Gold retained gains from its biggest daily jump in nearly nine months on Monday as weak U.S. jobs data eased fears the Federal Reserve will hike rates this year. The data raised new doubts on whether the economy was strong enough for the Fed to raise interest rates by the end of this year. Gold, which had been weighed down all year by expectations the U.S. central bank could soon raise rates, rallied as the dollar fell. The metal is still down nearly 4 percent this year.

Last week, LME Copper prices jumped by 1.5 percent and rebounded from six year lows as bearish investors closed out positions at the quarter-end and ahead of Chinese holidays. Also, supply disruptions from top producing countries Chile and Peru lift sentiment in beaten down sector. Chile's second-biggest copper mine Collahuasi, owned by Anglo American and Glencore, said on Tuesday it planned to cut output by 30,000 tonnes. We expect Copper prices to trade higher today as supply disruption concerns from top producing countries Chile and Peru will be supportive.

Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over. Saudi Aramco, the kingdom's state-owned oil company, cut its official selling price (OSP) for its main Arab Light grade to Asia to a discount of $1.60 a barrel to the regional benchmark Oman/Dubai price for November from a premium of 10 cents for October cargoes. Crude prices edged up on Monday after Russia said it was prepared to meet other producers to discuss the situation in the global oil market, while a report showed a fifth weekly decline in the U.S. oil rig count.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 26930
RESIST 1: 26750
SUP 1: 26055
SUP 2: 25955
STRATEGY: BUY ON DIPS

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