BULLION:
Gold held overnight gains in Asia on Tuesday as remarks from Fed Chair Janet Yellen appeared to rule out a rate hike this month and reiterated any action this summer is data dependent. On the Comex division of the New York Mercantile Exchange, Gold for August delivery edged up 0.04% to $1,247.95 a troy ounce. By comparison, Yellen noted that the economy added 2.7 million jobs in 2015 or an average of 230,000 a month.
Gold held overnight gains in Asia on Tuesday as remarks from Fed Chair Janet Yellen appeared to rule out a rate hike this month and reiterated any action this summer is data dependent. On the Comex division of the New York Mercantile Exchange, Gold for August delivery edged up 0.04% to $1,247.95 a troy ounce. By comparison, Yellen noted that the economy added 2.7 million jobs in 2015 or an average of 230,000 a month.
BASE METAL:
Spot copper in China will be offered at premiums of
RMB 100-140/mt against SHFE 1706 copper on Jun. 7. Base metals are expected to maintain diverging
trend on Tuesday with eyes on US June’s IBD CCI and final annualized Q1 GDP in
euro zone. Given the background of US
three mixed CCIs for May and uncertain labor market, the IBD CCI may not
continue May’s recovery momentum in June.
ENERGY:
Crude oil prices held weaker in Asia on Tuesday with data out of the U.S. now in focus for the demand picture with gasoline stocks possibly providing a window on demand as the summer driving season is underway. The American Petroleum Institute will release its estimates of crude and refined product stocks in the U.S. at the end of last week late on Tuesday, while more closely-watched data from the U.S. Department of Energy is due on Wednesday.
Crude oil prices held weaker in Asia on Tuesday with data out of the U.S. now in focus for the demand picture with gasoline stocks possibly providing a window on demand as the summer driving season is underway. The American Petroleum Institute will release its estimates of crude and refined product stocks in the U.S. at the end of last week late on Tuesday, while more closely-watched data from the U.S. Department of Energy is due on Wednesday.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND : BULLISH
RESIST 2: 29750
RESIST 1: 29500
SUP 1: 29300
SUP 2: 29180
STRATEGY: BUY ON DIPS
RESIST 2: 29750
RESIST 1: 29500
SUP 1: 29300
SUP 2: 29180
STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 39650
RESIST 1: 39450
SUP1: 38800
SUP2: 38650
STRATEGY : BUY ON DIPS
RESIST 2: 39650
RESIST 1: 39450
SUP1: 38800
SUP2: 38650
STRATEGY : BUY ON DIPS
CS CRUDE OIL (JUNE) OVERVIEW:
TREND :BEARISH
RESIST 2:3390
RESIST 1:3340
SUP1:3280
SUP2:3240
STRATEGY: SELL ON RISE
RESIST 2:3390
RESIST 1:3340
SUP1:3280
SUP2:3240
STRATEGY: SELL ON RISE
CS NATURAL GAS (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:169
RESIST 1:167
SUP1:161
SUP2:159
STRATEGY: BUY ON DIPS
RESIST 2:169
RESIST 1:167
SUP1:161
SUP2:159
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:316
RESIST 1:314
SUP1:309
SUP2:307
STRATEGY: BUY ON DIPS
RESIST 2:316
RESIST 1:314
SUP1:309
SUP2:307
STRATEGY: BUY ON DIPS
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