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Gold prices eased in Asia on Wednesday as investors eyed a key China manufacturing survey that came in weaker than expected and signaled possible weak demand for the precious metal. The Caixin Manufacturing index for September fell to 47, from the August level of 47.3, putting it at a 78-month low. Investors remain concerned that persistent weakness in the Chinese economy could continue to spillover onto markets outside Asia.   At the FOMC's September policy meeting, 13 of its 17 members predicted that the committee will raise short-term rate by at least 0.25% at some point this year.

LME copper touched a 4-week low of USD 5,036/mt during Asian trading hours on sell-offs and finally closed at USD 5,075/mt, slipping 3.41%, its largest single-day drop since July 7 this year. Overnight, pessimistic sentiment loomed market. US dollar surged, weighing down commodity prices. Volkswagen’s emissions scandal triggered worries about demand for auto and base metals. Meanwhile, investors showed concerns over China’s Caixin manufacturing PMI number due out Wednesday. LME copper should move in USD 5,030-5,100/mt during Asian trading hours.  

Crude oil prices reversed early gains in Asia on Wednesday as weak China manufacturing estimates trumped U.S. industry data that showed a much larger than expected draw in U.S. stockpiles last week. The Caixin Manufacturing index for September fell to 47, from the August level of 47.3, putting it at a 78-month low. On Tuesday, the Asian Development Bank lowered its 2015 economic growth projections for China from 7.2% and 6.8%. American Petroleum Institute said crude stocks fell a whopping 3.7 million barrels last week, compared to an estimate of 700,000 barrels drop. Data on refined products was not immediately available.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26550
RESIST 1: 26420
SUP 1: 26170
SUP 2: 25960
STRATEGY: SELL ON RISE

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