BULLION:
Gold drifted lower in Asia Thursday after the Federal Reserve held rates steady and signaled it continued to assess data on household spending with near-term attention on the Bank of Japan's review of policy. New York Mercantile Exchange, gold for June delivery traded down 0.21% to $1,247.75 a troy ounce. The Federal Reserve's policy making FOMC left short-term interest rates unchanged Wednesday as expected, but tweaked its policy statement, possibly preparing financial markets for another modest rate hike in coming months.
BASE METAL:
LME copper should narrowly range
between USD 4,900-4,950/mt during Asian trading hours Thursday. Diverging trend
among base metals should intensify on Thursday. US Q1 GDP growth is expected to
slow down, which can be reflected by US soft labor market, weak inflation,
consumption and property market in Q1. US Fed decided not to raise its key
interest rate at its April rate meeting and indicated that global risks, that
were a huge worry early in the year, are less of a concern now.
ENERGY:
Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production and strong investor appetite could push prices higher. Analysts said falling output in the United States and a weak dollar were pushing prices up and attracting investors. The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week.
Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production and strong investor appetite could push prices higher. Analysts said falling output in the United States and a weak dollar were pushing prices up and attracting investors. The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISHRESIST 2: 29750
RESIST 1: 29520
SUP 1: 29190
SUP 2: 29050
STRATEGY: BUY ON DIPS
CS SILVER (MAY) OVERVIEW:
TREND : BULLISHRESIST 2: 41180
RESIST 1: 40900
SUP1: 40270
SUP2: 39930
STRATEGY : BUY ON DIPS
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BULLISHRESIST 2:3100
RESIST 1:3050
SUP1:2950
SUP2:2920
STRATEGY: BUY ON DIPS
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:150
RESIST 1:148
SUP1:142
SUP2:140
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (APRIL) OVERVIEW:
TREND : BEARISHRESIST 2:330
RESIST 1:328
SUP1:323
SUP2:320
STRATEGY: SELL ON RISE
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