BULLION:
Gold traded mostly flat in Asia
on Thursday with investors on the sidelines ahead of nonfarm payrolls data at
the end of the week that is expected to set the tone on the prospects of a
near-term Fed hike. On the Comex division of the New York Mercantile Exchange,
gold for June delivery was flat at $1,228.60 a troy ounce, ebbing between small
gains and losses.
BASE METAL:
LME copper should fall slightly
to USD 4,850-4,900/mt during Asian trading hours Thursday. Both LME and SHFE
copper prices fell back overnight with positions growing. Base metals should
extend diverging trend on Thursday after downside momentum waning. Eyes will be
on inflation data from euro zone, US initial jobless claims and challenger
layoffs today. Inflation outlook in euro zone seems to show no sign of
improvement, which was also in line with March falling output prices released
previously.
ENERGY:
Crude oil prices dropped further in Asia on Thursday with investors focused on prospects for producers to at least freeze output in the face of massive supply overhang. For the month, output in Saudi Arabia was virtually flat as the oil kingdom continues to weigh whether to implement a proposed production freeze with Russia and two other OPEC members. Saudi production fell mildly to 10.18 million bpd in March, ahead of a highly-anticipated OPEC-Non OPEC summit in Doha next month.
Crude oil prices dropped further in Asia on Thursday with investors focused on prospects for producers to at least freeze output in the face of massive supply overhang. For the month, output in Saudi Arabia was virtually flat as the oil kingdom continues to weigh whether to implement a proposed production freeze with Russia and two other OPEC members. Saudi production fell mildly to 10.18 million bpd in March, ahead of a highly-anticipated OPEC-Non OPEC summit in Doha next month.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 28830
RESIST 1: 28700
SUP 1: 28330
SUP 2: 28060
STRATEGY: SELL ON RISE | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 37000
RESIST 1: 36760
SUP1: 36270
SUP2: 36000
STRATEGY : SELL ON RISE | |
| CS CRUDE OIL (MARCH) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2:2620
RESIST 1:2580
SUP1:2490
SUP2:2460
STRATEGY: SELL ON RISE | |
| CS NATURAL GAS (MARCH) OVERVIEW: | ||
 |
| |
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 |
TREND :
BEARISH
RESIST
2:327
RESIST
1:325
SUP1:319
SUP2:317
STRATEGY:
SELL ON RISE |
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