BULLION:
Gold jumped in Asia on Thursday in the wake of a cautious Fed outlook on interest rates, though investors noted the scope for further hikes remained possible even as the forecast pace was trimmed. As expected the Federal Open Market Committee left rates unchanged at the 0.25% to 0.50% range at the end of their two-day meeting, but made a few changes to the post-meeting statement and downgrades to their accompanying economic forecasts.
Gold jumped in Asia on Thursday in the wake of a cautious Fed outlook on interest rates, though investors noted the scope for further hikes remained possible even as the forecast pace was trimmed. As expected the Federal Open Market Committee left rates unchanged at the 0.25% to 0.50% range at the end of their two-day meeting, but made a few changes to the post-meeting statement and downgrades to their accompanying economic forecasts.
BASE METAL:
LME copper will rebound to USD
4,930-5,000/mt during Asian trading hours Thursday. Interest rate hikes are
reduced from 4 to 2 times this year. This pushed down the US dollar index and
boosted crude oil and base metals. The market will absorb the Fed’s interest
rate decision for March and Fed Chair Janet Yellen’s statement today. Base
metals are expected to climb today but will continue to diverge.
ENERGY:
Crude oil prices gained smartly in Asia on Thursday with investors noting more effort by key producers to cap output and as they digested a cautious outlook by the Fed and turning to weekly rig count data at the end of the week. Investors mostly expected to see a bullish supply report after the American Petroleum Institute reported a build of 1.5 million barrels on Tuesday evening. OPEC and non-OPEC producers will meet in Doha on April 17 to discuss a deal aimed at capping output at levels from the start of the year.
Crude oil prices gained smartly in Asia on Thursday with investors noting more effort by key producers to cap output and as they digested a cautious outlook by the Fed and turning to weekly rig count data at the end of the week. Investors mostly expected to see a bullish supply report after the American Petroleum Institute reported a build of 1.5 million barrels on Tuesday evening. OPEC and non-OPEC producers will meet in Doha on April 17 to discuss a deal aimed at capping output at levels from the start of the year.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : BULLISH
RESIST 2: 30000
RESIST 1: 29600
SUP 1: 28800
SUP 2: 28440
STRATEGY: BUY ON DIPS | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BULLISH
RESIST 2: 37900
RESIST 1: 37750
SUP1: 37000
SUP2: 36640
STRATEGY : BUY ON DIPS | |
| CS CRUDE OIL (MARCH) OVERVIEW: | ||
 |
TREND : BULLISH
RESIST 2:2700
RESIST 1:2670
SUP1:2540
SUP2:2480
STRATEGY: BUY ON DIPS | |
| CS NATURAL GAS (MARCH) OVERVIEW: | ||
 |
| |
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 |
TREND :
BULLISH
RESIST
2:342
RESIST
1:339
SUP1:333
SUP2:331
STRATEGY:
BUY ON DIPS
|
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