Evening market update

Dear Team,



Please find below Evening Commodity Levels



Evening Commodity Levels



MCX Gold Oct Trend UP Support S1 26415 S2 26295 Resistance R1 26635 R2 26745

Spot Gold Trend UP Support S1 1132 S2 1126 Resistance R1 1144 R2 1149

NCDEX GoldHedge Sept Trend UP Support S1 23922 S2 23832 Resistance R1 24092 R2 24202

Silver Dec Trend UP Support S1 36105.00 S2 35805.00 Resistance R1 36555.00 R2 36905.00

Spot Silver Trend UP Support S1 15.07 S2 14.88 Resistance R1 15.41 R2 15.57

NCDEX SilverHedg Nov Trend UP Support S1 31999 S2 31799 Resistance R1 32410 R2 32640



LME Copper 0 Trend Sideway Support S1 3517.00 S2 3487.00 Resistance R1 3592.00 R2 3632.00

MCX Copper Nov Trend Sideway Support S1 355.30 S2 353.30 Resistance R1 361.40 R2 364.40

MCX Zinc Sept Trend Sideway Support S1 113.50 S2 112.70 Resistance R1 113.80 R2 114.70

MCX Lead Sept Trend Sideway Support S1 111.75 S2 110.95 Resistance R1 113.25 R2 114.05

MCX Aluminium Sept Trend Sideway Support S1 107.00 S2 106.20 Resistance R1 108.40 R2 109.10

MCX Nickel Sept Trend Sideway Support S1 640.80 S2 632.80 Resistance R1 656.80 R2 664.60



MCX Crude Trend Down Support S1 3023 S2 2983 Resistance R1 3093 R2 3125

Nymex Crude Oct Trend Down Support S1 43.90 S2 43.30 Resistance R1 44.90 R2 45.25

MCX Natural Gas Sept Trend Sideway Support S1 181 S2 179 Resistance R1 188 R2 190



US Economic Data



Commodity Alert: Today's US Economic Data



7:30pm CB Leading Index m/m Forecast 0.2%, Previous -0.2%



Fundamental Outlook



On an intraday basis, we expect gold prices to trade higher today as Fed policy makers voted 9-1 to keep the federal-funds rate range unchanged at between 0% and 0.25% while taking notice of wild swings in global markets and weakness in the economies of main trading partners. This came as a boost to the yellow metal as a shift to higher rates would hurt gold and lead to a surge in the dollar.



Oil prices are expected to trade sideways today as OPEC is assuming the oil price will rise gradually to $80 a barrel in 2020 as supply growth outside the group weakens, a slower recovery than several member nations have said they need. Also, industry research group Baker Hughes will release its latest estimates of the number of rigs drilling for oil in the U.S. today. While on the other hand, weakness in the DX following Fed’s decision to hold rates steady will be supportive.



We expect Copper prices to trade higher today as decision by the Federal Reserve to hold rates steady between 0 - 0.25 percent will be supportive for dollar denominated commodities. Further, spurt in supply disruption concerns following an earthquake in Chile, the world’s biggest supplier of this industrial metal will buoy the metal.