Gold Up On Some Safe-Haven Demand, Syria Attack Boost Gold price
United States launched dozens of cruise missiles at an airbase in Syria on Thursday night.
Gold prices ended the U.S. day session moderately higher Thursday. Some safe-haven demand was seen in the yellow metal as Asian and European stock markets were mostly weaker overnight, following the abrupt sell-off in U.S. equities Wednesday.
Gold prices continue to hover near resistance at the 200-day moving average near 1,257. The dollar gained traction as yields in the U.S. moving higher following the stronger than expected decline in jobless claims. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a sell signal. Friday’s non-farm payroll report will go a long way in providing direction for gold for the balance of the month. A stronger than expected number, with drive the dollar highs and gold prices lower.
Yunnan Aluminum Posts 276% Jump in Net Profit in 2016.
Yunnan Aluminum Co.’s net profit leapt 276.03% year-on-year to 111 million yuan last year, with 0.05 yuan per share. Profit from aluminum ingot and aluminum processing products rose 110.57% and 270.30%, respectively. Business revenue totaled 15.543 billion yuan in 2016, down 1.95% year-on-year
Oil prices fall as Libya's output rebound boosts supply.
Oil prices fell on Tuesday as a rebound in Libyan oil production combined with an increase in U.S. drilling to signal the potential for increased crude supply. U.S. oil may drop to $49.62 per barrel as it failed to break a resistance at $50.95, said Wang Tao, a Reuter’s market analyst for commodities and energy technical. Brent oil may also retrace its steps back to $52.79 per barrel. Oil prices fell as increased drilling in the United States and a rebound in Libyan output weighed on investor sentiment," said ANZ bank in a note. Libya's crude output increased after state-owned National Oil Corp (NOC) lifted a force majeure on loadings of Sharara oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters. U.S. drillers last week added rigs for an 11th week in a row, data from energy services company Baker Hughes showed on Friday, extending a 10-month drilling recovery. OPEC producers are also raising output. Iran's exports of crude oil and gas condensate hit a record 3.05 million barrels per day (bpd) by March 20, the end of the Iranian month of Esfand, according to a report by the Islamic Republic News Agency (IRNA). Oil market continues to look for signs of a tightening market as concerns linger that compliance with producer-led output cuts remains insufficient to erode a supply glut and the United States raises oil output.Will Syria Attack Boost Base Metals? SMM Reports
Analysts see limited effect on base metals from this attack. The Middle East is far from major copper markets. Besides, wars in the region are very common. Even the war between the US and Iraq begun March 20, 2003 did not affect base metals significantly, on top of which China’s base metals rose immediately but then fell back.
Ever bright Futures’ Metal Chief Research Officer Xu Maili expects risk aversion to rise in the near term on the heels of the war, which will drive up gold. But any boost on base metals will be limited because they are not safe haven assets.
Oil prices jump after U.S. launches missile strike in Syria.
Oil prices soared by around $1 per barrel on Friday after the United States launched dozens of cruise missiles at an airbase in Syria.
U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America's "national security interest" against Syrian President Bashar al-Assad.
U.S. officials said the military had fired dozens of cruise missiles against the airbase, controlled by Assad's forces, in response to a poison gas attack on Tuesday in a rebel-held area.
The Pentagon said it had informed Russia ahead of the strikes, and that it did not target sections of the base in Syria where Russian forces were believed to be present.
Precious Levels
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 29100
RESIST 1: 28950
SUP 1: 28700
SUP 2: 28600
CS SILVER (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 43200
RESIST 1: 42800
SUP1: 42000
SUP2: 41350
Base Metal Levels
CS COPPER (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2:398
RESIST 1:382
SUP1:374
SUP2:370
CS NICKEL (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2:675
RESIST 1:660
SUP1:630
SUP2:615
CS ZINC (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2:181.50
RESIST 1:179.00
SUP1:173.00
SUP2:171.00
CS LEAD (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 152.00
RESIST 1: 150.50
SUP1: 146.00
SUP2: 145.00
CS ALUMINIUM (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 128.00
RESIST 1: 127.00
SUP1: 124.00
SUP2: 123.00
Energy Levels
CS CRUDE OIL (APRIL) OVERVIEW:
TREND :BULLISH
RESIST 2:3500
RESIST 1:3450
SUP1:3340
SUP2:3300
CS NATURAL GAS (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2:220.00
RESIST 1:217.00
SUP1:210.00
SUP2:206.00
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