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Gold steadied after a three-day losing streak but was headed for its worst quarter in a year on a looming U.S. rate hike. The metal’s 15 percent loss this quarter is its fifth straight quarterly drop and its worst three-month period since the third quarter of 2008. It is down 9 percent for the month, its biggest monthly drop since May 2012. Gold has been hurt by expectations that the Federal Reserve would raise U.S. rates this year for the first time in nearly a decade, a move that could dent demand for non-interest-paying bullion. Traders will be eyeing a speech by Fed Chair Janet Yellen later on Wednesday.

Base metals market was overshadowed by sluggish Chinese and European economy, possible rate hike in the US, falling copper demand in China and selloffs in Glencore’s shares earlier. China’s support for infrastructure projects will cheer market up. Today is the last trading day before the week-log Chinese holiday, so caution will dominate. LME copper should move between USD 4,950-5,010/mt on Wednesday. SHFE 1512 copper should rise to RMB 37,800-38,300/mt on exit of shorts before the holiday. In China’s spot market, trading activity will quiet down, and spot discounts of RMB 0-30/mt

Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute said late on Tuesday that U.S. crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to Sept. 25. Analysts polled by Reuters had expected an increase of only 102,000 barrels. U.S. crude oil production should continue on its decline with falling rig counts,” Ang said. Wednesday’s session may have added volatility due to the close of September and third-quarter trading, according to some analysts.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26580
RESIST 1: 26460
SUP 1: 26050
SUP 2: 25870
STRATEGY: SELL ON RISE