DAILY COMMODITY MARKET NEWS & LEVELS - 23 MAY 2016

BULLION:

Gold prices rebounded in Asia on Monday with statements from the weekend G7 meeting of finance policymakers setting a mixed tone on global growth policies and investors more focused on the Federal Reserve. Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.19% to $1,255.25 a troy ounce.

BASE METAL:

LME copper will fluctuate at lows of USD 4,560-4,610/mt during Asian trading hours Monday. Major economic indicators due for release this week include May manufacturing PMIs in the Europe and the US, revised Q1 growth in Germany, UK and the US and profit at China’s large industrials in April. The G7 meeting held last week will also remain the focus of markets. Investors hope developed countries will maintain easy monetary policy. Manufacturing PMIs in Europe and US have been below the second half of 2015 recently. 

ENERGY:

Oil prices slipped in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs. In a further indication of abundant supply, the number of rigs operated by U.S. drillers was steady last week for the first time this year.

BULLION & ENERGY

CS GOLD (JUNE) OVERVIEW:

TREND : BEARISH
RESIST 2: 29960
RESIST 1: 29860
SUP 1: 29600
SUP 2: 29430
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2: 40470
RESIST 1: 40100
SUP1: 39600
SUP2: 39400
STRATEGY : SELL ON RISE

CS CRUDE OIL (MAY) OVERVIEW:

TREND :BEARISH
RESIST 2:3340
RESIST 1:3300
SUP1:3220
SUP2:3180
STRATEGY: SELL ON RISE

CS NATURAL GAS (MAY) OVERVIEW:

TREND : BEARISH
RESIST 2:146
RESIST 1:144
SUP1:139
SUP2:137
STRATEGY: SELL ON RISE

BASE METAL

CS COPPER (JUNE) OVERVIEW:                  

TREND :SIDEWAYS
RESIST 2:314
RESIST 1:312
SUP1:308
SUP2:306
STRATEGY: SELL ON RISE

        

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