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MCX Daily Report 02ND AUGUST 2019

News Highlights
BULLION - The price of gold shot up from about 34040 to around 35630 as investor flocked into gold
as yields plummeted following the increase in tariffs between the US and China. Trump said he would
impose an additional 10% tariff on $300 billion worth of Chinese imports on Sept. 1 after U.S.
negotiators returned from trade talks in Shanghai, saying China had failed to buy large quantities of
U.S. agricultural products as promised. Trump also said if trade negotiations fail to progress he could
raise tariffs further - even beyond the 25% levy he has already imposed on $250 billion of imports
from China. The tariffs may also force the Federal Reserve to again cut interest rates to protect the
U.S. economy from trade-policy risk. The October Fed funds rate futures FFV9 have jumped to now
fully price in a rate cut in September, compared with only around 60% before the tariff
announcement. Another 25 basis point move is priced in by December.

ENERGY- Steadying after an overnight plunge following U.S. President Donald Trump’s move to
impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth. Brent
crude slumped more than 7% on Thursday, its steepest drop in more than three years. U.S. crude fell
nearly 8%, posting its worst day in more than four years, The collapse ended a fragile rally built on
steady drawdown’s in U.S. inventories, even as global demand looked shaky due to the trade dispute
between the world’s two biggest economies. Total U.S. oil demand in May fell 98,000 bpd to 20.26
million bpd, data showed earlier this week. OPEC and partners including Russia, an alliance known as
OPEC+, have been curbing output this year to support the market. In July, OPEC production revisited a
2011 low, helped by a further cut by Saudi Arabia. Despite the rally on Wednesday, the hotter trends
in the overnight data are still not hot enough to impress and suggests there is still a bearish bias in the
market. The rally we say yesterday was probably driven by short-covering due to the slight change in
the weather pattern and grossly oversold technical indicators. Weekly storage report is expected to
show a 57 Bcf injection for the week-ending July 26. Energy Aspects is calling for a 55 Bcf injection.
Intercontinental Exchange EIA Financial Weekly Index futures settled at 60 Bcf. Last year the EIA
recorded a 31 Bcf injection for the period, and the five-year average build is 37 Bcf.

BASE METAL - Copper hitting its lowest in over three weeks after U.S. President Donald Trump said he
would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month. The
reactivation of a smelter belonging to Chile’s state-run Codelco, the world’s top copper producer, will
be further delayed until the end of October this year after missing a previous target of April. Copper
contract on the Shanghai Futures Exchange dipped 0.6%, aluminium eased 0.2%. Three-month LME
copper touched its lowest since July 10 at $5,876 a tonne before paring losses to $5,899, a decline of
0.5%.Zinc and lead dropped 0.8% each. However, nickel rose 1.2% and tin was almost unchanged.
Nickel prices were also under pressure after Indonesia's state mining company PT Aneka Tam bang’s
nickel ore output in Jan-Jun rose 27% on year to 4.79 mln tn. Benchmark aluminium on the London
Metal Exchange dropped for a third session and slipped 1.1% in final open-outcry trading to $1,780 a
tonne, its weakest since July 3.
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MCX Daily Report 02ND AUGUST 2019

Precious Metals
CS GOLD (OCT) OVERVIEW: CS SILVER (SEP) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 36500 RESIST 2: 41800
RESIST 1: 36100 RESIST 1: 41400
SUP 1: 35600 SUP 1: 40800
SUP 2: 35300 SUP 2: 40500
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Base Metals
CS COPPER (AUG) OVERVIEW: CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 448.00 RESIST 2: 1030.00
RESIST 1: 442.00 RESIST 1: 1015.00
SUP 1: 436.00 SUP 1: 990.00
SUP 2: 432.00 SUP 2: 980.00
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CS ZINC (AUG) OVERVIEW: CS LEAD (AUG) OVERVIEW:

TREND : BEARISH TREND : BEARISH
RESIST 2: 193.00 RESIST 2: 154.00
RESIST 1: 191.00 RESIST 1: 153.00
SUP 1: 189.00 SUP 1: 150.00
SUP 2: 187.00 SUP 2: 149.00
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CS ALUMINIUM (AUG) OVERVIEW:

TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 140.00
SUP 1: 139.00
SUP 2: 138.00
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Energy
CS CRUDE OIL (AUG) OVERVIEW: CS NATURAL GAS (JUL) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 3940 RESIST 2: 159.00
RESIST 1:3880 RESIST 1: 157.00
SUP 1: 3750 SUP 1: 152.00
SUP 2: 3700 SUP 2: 150.00
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MCX Daily Report 02ND AUGUST 2019

Pick for the DAY

MCX GOLD OCT on THRUSDAY as seen in the Daily chart opened at 35250.00 levels and
made day low of 35025.00 Levels. During this period GOLD OCT High is 35911.00 levels and
finally closed at 35633.00 levels. Now, there are chances of up movement technically &
fundamentally.

DAILY RECOMMENDATION: BUY MCX GOLD OCT ABOVE 35800 LEVELS FOR TARGET
OF 35900/36000 WITH SL 35700 OF LEVELS.
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MCX Daily Report 02ND AUGUST 2019

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