BULLION:
Gold prices rose in Asia on Wednesday as Fed chief Janet Yellen painted a more dovish picture on the path of interest rate hikes compared to recent statements from colleagues. On the Comex division, gold for June delivery rose 0.44% to $1,243.00 a troy ounce. Overnight, gold soared more than $15 an ounce, bouncing off one-month lows from the previous session, as Yellen emphasized that the Federal Reserve should proceed gradually with the timing of its next interest rate hike.
Gold prices rose in Asia on Wednesday as Fed chief Janet Yellen painted a more dovish picture on the path of interest rate hikes compared to recent statements from colleagues. On the Comex division, gold for June delivery rose 0.44% to $1,243.00 a troy ounce. Overnight, gold soared more than $15 an ounce, bouncing off one-month lows from the previous session, as Yellen emphasized that the Federal Reserve should proceed gradually with the timing of its next interest rate hike.
BASE METAL:
LME copper should narrowly range
USD 4,905-4,945/mt during Asian trading hours Wednesday. US dollar index fell
back due to Yellen’s dovish attitudes. Base metals are expected to see weak
trading on Wednesday with eyes on Chinese stock market. Attention will be paid
to US crude oil inventories reported by the API and EIA, US March ADP
employment data and euro zone’s sentiment data for March.
ENERGY:
Oil futures rebounded in Asian trade on Wednesday, buoyed by a forecast for a less than expected build in crude oil stockpiles last week. A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains. Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as oil output is supposed to be capped.
Oil futures rebounded in Asian trade on Wednesday, buoyed by a forecast for a less than expected build in crude oil stockpiles last week. A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains. Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as oil output is supposed to be capped.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 29120
RESIST 1: 28900
SUP 1: 28350
SUP 2: 28250
STRATEGY: SELL ON RISE | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 37000
RESIST 1: 36720
SUP1: 36270
SUP2: 36000
STRATEGY : SELL ON RISE | |
| CS CRUDE OIL (MARCH) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2:2660
RESIST 1:2620
SUP1:2545
SUP2:2500
STRATEGY: SELL ON RISE | |
| CS NATURAL GAS (MARCH) OVERVIEW: | ||
 |
| |
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 |
TREND :
BEARISH
RESIST
2:333
RESIST
1:329
SUP1:321
SUP2:319
STRATEGY:
SELL ON RISE |
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