International Oil futures were trading weak this Tuesday morning in Asian trade as markets await response from the Kingdom to the attacks conducted on the Oil facilities on Saturday.
Meanwhile, US. President Donald Trump on Monday said it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war.
Support/Resistance tor Brent November is 67.10-66.00/69.70-70.60.
Support/Resistance tor NYMEX October is 60.70-59.70/63.I5-64.40.
Domestic crude on MCX started lower this Tuesday morning, tracking weak overseas prices.
Support/Resistance for MCX Crude September is 4370—4290/4545—4630.
International gold and silver prices were trading steady this Tuesday morning in Asian trade ahead of the US Fed Meeting this Wednesday.
The US Dollar rose this Tuesday morning in Asian trade and is probably receiving support from the recalibration of odds on whether the Fed will cut rates once again.
According to CME FedWatch poll, only 63.5% investors believe that the US Fed will cut rates in Fed meeting tomorrow. This is down from 94.6% from a week ago.
Meanwhile Brexit uncertainty continued amid more comments from PM Johnson calling for the UK to leave the EU on Oct. 31 with or without a Brexit deal.
Hong Kong unrest also kept gold above the $I500/ounce mark after credit rating agency Moody's changed its outlook on Hong Kong's rating to "negative" from "stable" on Monday.
Support/Resistance for LBMA Gold spot is 1485—147000/151000—152500.
Support/Resistance for LBMA Silver spot is 17.70—17.55/1800—1820.
Domestic gold and silver on MCX started lower this Tuesday morning. Weak Rupee kept downside subdued.
Support/Resistance for MCX Gold October is 37900—37770/38215-38500.
Support/Resistance for MCX Silver December is 46590-46100/47410—48100.
Industrial metals fell on Tuesday morning in Asian trade after top consumer China released a slew of weak economic data that raised concerns about demand from the world's second-largest economy.
China's industrial production grew at the weakest pace in 17-1/2 years last month and fixed-asset investment in January—August increased at a slightly lower rate than expected, data released on Monday showed. Most industrial metals on Shfe were also weak this Tuesday morning.
Support/Resistance for LME 3M Copper is 5800.00 -5745.00/5900.00-5936.00.
Support/Resistance for LME 3M Nickel is T6700.00-1638000/17430.00-1790000
Domestic base metals have started lower this Tuesday morning, tracking weak overseas prices.
Support/Resistance for MCX Copper September is 45250-45000 /457.00-459.50.
Support/Resistance for MCX Nickel September is 1200.00-118000/123200-126300.
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