Base metal prices on the SHFE are expected to be weighed on by a strong dollar on Jul. 30, Shanghai Metals Market foresees. The Fed announced this morning that it will left interest rate unchanged at its July FOMC meeting, but also expressed it will hike interest rate if the labor market continues to improve and when they are confident toward the inflation rate. The Fed described the number of jobs added as stable. However, the inflation rate is still below 2%, despite growing household spending and investment in the property market. The Fed’s decision is in compliance with market expectations, boosting the US dollar.

Crude oil prices gained on an upbeat assessment of U.S. economic growth prospects as markets digested the Federal Reserve's language for the timing of a now widely expected rate hike this year, with some speculation it could come as late as December or as early as September. In the statement, the FOMC reaffirmed two conditions for starting to raise rates, that include further labor market improvement and becoming "reasonably confident" inflation will rise to 2% "over the medium term. Wall Street reported that Saudi Arabia could slash crude output by 200,000 to 300,000 barrels a day, to roughly 10.3 million bpd as early as September.

CS GOLD (AUGUST) OVERVIEW:

TREND :BEARISH
RESIST 2: 25000
RESIST 1: 24900
SUP 1: 24665
SUP 2: 24570
STRATEGY: SELL ON RISE

CS SILVER (SEPTEMBER) OVERVIEW:

 

TREND : BEARISH
RESIST 2:34250
RESIST 1:34120
SUP1:33670
SUP2:33430
STRATEGY : SELL ON RISE

CS CRUDE OIL (JULY) OVERVIEW:

 

TREND :BEARISH
RESIST 2:3210
RESIST 1:3180
SUP1:3050
SUP2:3000
STRATEGY: SELL ON RISE

CS NATURAL GAS (AUGUST) OVERVIEW:

TREND :BULLISH
RESIST 2:187
RESIST 1:184
SUP1: 180
SUP2:177
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (AUGUST ) OVERVIEW:

TREND :BEARISH
RESIST 2:349
RESIST 1:345
SUP1:340
SUP2:336
STRATEGY: SELL ON RISE