Commodity Tips with Daily Report

MCX Gold Oct Technical View: MCX Gold prices are trading in a falling channel formation on hourly time frame.  For now we expect prices should move lower towards 30450 levels in the coming trading sessions.

MCX Silver Dec Technical View: MCX Silver prices observed breakdown of its Rectangle pattern at 45167 levels on hourly time frame. For now we expect prices to move lower towards 44600 levels in few trading sessions.

MCX Crude Oil Sept. Technical View: MCX Crude Oil prices have breached its Horizontal trend line support near 2900 on hourly time frame. For now we expect prices to move lower towards 2810 levels in coming trading sessions.

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Fundamental News:

Gold prices rebounded mildly in Asia on Friday as investors squared positions ahead of next week's two-day Fed meet widely expected to keep interest rates steady.

Gold prices were little changed on Friday, as markets continued to digest the previous session’s weak U.S. economic reports and investors awaited fresh U.S. data to be released later in the day.

U.S. oil futures fell to fresh two-and-a-half week lows on Friday, as rising exports in Iran, Libya and Nigeria sparked fresh supply glut concerns.

Iran has doubled crude exports this year as it seeks to regain market share. Major producers are due to meet later this month for talks on the oil glut. Earlier this year Iran snubbed a proposed freeze on output.

Oil was sharply lower Friday on ongoing supply concerns with U.S. rig count data due.

The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending September 13 on Friday. 

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