Daily Commodity Market News & Levels-29 July 2016

Highlights:

Gold prices edge up as Bank of Japan notes downside risks to economy.

Brent, NYMEX weaker as Bank of Japan shows caution on easing.

LME Copper to Set for Gains.

PRECIOUS METALS:

Gold rose in Asia on Friday as the Bank of Japan moved cautiously in its latest policy review, but signaled that it might act in the future if warranted.

On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.45% to $1,347.25 a troy ounce. Silver futures for September delivery gained 0.57% to $20.307 a troy ounce.

Investors were on the lookout for slight easing measures. While Japan prime minister Shinzo Abe unveiled a broad ¥28 trillion stimulus plan on Wednesday.

BASE METALS:

LME copper will rise to USD 4,870-4,920/mt during Asian trading hours Friday. The Bank of Japan will announce its interest rate decision today. Base metal volatility will rise today.

Germany’s flash July CPI improved noticeably, with growth the most significant over the past month. But eurozone July expected inflation slid from June, while expected PPI also fell. 

Eurozone annualized Q2 GDP will be affected by UK’s vote to leave the EU, and this is expected to trigger additional stimulus measures by the European Central Bank.

Japanese Prime Minister announced they will push JPY 2.8 trillion stimulus program this week, growing market expectations that the Bank of Japan will release easy monetary measures in the near term. 

ENERGIES:

Crude fell in Asia on Friday after a closely-watched review of policy and interest rate decision by the Bank of Japan showed caution on further easing as markets see continued weak global economic growth hitting demand prospects.

Market players await Friday's weekly U.S. rig count from Baker Hughes for further signals on drilling activity nationwide. Overnight, U.S. crude futures fell sharply on Thursday, officially entering bear market territory, as further signals of global oversupply dragged oil prices to levels not seen since a failed Doha summit in mid-April.

On Thursday, oil prices showed little signs of reversing an extended downturn after recent data provided indications of rising stockpiles, swelling rig counts and a spike in production.

PRECIOUS LEVELS

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH

RESIST 2: 31600

RESIST 1: 31300

SUP 1: 31000

SUP 2: 30800

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH

RESIST 2: 48600

RESIST 1: 48150

SUP1: 47120

SUP2: 46650

BASEMETAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH

RESIST 2:334

RESIST 1:332

SUP1:327

SUP2:325

CS NICKEL (AUGUST) OVERVIEW:

TREND : BULLISH

RESIST 2:734

RESIST 1:725

SUP1:704

SUP2:695

CS ZINC ( AUGUST ) OVERVIEW:

TREND : BEARISH

RESIST 2:150.50

RESIST 1:149.20

SUP1:146.50

SUP2:145.20

CS LEAD ( AUGUST ) OVERVIEW:

TREND : BEARISH

RESIST 2:123.30

RESIST 1:122.00

SUP1:120.00

SUP2:119.00

CS ALUMINIUM ( AUGUST ) OVERVIEW:

TREND : BEARISH

RESIST 2:109.50

RESIST 1:108.50

SUP1:107.50

SUP2:106.00

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                          

TREND :BEARISH

RESIST 2:2850

RESIST 1:2820

SUP1:2720

SUP2:2680

CS NATURAL GAS (AUGUST) OVERVIEW:

TREND : BULLISH

RESIST 2:199

RESIST 1:197

SUP1:181

SUP2:176

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