BULLION:
Gold drifted higher Tuesday on a weaker than expected Caixin manufacturing survey for April in China, raising prospects of continued easy monetary policy. The Caixin Manufacturing PMI for April came in at 49.4, below the 49.9 expected. Ahead, the RBA cash rate decision is close run for analysts, but most expect it to hold steady at a record low 2.0%. On the Comex division of the New York Mercantile Exchange, gold for June delivery traded drifted 0.08% higher to $1,296.80 a troy ounce.
BASE METAL:
The LME market will be closed
today due to the bank holiday. China’s official manufacturing PMI was 50.1 in
April, down 0.1 from March. Large producers posted a 0.5 drop. Production index
and new order index also fell. The weakening US dollar index drove up base
metals. US non-farm employment data due for release this Friday are promising.
But any boost to the US dollar index will be limited. Base metals are expected
to face pressure this week, with volatility rising.
ENERGY:
Traders said the gains were capped by rising output in the Middle East as well as fears over China's economic health after factory activity shrank for a 14th straight month in April. Iraq, the second biggest exporter within the OPEC was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.
Traders said the gains were capped by rising output in the Middle East as well as fears over China's economic health after factory activity shrank for a 14th straight month in April. Iraq, the second biggest exporter within the OPEC was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISHRESIST 2: 30750
RESIST 1: 30600
SUP 1: 29960
SUP 2: 29760
STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND : BULLISHRESIST 2: 42770
RESIST 1: 42570
SUP1: 41500
SUP2: 41000
STRATEGY : BUY ON DIPS
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:3120
RESIST 1:3070
SUP1:2960
SUP2:2940
STRATEGY: SELL ON RISE
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:144
RESIST 1:141
SUP1:134
SUP2:130
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2:341
RESIST 1:338
SUP1:331
SUP2:328
STRATEGY: SELL ON RISE
RESIST 2:341
RESIST 1:338
SUP1:331
SUP2:328
STRATEGY: SELL ON RISE
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