DAILY COMMODITY MARKET NEWS & LEVELS - 22 JUN 2016

BULLION:
Gold prices eased in Asia on Wednesday as investors held fire ahead of this week's vote in the U.K. on whether or not to stay in the European Union. On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.14% at $1,270.75 a troy ounce. Overnight, gold fell sharply amid a stronger dollar.

BASE METAL:

LME copper will face upward correction and range USD 4,650-4,700/mt during Asian trading hours Wednesday. Market will eye US crude oil stocks and May existing home sales today.  US housing starts fell from April in May due to high base, but remained at high levels. US building permits continued growing, suggesting that housing starts are likely to improve in June. 

ENERGY:
Crude held gains in Asia on Wednesday industry data showed a drop in U.S. stockpiles, underpinning sentiment ahead of the U.K. vote to remain or leave the European Union. The American Petroleum Institute reported that U.S. crude supplies dropped by 5.2 million barrels for the week ended June 17, according to sources.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2: 30730
RESIST 1: 30600
SUP 1: 30100
SUP 2: 29930
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2: 41920
RESIST 1: 41720
SUP1: 40890
SUP2: 40520
STRATEGY : SELL ON RISE

CS CRUDE OIL (JULY) OVERVIEW:

TREND :BULLISH
RESIST 2:3500
RESIST 1:3440
SUP1:3320
SUP2:3270
STRATEGY: BUY ON DIPS

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : BULLISH
RESIST 2:192
RESIST 1:190
SUP1:183
SUP2:179
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :BULLISH
RESIST 2:320
RESIST 1:318
SUP1:311
SUP2:306
STRATEGY: BUY ON DIPS

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