MCX COMMODITY MARKET TREND & STRATEGIES - 02 MAY 2016

BULLION:
Gold prices rose in Asia on Monday as investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow. Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.45% to $1,296.25 a troy ounce. On Tuesday, comes the closely-watched Caixin manufacturing PMI for April, which last came in at 49.7. Markets in China are shut on Monday for a holiday.

BASE METAL:

Today both SHEF and LME markets are on holiday due to labor day and early may bank holiday respectively. Comex, copper for July delivery spiked 5.2 cents, or 2.33%, on Friday to end at $2.283 a pound. For the week, New York-traded copper prices inched up 1.4 cents, or 0.44%. On Tuesday, comes the closely-watched Caixin manufacturing PMI for April, which last came in at 49.7. Markets in China are shut on Monday for a holiday.

ENERGY:
Crude oil prices held weaker in Asia on Monday as business surveys set a mixed tone and with markets in China shut for a holiday. On Tuesday, comes the closely-watched Caixin manufacturing PMI for April, which last came in at 49.7. Baker Hughes said Friday the number of rigs drilling for oil in the U.S. fell by 11 last week to 332, a fresh six-year low.

BULLION & ENERGY

CS GOLD (JUNE) OVERVIEW:

TREND : BULLISH
RESIST 2: 30750
RESIST 1: 30500
SUP 1: 29960
SUP 2: 29760
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2: 42950
RESIST 1: 42650
SUP1: 41980
SUP2: 41600
STRATEGY : BUY ON DIPS

CS CRUDE OIL (MAY) OVERVIEW:

TREND : BULLISH
RESIST 2:3120
RESIST 1:3070
SUP1:2990
SUP2:2940
STRATEGY: BUY ON DIPS

CS NATURAL GAS (MAY) OVERVIEW:

TREND : BEARISH
RESIST 2:149
RESIST 1:146
SUP1:139
SUP2:137
STRATEGY: SELL ON RISE

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND : BULLISH
RESIST: 2:343
RESIST: 1:340
SUP1: 334
SUP2: 331
STRATEGY: BUY ON DIPS

        

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