BULLION:
Gold prices gained in Asia on Thursday with investors cautious ahead of the end of the week jobs report that will provide clarity on the prospects for Fed rate hikes going forward. On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.57% to $1,281.60, up 0.56%. The Institute of Supply Management (ISM) said its Non-Manufacturing Index surged 1.2 points to 55.7 in April, far exceeding forecasts for a 54.7 reading.
BASE METAL:
LME copper should edge down to
USD 4,830-4,880/mt during Asian trading hours Thursday. Base metals should
continue see weak trading on Thursday with firmer dollar and weaker crude oil
prices. US April ADP employment turns out to be negative. Attention is turning
to US Last week’s initial jobless claims and US April Challenger job-cut
monthly report, which will directly affect market expectation for non-farm
payrolls due for Friday. It is uncertain that the initial jobless claims stays
below 300,000 for 61 weeks in a row.
ENERGY:
Crude oil prices soared in Asia on Thursday as regional investors took a drop in U.S. production as bullish. On the New York Mercantile Exchange, WTI crude for June delivery jumped 2.08% to $44.68 a barrel. Brent crude rose 1.59% to $44.53 a barrel. More critically, U.S. production decreased by 113,000 barrels per day last week suffering its strongest weekly decline since last July.
Crude oil prices soared in Asia on Thursday as regional investors took a drop in U.S. production as bullish. On the New York Mercantile Exchange, WTI crude for June delivery jumped 2.08% to $44.68 a barrel. Brent crude rose 1.59% to $44.53 a barrel. More critically, U.S. production decreased by 113,000 barrels per day last week suffering its strongest weekly decline since last July.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISHRESIST 2: 30450
RESIST 1: 30300
SUP 1: 29980
SUP 2: 29860
STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND : BULLISHRESIST 2: 42240
RESIST 1: 41890
SUP1: 41260
SUP2: 41070
STRATEGY : BUY ON DIPS
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BULLISHRESIST 2:3040
RESIST 1:3000
SUP1:2890
SUP2:2840
STRATEGY: BUY ON DIPS
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISHRESIST 2:147
RESIST 1:145
SUP1:139
SUP2:137
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2:332
RESIST 1:330
SUP1:322
SUP2:320
STRATEGY: SELL ON RISE
RESIST 2:332
RESIST 1:330
SUP1:322
SUP2:320
STRATEGY: SELL ON RISE
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