BULLION:
Gold edged lower on Wednesday in Asia as investors look ahead to U.S. jobs data at the end of the week for direction on the path of U.S. interest rates. On the Comex division of the New York Mercantile Exchange, gold for June fell 0.27% to $1,288.30 a troy ounce. A session earlier, gold cleared the $1,300 level for the first time since last January, as soft U.S. manufacturing data pushed the dollar to its lowest levels since last summer.
BASE METAL:
LME copper should range USD
4,890-4,930/mt during Asian trading hours Wednesday. US crude oil inventory
data, ADP’s April employment and March factory orders will be announced today.
The US dollar index rallied overnight, while crude oil prices continued
falling. Base metals face growing pressure. US labor market strengthened in
light of initial jobless claims and manufacturing sub-indices. US final March
manufacturing PMI unexpectedly grow, with sub-indices of 51.2. This bodes well
for factory orders in March.
ENERGY:
Oil prices stabilized on Wednesday after falling for two straight days on concerns that slowing economic growth and rising Middle East output would extend a global supply overhang. The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Midstates Petroleum and Ultra Petroleum.
Oil prices stabilized on Wednesday after falling for two straight days on concerns that slowing economic growth and rising Middle East output would extend a global supply overhang. The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Midstates Petroleum and Ultra Petroleum.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BEARISHRESIST 2: 30550
RESIST 1: 30320
SUP 1: 29940
SUP 2: 29760
STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND : BEARISHRESIST 2: 42270
RESIST 1: 41850
SUP1: 40920
SUP2: 40360
STRATEGY : SELL ON RISE
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:3030
RESIST 1:2980
SUP1:2880
SUP2:2840
STRATEGY: SELL ON RISE
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISHRESIST 2:144
RESIST 1:142
SUP1:136
SUP2:134
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2:334
RESIST 1:331
SUP1:325
SUP2:323
STRATEGY: SELL ON RISE
RESIST 2:334
RESIST 1:331
SUP1:325
SUP2:323
STRATEGY: SELL ON RISE
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