BULLION:
Gold prices dipped in Asia on Friday as a pair of
manufacturing surveys out of China showed upside momentum dimming further
easing hopes, and copper gained slightly. On the Comex division, gold for June
delivery traded down 0.22% to $1,232.90 a troy ounce. The non-manufacturing PMI
came in at 53.8, compared to 52.7 for the final in February. The February month
was said to be impacted by a drop in business during the week-long Chinese New
Year holidays.
BASE METAL:
LME copper should face technical
downward pressure and move between USD 4,825-4,885/mt during Asian trading
hours Friday. Dovish sentiment continues improving among US Fed officials and
base metals thus get support. Markets expect US March non-farm payrolls to
remain above 200,000 people but soft growth in wage may trigger worries in
market. China’s manufacturing PMI for March should improve over February.
ENERGY:
Crude oil prices dropped in Asia on Friday as investors brushed off manufacturing PMI surveys out of China for signals on demand and waited rig count data from the U.S. services firm Baker Hughes. The Caixin manufacturing PMI for March came in at 49.7, compared with a level of 48.2 seen and 48.0 for the final in February. A level below 50 denotes contraction. At the same time, Reuters reported on Wednesday that OPEC output in March increased by 100,000 bpd to 32.47 million bpd, led by considerable gains in Iran and Iraq.
Crude oil prices dropped in Asia on Friday as investors brushed off manufacturing PMI surveys out of China for signals on demand and waited rig count data from the U.S. services firm Baker Hughes. The Caixin manufacturing PMI for March came in at 49.7, compared with a level of 48.2 seen and 48.0 for the final in February. A level below 50 denotes contraction. At the same time, Reuters reported on Wednesday that OPEC output in March increased by 100,000 bpd to 32.47 million bpd, led by considerable gains in Iran and Iraq.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 29216
RESIST 1: 29000
SUP 1: 28590
SUP 2: 28260
STRATEGY: SELL ON RISE | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 37270
RESIST 1: 37000
SUP1: 36350
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
SUP1:318
SUP2:316
STRATEGY:
SELL ON RISE |
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