MCX COMMODITY MARKET NEWS & LEVELS - 17 MAY 2016

BULLION:

Gold gained in Asia on Tuesday with investors looking ahead to data on U.S. consumer prices for indications on the likely path of Federal Reserve interest rate moves this year. On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.17% to $1,276.35 a troy ounce. Gold is viewed as a safe-haven asset for investors in periods of increased economic uncertainty.

BASE METAL:

LME copper will move higher to USD 4,640-4,690/mt during Asian trading hours Tuesday due to big gains in oil prices. Attention is turning to US April housing starts, building permits and industrial output on Tuesday. US housing market may weaken further. US March building permits missed forecast, which makes it possible for April housing starts to be negative.

ENERGY:

Crude oil prices gained further in Asia on Tuesday as investors kept a tight eye on disruptions from Nigeria and political and economic turmoil in Venezuela. As well as a bullish call on near-term prices from Goldman Sachs Group Inc, providing some signals that the persistent supply glut on global energy markets may be on the verge of easing.

BULLION & ENERGY

CS GOLD (JUNE) OVERVIEW:

TREND : BULLISH
RESIST 2: 30400
RESIST 1: 30260
SUP 1: 29920
SUP 2: 29780
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2: 41890
RESIST 1: 41480
SUP1: 40800
SUP2: 40530
STRATEGY : BUY ON DIPS

CS CRUDE OIL (MAY) OVERVIEW:

TREND : BULLISH
RESIST 2:3300
RESIST 1:3260
SUP1:3175
SUP2:3140
STRATEGY: BUY ON DIPS

CS NATURAL GAS (MAY) OVERVIEW:

TREND : BEARISH
RESIST 2:142
RESIST 1:139
SUP1:133
SUP2:129
STRATEGY: SELL ON RISE

BASE METAL

CS COPPER (JUNE) OVERVIEW:                  

TREND :BULLISH
RESIST 2:317
RESIST 1:314
SUP1:310
SUP2:307
STRATEGY: BUY ON DIPS

        

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