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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 23 AUGUST 2019

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Precious Metals Preview: COMEX Gold Sees Bargain Buying Around $1500 Mark.
COMEX Gold futures slipped near $1500 per ounce- testing its lowest mark in one and half week though bargain buying propped up the metal from these levels. Global stocks remained cautious ahead of the speech of US Fed Chief Jerome Powell. Chinese Yuan hit an 11-year low against the dollar, keeping in place the broad worries over global trade war. However, the safe haven demand appears to be supporting Gold as keenly watched spread between the US 2-year and 10-year treasury yield inverted yet again after briefly making a similar move last week. Such a yield curve inversion is a recession warning and tends to support Gold. The metal currently trades at $1504 per ounce, down 0.30% on the day. MCX Gold saw good gains yesterday as the Indian Rupee tumbled on massive correction in local stocks. INR fell to 71.97 per dollar in intraday – it’s lowest in nearly seven months. MCX Gold hovers at Rs 38165 per 10 grams, up 0.40% on the day.

Base Metals Preview: Weak Economic Cues Weigh On Copper.
COMEX Copper futures fell near a two week low as a slide under $2.60 per pound extended on US monetary policy uncertainty and weak economic cues. Stocks remained cautious ahead of the speech of US Fed Chief Jerome Powell. Chinese Yuan hit an 11-year low against the dollar, keeping in place the broad worries over global trade war. COMEX Copper futures are currently trading at 2.56 per pound, flat on the day. MCX Copper futures closed at Rs 445 per kg and are likely to see a choppy trend ahead of weekend.

Energy Preview: WTI Crude Lingers Above $55 Mark In Asia.
WTI Crude oil slipped yesterday as a cautious tone in global equities pulled the prices lower. The commodity currently trades flat at $55.40 per barrel. The MCX Crude oil futures ended flat at Rs 4016 per barrel and should see a mixed start today. A break under Rs 4000 mark can trigger some corrective action. Meanwhile, the large energy speculators trimmed their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 375,641 contracts in the data reported through Tuesday August 6th. This was a weekly drop of -11,650 net contracts from the previous week which had a total of 387,291 net contracts.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38600
RESIST 1: 38300
SUP 1: 37700
SUP 2: 37400

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 44500
RESIST 1: 44100
SUP 1: 43400
SUP 2: 43100

Base Metals
CS COPPER (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 452.00
RESIST 1: 448.00
SUP 1: 440.00
SUP 2: 436.00

CS NICKEL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1130.00
RESIST 1: 1120.00
SUP 1: 1100.00
SUP 2: 1090.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 187.00
RESIST 1: 186.00
SUP 1: 183.00
SUP 2: 182.00

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 153.00
SUP 2: 152.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 137.00

Energy
CS CRUDE OIL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4070
RESIST 1:4030
SUP 1: 3950
SUP 2: 3900

CS NATURAL GAS (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 153.00
SUP 2: 152.00

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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