NATURAL GAS (AUGUST) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:184
RESIST 1:182
SUP1: 176
SUP2:174
STRATEGY: BUY ON RISE

BASE METAL

COPPER (AUGUST ) OVERVIEW:

TREND :BEARISH
RESIST 2:356
RESIST 1:353
SUP1:345
SUP2:343
STRATEGY: SELL ON RISE

Gold extended losses into a fourth straight session on Monday, struggling near a 2-1/2-week low after U.S. payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike. Liquidity is likely to be thin on Monday as the U.S. markets are closed for the Labor Day holiday. Bullion had come under pressure on Friday after data showed nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, and the jobless rate dropped to a 7-1/2-year low. Hedge funds and money managers added slightly to their bullish position in COMEX gold contracts in the week ended Sept. 1.

Base metal prices on the SHFE are expected to come under downward pressures on Sept. 7, Shanghai Metals Market foresees. Base Metal Prices to Come under Downward Pressures, with Zinc and Lead Weaker. LME copper once bounced back to USD 5,250/mt on the back of short-covering last Thursday. US non-farm payrolls missed forecast, reflecting a slowdown in employment growth in August. Global stocks dropped across the board. With the bearish sentiment, LME copper retreated early day’s gains last Friday and slid to USD 5,100/mt before closing at USD, 109/mt.