BULLION:
Gold rebounded in Asia on Friday, edging up from a sharp overnight drop on growing expectations the Federal Reserve will raise interest rates as early as June. On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.30% to $1,258.55 a troy ounce. Fed has sent broad signals that it will resume its monetary policy tightening cycle when it meets next on June 14-15.
BASE METAL:
LME copper will narrowly range USD
4,585-4,635/mt during Asian trading hours Friday. Base metals will remain weak
on Friday with eyes on Germany’s annualized April PPI, US April existing-home
sales and G7 financial meeting. Germany’s annualized PPI for April may not pick
up. In spite of continuous gains in crude oil prices in April, the annualized
CPI in euro zone did not improve in April. As such, Germany’s inflation will
likely stay soft in April.
ENERGY:
Crude rose further in Asia on Friday on a rebound from overnight losses with U.S. rig count data later in the day expected to set the tone. Overnight, crude prices fell slightly but remained near six-month highs on Thursday, as the dollar surged to its highest level since mid-March amid hawkish indications that the Federal Reserve will likely raise interest rates at a closely-watched meeting next month.
Crude rose further in Asia on Friday on a rebound from overnight losses with U.S. rig count data later in the day expected to set the tone. Overnight, crude prices fell slightly but remained near six-month highs on Thursday, as the dollar surged to its highest level since mid-March amid hawkish indications that the Federal Reserve will likely raise interest rates at a closely-watched meeting next month.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BEARISHRESIST 2: 30070
RESIST 1: 29920
SUP 1: 29600
SUP 2: 29430
STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND : BEARISHRESIST 2: 41300
RESIST 1: 40870
SUP1: 39480
SUP2: 38960
STRATEGY : SELL ON RISE
CS CRUDE OIL (MAY) OVERVIEW:
TREND :BULLISHRESIST 2:3390
RESIST 1:3350
SUP1:3270
SUP2:3220
STRATEGY: BUY ON DIPS
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:142
RESIST 1:139
SUP1:135
SUP2:133
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:316
RESIST 1:314
SUP1:309
SUP2:307
STRATEGY: SELL ON RISE
RESIST 2:316
RESIST 1:314
SUP1:309
SUP2:307
STRATEGY: SELL ON RISE
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