Crude Oil made Record high After Six-Year

Crude oil was mixed during the Friday’s Asian session as West Texas Intermediate grade rose a little while the Brent grade dropped. Yesterday, prices demonstrated the biggest one-day gain in six years. WTI oil jumped $3.96 (10.3 percent) and Brent surged $4.42. MCX Sep Crude oil; saw some short covering in the counter by violating its falling trend-line resistance at 2674 levels and surged almost 7% on daily charts. Further recovery can be possible towards 2856 & 2910 levels, where as an immediate support pegged at 2753 levels.Futures advanced as markets stabilized after China’s scare on Monday. The Asian nation took measures to stimulate its economy, and such steps were welcomed by investors as proved by the rally of global stocks. Additionally, US economic growth in the second quarter of 2015 exceeded expectations, promising more demand for fuel and energy. Last but not the least, market participants were speculating that an interest rate hike from the Federal Reserve is highly unlikely in September, and such talks encourage speculators to buy riskier assets.

Gold, Silver & Natural Gas Gains on Thursday

• MCX Oct Gold futures extended its uptrend by violating its falling trendline resistance at 26331 levels. It was begun the day with a positive note and there after continued the same trend, finally ended at 26772 levels up by 2.20%. Further rally can be possible towards 26980 & 27115 levels. Hence, any fall can be utilized to accumulate longs at 26665 levels.
• MCX Sep Silver too surged 2% in the past session and ended in a strong positive zone. Currently prices facing a stiff resistance from 36435 levels, on a convincing close above the same will intact further uptrend towards 36920 & 37465 levels.
• MCX Sep Crude oil has reached to its 6 year low of 2670 levels and finally settled at 2720 levels, down by 4% on daily charts. Further bearish outlook remains unchanged and is likely to extend the fall towards 2655 & 2587 levels. Hence, any rise can be utilized to create shorts at. 

MCX Gold bearish

Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels.Gold is maintaining the bearish trend for both short term and intraday. Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels, MCX Gold October contract has been trading down by -0.13 per cent to 24756 level on Friday. Gold prices edged up in Asian trade, but remained close to a five-year price low. Traders are awaiting U.S. non-farm payroll data to be released later on Friday, as any significant improvement may again create fresh pressures on the precious metal.

Precious Metals Bounce, Copper & Oil Retain Losses

MCX Aug Natural Gas was tested a valid tend-line resistance at 185 and turned the direction by forming a “bearish engulfing” candlestick pattern on daily charts. Now the bias turned on downside and is likely to drag the prices further down towards 177 & 174.5 levels. Precious metals bounced following the previous drop during the current trading session. Copper was not as lucky, retaining its losses. The reason for the bounce was the weakness of the dollar after a couple of negative economic reports were released from the United States. Of particular note was the data that showed weakest wage growth since 1982. Metals often trade inversely to the greenback, meaning that news that is negative for the US currency is positive for the metal market. December futures for delivery of gold gained 0.44 percent to $1,093.20 per troy ounce as of  GMT on COMEX today. September contract for silver advanced 0.74 percent to $14.81 per ounce. At the same time, copper declined 0.23 percent to $2.3715 per pound.Crude oil, on the other hand, maintained its decline, falling more than 1 percent during Friday’s trading. It looks like concerns about oversupply on the market are not going to allow the commodity to benefit from the dollar’s weakness. Contract for delivery of WTI crude oil in September slid as much as 1.65 percent on NYMEX today. Brent crude lost 1.11 percent to $52.72 per barrel on ICE.