BULLION:
Gold prices fell in Asia on Thursday as minutes from the Federal Reserve suggest a near-term rate hike is possible. On Wednesday, minutes released by the Federal Reserve from its April policy meeting suggested an interest-rate increase in June was possible if incoming data showed an improving economy.
BASE METAL:
LME copper will bounce back to
USD 4,585-4,630/mt during Asian trading hours Thursday following declines
overnight, hurt by rising dollar. Diverging trend should intensify further on
base metals market with US dollar gathering rising momentum, supported by
hawkish statement from US Fed April rate meeting. Attention is turning to US
May Philadelphia Fed's manufacturing index and US initial jobless claims early
last week.
ENERGY:
Crude fell further in Asia on Thursday as the minutes of the Federal Reserve's April meeting weighed on the commodity with prospects for a rate hike as early as June expected to boost the greenback further. Overnight, crude futures turned negative shortly before the close of energy markets on Wednesday afternoon after the Federal Reserve sent strong indications in its April minutes that it could raise interest rates next month, triggering a rapid increase in the slumping dollar.
Crude fell further in Asia on Thursday as the minutes of the Federal Reserve's April meeting weighed on the commodity with prospects for a rate hike as early as June expected to boost the greenback further. Overnight, crude futures turned negative shortly before the close of energy markets on Wednesday afternoon after the Federal Reserve sent strong indications in its April minutes that it could raise interest rates next month, triggering a rapid increase in the slumping dollar.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BEARISHRESIST 2: 30300
RESIST 1: 30160
SUP 1: 29400
SUP 2: 29170
STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND : BEARISHRESIST 2: 41500
RESIST 1: 41145
SUP1: 40200
SUP2: 39800
STRATEGY : SELL ON RISE
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:3360
RESIST 1:3330
SUP1:3220
SUP2:3180
STRATEGY: SELL ON RISE
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:140
RESIST 1:138
SUP1:132
SUP2:129
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:314
RESIST 1:312
SUP1:307
SUP2:305
STRATEGY: SELL ON RISE
RESIST 2:314
RESIST 1:312
SUP1:307
SUP2:305
STRATEGY: SELL ON RISE
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