BULLION - Bullion counter may remain on firm path as gold prices edged up on Wednesday as the ongoing trade tensions between the United States and China continued to boost the appeal of safe-haven assets. ENERGY- Crude oil may trade sideways to weaker path .Oil prices steadied on Wednesday after falling at the start of the session, with the potential for damage to the global economy . BASE METAL - Base metals may trade on sideways to weaker path.

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MCX Daily Report 07TH
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News Highlights
BULLION - Bullion counter may remain on firm path as gold prices edged up on Wednesday as the
ongoing trade tensions between the United States and China continued to boost the appeal of
safe-haven assets. Goldman Sachs said it no longer expects a trade deal to be struck before the
2020 U.S. presidential election, while Morgan Stanley warned that more tit-for-tat tariffs could tip
the world economy into recession by the middle of next year. A Federal Reserve official on
Tuesday said it was appropriate to “wait and see” how upcoming data “roll in” before deciding
whether rates should be cut again at the Fed’s next meeting in September. SPDR Gold Trust, the
world’s largest gold-backed exchange-traded fund, said its holdings rose 0.21% to 836.92 tonnes
on Tuesday from 835.16 tonnes on Monday. Kudlow, director of the White House National
Economic Council, said on Tuesday the Trump administration wants to continue trade talks with
China and is still planning to host a Chinese delegation for talks in September.
ENERGY- Crude oil may trade sideways to weaker path .Oil prices steadied on Wednesday after
falling at the start of the session, with the potential for damage to the global economy and fuel
demand from the intensifying Sino-U.S. trade dispute continuing to cast a shadow over the
market. Brent prices have plunged more than 9% in the past week after U.S. President Donald
Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports starting on
Sept. 1, sending global equity markets into a tailspin. Meanwhile, Saudi Arabia Energy Minister
Khalid Al-Falih and U.S. Energy Secretary Rick Perry on Tuesday said both sides expressed concern
over threats targeting freedom of maritime traffic in the Arabian Gulf as they met in Washington.
Tensions in the Middle East have heightened in the wake of attacks on tankers and U.S. drones,
raising concerns over passing through the Straight of Hormuz, a key shipping artery of global oil
trade. U.S. crude inventories fell by 3.4 million barrels in the week ended Aug.2 to 439.6 million
barrels, compared with analyst expectations for a decrease of 2.8 million barrels. U.S. natural gas
futures edged up on Tuesday, bouncing off a 38-month low in the prior session on early signs that
production will decline, liquefied natural gas exports will rise and power demand in Texas will
reach an all-time high this week.
BASE METAL - Base metals may trade on sideways to weaker path. London copper rebounded
from a two-year low level hit earlier this week, after a media report said that a senior U.S. official
said the Donald Trump administration was still planning for talks with China. Steps taken by
Chinese authorities to contain a sliding yuan also helped calm fears of a full-blown Sino-U.S. trade
and currency war. China’s exports probably fell for a second successive month while imports likely
contracted more sharply in July, hurt by tit-for-tat tariffs in a rapidly escalating trade war with the
United States. “Both primary and secondary lead is in deficit, and smelters’ enthusiasm for
production is not good, so supply may be reduced,” said a lead smelter.

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CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 38300
RESIST 1: 38000
SUP 1: 37400
SUP 2: 37100
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CS SILVER (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 43800
RESIST 1: 43400
SUP 1: 42700
SUP 2: 42300
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Base Metals
CS COPPER (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 445.00
RESIST 1: 441.00
SUP 1: 433.00
SUP 2: 430.00
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CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 1080.00
RESIST 1: 1070.00
SUP 1: 1050.00
SUP 2: 1040.00
WWW.CAPITALSTARS.COM +919977499927
CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 189.00
RESIST 1: 188.00
SUP 1: 186.00
SUP 2: 185.00
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CS LEAD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 156.00
RESIST 1: 155.00
SUP 1: 153.00
SUP 2: 152.00
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CS ALUMINIUM (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00
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Energy
CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 3870
RESIST 1:3830
SUP 1: 3760
SUP 2: 3720
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CS NATURAL GAS (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 151.00
RESIST 1: 150.00
SUP 1: 148.00
SUP 2: 147.00
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Precious Metals

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MCX Daily Report 07TH
AUGUST 2019
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Pick for the DAY
MCX NATURAL GAS AUG on TUESDAY as seen in the Daily chart opened at 150.20 levels and
made day low of 149.20 Levels. During this period NATURAL GAS AUG High is 150.20 levels
and finally closed at 149.20 levels. Now, there are chances of down movement technically &
fundamentally.
DAILY RECOMMENDATION: SELL MCX NATURAL GAS AUG BELOW 149.20 LEVELS FOR
TARGET OF 147.20/145.20 WITH SL 151.50 OF LEVELS.

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MCX Daily Report 07TH
AUGUST 2019
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