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MCX COMMODITY MARKET NEWS & LEVELS - 16 MAY 2016

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BULLION:

Gold gained in Asia on Monday as investors looked ahead to more clues from the Federal Reserve on rate hike prospects and noted downbeat prices data from Japan. Gold for June delivery on the Comex division of the NYMEX rose 0.20% to $1,275.25 a troy ounce. In the week ahead, market players will be turning their attention to Wednesday’s minutes of the FED March policy meeting for fresh clues on the timing of the next U.S. rate hike.
BASE METAL:


LME copper will remain weak and range USD 4,590-4,630/mt during Asian trading hours Monday due to negative economic figures from China. Base metals may enter downside track this week due to poor reading of economic figures from China released last weekend. The M2 money supply slowed 0.6 percentage point YoY to 12.8% in April but M1and M0 supply quickened 0.8 % and 1.6 % points respectively on the yearly basis.
ENERGY:

Crude oil gained smartly in Asia on Monday as investors noted disruptions in Nigeria and broader concerns over Venezuela output. Oilfield services provider Baker Hughes said late Friday the number of rigs drilling for oil in the U.S. fell by ten last week to 308, marking the eighth straight week of declines. At this time last year, drillers were operating 660 oil rigs.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 30400
RESIST 1: 30200
SUP 1: 29880
SUP 2: 29600
STRATEGY: BUY ON DIPS


CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 42050
RESIST 1: 41750
SUP1: 40800
SUP2: 40530
STRATEGY : BUY ON DIPS

CS CRUDE OIL (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:3200
RESIST 1:3170
SUP1:3080
SUP2:3030
STRATEGY: BUY ON DIPS
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2:145
RESIST 1:143
SUP1:136
SUP2:134
STRATEGY: SELL ON RISE


BASE METAL

CS COPPER (JUNE) OVERVIEW:                  
TREND : BEARISH
RESIST 2:315
RESIST 1:311
SUP1:308
SUP2:305
STRATEGY: SELL ON RISE

        


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