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Mcx daily report 31 july 2019
1. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 31ST
JULY 2019
1
News Highlights
BULLION - Bullion counter may trade on mixed path as gold was mostly unchanged in early
Asian trade on Wednesday as investors awaited the outcome of a U.S. Federal Reserve
meeting at which policymakers are expected to cut interest rates for the first time since the
financial crisis. Investors are bracing for the Fed's policy announcement due later in the day,
for which markets have already fully priced in a quarter of a percentage point rate cut.
Markets will also be watching for guidance on whether the Federal Open Market Committee's
expected move is a one-time cut or the beginning of a rate-cutting cycle. U.S. President
Donald Trump reiterated his call for the Fed to make a large interest rate cut, saying he was
disappointed in the U.S. central bank and that it had put him at a disadvantage by not acting
sooner. Trump warned China against waiting out his presidency before finalizing a trade deal,
saying if he wins re-election in November 2020, the outcome could be no agreement or a
harsher one.
ENERGY- Crude oil may trade on positive path as oil prices rose for a fifth day on Wednesday,
buoyed by a bigger than expected drop in U.S. inventories and as investors awaited a widely
expected cut in interest rates by the Federal Reserve, the first in more than 10 years. Still U.S.
inventories have been falling in recent weeks suggesting demand concerns are overstated.
Stocks fell again last week, along with gasoline and distillate inventories, data from industry
group the American Petroleum Institute (API) showed on Tuesday. Distillate fuels stockpiles,
which include diesel and heating oil, fell by 890,000 barrels, compared with expectations for a
1 million-barrel gain, the API data showed. Total crude stockpiles, however, would still be
about 3% higher than the average for the five years between 2014-2018 average for this time
of year.
BASE METAL - Base metals may trade on sideways path. U.S. President Donald Trump on
Tuesday warned China against waiting out his first term to finalise any trade deal, saying if he
wins re-election in the November 2020 U.S. presidential contest, the outcome will be worse
for China. China’s factory activity shrank for the third straight month in July, an official survey
showed on Wednesday, underlining the need for more stimulus to support an economy hit
hard by the bruising trade war with the United States. Copper prices in London were steady
on Wednesday ahead of a rate decision by the U.S. Federal Reserve, but were on track to fall
this month amid slowing growth from top consumer China. About 18,000 tonnes of lead are
expected to be off the market as Korea Zinc is carrying out maintenance at a lead refinery
until late August, but the company had secured inventories ahead of the maintenance.
3. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 31ST
JULY 2019
3
Pick for the DAY
MCX GOLD OCT on TUESDAY as seen in the Daily chart opened at 35410.00 levels and made
day low of 35170.00 Levels. During this period GOLD OCT High is 35590.00 levels and finally
closed at 35403.00 levels. Now, there are chances of down movement technically &
fundamentally.
DAILY RECOMMENDATION: SELL MCX GOLD OCT BELOW 35340 LEVELS FOR TARGET
OF 35240/35140 WITH SL 35440 OF LEVELS.
4. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 31ST
JULY 2019
4
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