BULLION:
Gold dipped in Asia on Tuesday with a steady parade of Fed statements on the outlook for interest rate hikes this year adding to a bearish tone. The latest signal came from Philadelphia Fed Reserve Bank President Patrick Harker who said Monday that two to three rate hikes are possible this year if the economy continues to grow as projected. On NYMEX, gold for June delivery eased 0.18% to $1,249.25 a troy ounce.
BASE METAL:
SHFE 1607 copper should perform
better than LME copper on May 24.US new home sales in April and Germany’s
annualized Q1 growth will be released today. As short momentum prevailed in the
market, base metals should remain weak but diverge today. Eurozone ZEW Economic
Sentiment and German ZEW Current Conditions in May due for release today are
expected to improve.
ENERGY:
Oil prices fell in thin trade on Tuesday as the U.S. dollar strengthened, but losses were curbed by a likely drawdown in U.S. crude and gasoline stockpiles. The dollar index rose against a basket of currencies on Tuesday, as investors continued to factor in an increased chance of a near-term U.S. interest rate rise. U.S. commercial crude oil stocks likely fell by around 2.5 million barrels to 538.8 million in the week ended May 20, a preliminary Reuters analysts' poll taken ahead of weekly industry and official inventory data showed on Monday.
Oil prices fell in thin trade on Tuesday as the U.S. dollar strengthened, but losses were curbed by a likely drawdown in U.S. crude and gasoline stockpiles. The dollar index rose against a basket of currencies on Tuesday, as investors continued to factor in an increased chance of a near-term U.S. interest rate rise. U.S. commercial crude oil stocks likely fell by around 2.5 million barrels to 538.8 million in the week ended May 20, a preliminary Reuters analysts' poll taken ahead of weekly industry and official inventory data showed on Monday.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BEARISHRESIST 2: 29920
RESIST 1: 29750
SUP 1: 29410
SUP 2: 29200
STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND : BEARISHRESIST 2: 40230
RESIST 1: 39850
SUP1: 39000
SUP2: 38770
STRATEGY : SELL ON RISE
CS CRUDE OIL (MAY) OVERVIEW:
TREND :BEARISHRESIST 2:3340
RESIST 1:3300
SUP1:3200
SUP2:3180
STRATEGY: SELL ON RISE
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:142
RESIST 1:140
SUP1:137
SUP2:134
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:314
RESIST 1:312
SUP1:306
SUP2:304
STRATEGY: SELL ON RISE
RESIST 2:314
RESIST 1:312
SUP1:306
SUP2:304
STRATEGY: SELL ON RISE
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