULLION:
Gold prices are trading at $1250, up 1.32%. the past day, the ECB chief Mario Draghi commented that the monetary easing to spur the economic growth amidst concerns that European economies have still not recovered from the recessionary situation will be continued. This valor keeps gold prices higher in today’s trade. The IMF has also lowered its world economic growth forecast. This might limit gains in the riskier assets and cause gold prices to spurt up. From the economic point of view, UK’s industrial production and manufacturing production is likely to increase, which should support gains in the pound and might extend the gains in gold prices. However, during the US hours, gains in gold prices might be limited as the NFIB small business optimism is anticipated to increase, which could extend the gains in the dollar. Gold prices at the MCX may remain on the downside due to the appreciation in the rupee against the dollar. For that reason, the IMF global growth forecast, which might create volatility in gold prices and the market in this afternoon.
Gold Projected High Range at 26136-26289
Gold Projected Low Range at 26096-25943
Gold Mcx Aug Resistance on Upside at 26219-26358-26497
Gold Mcx Aug Support on Low side at 25914-25748-25609
Gold Trend Deciding Point at 26053
Silver Projected High Range at 40551-40962
Silver Projected Low Range at 40602-40191
Silver Mcx Sep Resistance on Upside at 40748-41176-41604
Silver Mcx Sep Support on Low side at 39926-39532-39104
Silver Trend Deciding Point at 40354
BASE METALS:
Base metals should witness a gap-down opening at the MCX. Chinese inflation releases and concerns of slower economic growth by the IMF (International Monetary Fund) should continue to weigh down on metals futures prices. Basically, the stocks at the LME have declined however; the cancelled warrants have also remained lower, indicating slowing mining and manufacturing activity which should limit any gains in metals in today’s session. Even though the UK’s manufacturing and industrial activity is expected to improve, we believe it should provide better selling levels where fresh short position should be initiated in today’s trade.
Copper Projected High Range at 419-422
Copper Projected Low Range at 419-416
Copper Mcx Aug Resistance on Upside at 420-423-425
Copper Mcx Aug Support on Low side at 415-412-410
Copper Trend Deciding Point at 417.25
Nickel Projected High Range at 820-824
Nickel Projected Low Range at 820-815
Nickel Mcx Jul Resistance on Upside at 822-826-831
Nickel Mcx Jul Support on Low side at 813-809-804
Nickel Trend Deciding Point at 817
CRUDE:
Today we believe that Crude oil prices should remain steady, even if a marginal surge in price s could be seen today. The derivative analysis suggests a slight decline in prices in the near term as volumes and open interest are declining. On the other hand, we anticipate market to open gap-down at the domestic front. But, the losses thereafter would be minimal and the market should remains subdued for the day. All world investors are awaiting for tomorrow DOE petroleum Inventory.
Crude Projected High Range at 6310-6398
Crude Projected Low Range at 6380-6292
Crude Mcx Jul Resistance on Upside at 6342-6454-6566
Crude Mcx Jul Support on Low side at 6165-6100-5988
Crude Trend Deciding Point at 6277
Natural Gas Projected High Range at 229-233
Natural Gas Projected Loe Range at 226-222
Natural Gas Mcx Jul Resistance on Upside at 231-234-236
Natural Gas Mcx Jul Support on Low side at 224-219-217
Natural Gas Trend Deciding Point at 226
Mentha Oil:
Spot prices at the Barabanki mandi were Rs 53/kg lower, whereas prices at the Chandausi and Sambhal mandis were 37.5/kg lower compared to the earlier spot prices. According to trade sources, around 15.20% of crop is yet to be harvested in the major mentha growing regions and favorable weather conditions are leading to a good oil recovery in the major menth growing regions. Arrivals were higher compared to the arrivals of the last few days. Arrivals across the major mandis of the mentha growing regions were around 1200-1400 drums. Lack of export demand, coupled with a rise in arrivals at spot front pushed mentha oil prices lower. Mentha oil prices are expected to remain on a bearish note during today’s trading session.
Mentha Oil Projected High Range at 930-946
Mentha Oil Projected Low Range at 944-928
Mentha Oil Mcx Jul Resistance on Upside at 936-956-976
Mentha Oil Mcx Jul Support on Low side at 905-893-873
Mentha Oil Trend Deciding Point at 925
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TODAY ECONOMIC DATA TOWATCH:
| DATE | TIME | Region | Event | Period | Survey | Prior |
| 9/7/2013 | 0:30 | US | Consumer Credit | May | $12.500B | $11.058B |
| 9/7/2013 | 7:00 | CH | CPI YoY | Jun | 2.50% | 2.10% |
| 9/7/2013 | 7:00 | CH | Producer Price Index (YoY) | Jun | -2.60% | -2.90% |
| 9/7/2013 | 11:30 | JN | Machine Tool Orders (YoY) | Jun P | — | -7.40% |
| 9/7/2013 | 14:00 | UK | Industrial Production (MoM) | May | 0.20% | 0.10% |
| 9/7/2013 | 14:00 | UK | Manufacturing Production (MoM) | May | 0.40% | -0.20% |
| 9/7/2013 | 14:00 | UK | Total Trade Balance (GBP/Mln) | May | -£2600 | -£2579 |
| 9/7/2013 | 17:00 | US | NFIB Small Business Optimism | Jun | 94.7 | 94.4 |
| 9/7/2013 | — | IN | India Local Car Sales | Jun | — | 143216 |