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.

COMMODITY & METALS OUTLOOK & CALLS FOR 27 JULY 2015

Crude Oil Drops as US Drillers Add Rigs

Crude oil was attempting to rise, extending yesterday’s gains, but it currently dropped, demonstrating significant losses. Baker Hughes reported that US drillers added 21 rigs last week even if face of collapsing oil prices. The news followed the report on Wednesday that showed an unexpected increase of US oil reserves and pushed prices for WTI crude below the $50 level.

Of course, signs of economic slowdown around the world were also affecting crude negatively. Fuel and energy consumption is tied to economic growth, and worsening economic conditions mean smaller demand for the commodity, and this in turn leads to lower prices.

Futures for WTI crude oil dropped 0.85 percent to $48.04 per barrel as of  GMT on NYMEX. Contract for Brent crude declined 1.16 percent to $54.63 per barrel on ICE.

GOLD

Gold Spread movement,The calendar spread of Comex gold continued to slide and now standing at 0.3 levels. Indian MCX Spread for Aug-Oct stands at 217 levels.
SILVER

Silver futures are expected to trade on a negative noted during the day moving in line with gold market. Weakness in base metals segment is also likely to weigh on the market. The gold silver ratio is moving in a band of 73.50 to 74.50 levels.As on Friday morning, Comex silver futures made an intraday low of $14.43 per ounce.

Precious Metals Plunge on Friday

Platinum was not the only precious metal to plunge on Friday. Gold, silver and palladium also ended the trading session with losses. The main reason for the drop was economic data from the United States.

The data revealed that inflation in the USA was steady last month. The housing report was even more positive, showing that the number of housing starts and building permits exceeded market expectations. The only negative news was the unexpected slump of the consumer sentiment index.

Gold
On Thursday, spot gold prices hovered near its lowest level since March and declined by 0.4 percent to close at $1144.7 per ounce. Federal Reserve Chair Janet Yellen reiterated that a U.S. interest rate increase is likely this year, buoying the dollar at bullion's expense.
On the MCX, gold prices declined by 0.3 percent to close at Rs.25771 per 10 gms.
Silver
Spot silver prices declined by 0.8 percent on Thursday to close at $15 per ounce. The fall in silver prices is in line with declining gold prices and the strengthening dollar index.
On the MCX, silver prices lost its value by 0.57 percent to close at Rs.32582/kg.
Crude Oil
On Thursday, WTI oil prices declined by 1 percent while Brent oil prices rose by 0.8 percent after a power outage shut production at Britain's largest oilfield and as the August contract approached expiration.
On the MCX, oil prices declined by 1 percent to close at Rs.3255 per barrel. 
Natural gas
NYMEX natural gas prices declined by 1.62 percent on Thursday to close at $2.85/ MMbtu while MCX gas prices also lost its value by 2.1 percent to close at Rs.181.40

GOLD,CRUDE OIL & NATURAL GAS UPDATES FOR 13 JULY 2015

GOLD

Gold scaled higher on Friday, moving further away from a four-month low, as the euro rose on signs of progress in debt-hit Greece's efforts to secure fresh funding. But weak physical demand in top consumers China and India capped price gains, with gold still sold in India at a discount to the global benchmark. 

CRUDE OIL

Crude oil sank on Friday as traders were still digesting the data that showed an unexpected increase of US oil inventories. Stockpiles of crude were up 2.4 million to 465.4 million barrels last week instead of falling by 1.9 million as analysts had predicted. Moreover, the number of US oil rigs increased by 12 to 640 this week after 29 consecutive weeks of decline. August futures for delivery of WTI crude oil slumped 2.48 percent to $55.52 per barrel as of 22:11 GMT on NYMEX today. Contract for Brent crude tumbled as much as 2.82 percent to $60.32 per barrel on ICE.

NATURAL GAS

Natural gas demonstrated losses as well even though yesterday’s supply report from the Energy Information Administration was relatively supportive for the commodity. The EIA reported that US reserves of gas increased by 69 billion cubic feet, trailing analysts’ forecast of an increase by 74 billion. Still, futures for natural gas slid 1.84 percent to $2.77 per million British thermal units on NYMEX today.

Gold, Copper End Friday with Gains

Gold prices ticked up by the end of Friday’s trading as concerns about Greece drove investors to safe assets. The deadline for the repayment of the country’s debt is set to June 30, but so far there are no indications that the indebted country has come close to an agreement with its international creditors. The CFTC Commitment of Traders report showed that hedge funds increased their long position on the metal this week. August futures for delivery of bullion edged up by 0.16 percent to $1,173.70 per troy ounce as on COMEX today. Copper futures rallied as well on hopes for stimulus in China. Lately, the world’s biggest consumer of the metal had some troubles in sustaining its impressive economic growth, prompting Chinese government to take steps to bolster the economy. September futures for delivery of copper climbed 0.82 percent to $2.641 per pound today. Meanwhile, wheat and other grains extended their rally. Weather in the United States was adverse to the crops, promising smaller supply. This is a bullish factor for the agricultural commodities. September corn surged 2.55 percent to $3.9250 per bushel on CBOT today. November contract for soybeans rallied 0.84 percent to $9.86 per bushel while futures for delivery of wheat in September demonstrated a whooping gain of 5.58 percent to $5.68 per bushel.

Commodity Gold & Gold ETFs Sales Down

Gold Sales Drop 10% on Weak Market Sentiment

Gold sales have dipped 10% in the past one month, hit by muted market sentiment and a slowdown in rural demand. Premiums on the yellow metal too have disappeared in the Mumbai market and it is available at a discount of $10 per ounce in the grey market,  people familiar with the trade. "The market is slower than expected. While delay in monsoon is one of the major reasons for this slowdown, the overall sentiment is also very dull which is affecting demand. The price of gold has almost stabilized over the past six months and is hovering around Rs 26500-Rs 27000 per 10 gm. Typically, if prices stabilize, consumers tend to buy.