GOLD

 


Gold prices eased slightly in early Asia on Friday as investors continued to assess the likely timing of a Federal Reserve rate hike expected this year. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.06% to $1.088.10 a troy ounce. On Wednesday, the Federal Open Market Committee (FOMC) concluded its two-day July meeting without offering any indications on whether it will adjust its benchmark Federal Funds Rate later this fall. U.S. short-term interest rates have remained level between zero and 0.25% for nearly six years since the end of the Financial Crisis. Nearly a decade has passed since the Federal Reserve last instituted a rate hike.

BASE METAL

The IMF said it will not provide Greece a third round of aid due to the country’s large debt scale and inefficiency in reform execution. German officials believe the German Bundestag will unlikely approve the EUR 86 billion bailout fund for Greece without the support from the IMF. Germany’s unemployment increased 9,000 in July, lower than the 5,000 expected, with the unemployment rate unchanged at 6.4%, which is in line with market expectations. Euro zone July CCI fell 7.1, flat at June’s and in compliance with market anticipation. LME copper prices fell to USD 5,210/mt as the US dollar index rose and market was still affected by the weak Chinese shares. LME copper closed at USD 5,257/mt, down by USD 69/mt. 

 CS NATURAL GAS (AUGUST) OVERVIEW:

 TREND :BEARISH
RESIST 2:187
RESIST 1:184
SUP1: 177
SUP2:175
STRATEGY: SELL ON RISE

   


 
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:345
RESIST 1:342
SUP1:338
SUP2:335
STRATEGY: SELL ON RISE