MCX COMMODITY MARKET NEWS & LEVELS - 23 JUN 2016

BULLION:
Gold eased in Asia on Thursday as opinion polls on the eve of the historic Brexit referendum in the U.K. showed a potential tight outcome, though sentiment leaned to the remain camp. On the Comex division of the New York Mercantile Exchange, gold for August delivery eased 0.42% to $1,264.70 a troy ounce. On Wednesday, the FTSE 100 gained 57 points. 

BASE METAL:

LME copper will face downside pressure and range USD 4,685-4,730/mt during Asian trading hours Thursday. Market will eye June manufacturing PMIs from the euro zone and US and US new home sales today. With UK referendum just around the corner, market caution will intensify. France’s manufacturing PMI might remain below 50 in June, which will be a drag on manufacturing in the euro zone.

ENERGY:
Overnight, crude futures fell more than 1% on Wednesday amid a lower than expected U.S. inventory draw last week. On Wednesday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that crude inventories fell by 0.9 million last week for the week ending on June 17. Ahead to the U.K. referendum on European Union membership with opinion polling, highly-anticipated Brexit vote continuing to show a potential tight outcome. 

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND :BEARISH
RESIST 2: 30270
RESIST 1: 30150
SUP 1: 29870
SUP 2: 29670
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND :BEARISH
RESIST 2:41570
RESIST 1:41340
SUP1:40850
SUP2:40520
STRATEGY :SELL ON RISE

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BULLISH
RESIST 2:3390
RESIST 1:3370
SUP1:3280
SUP2:3250
STRATEGY: BUY ON DIPS

CS NATURAL GAS (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:190
RESIST 1:187
SUP1:178
SUP2:175
STRATEGY: SELL ON RISE

BASE METAL                 

TREND :BULLISH
RESIST 2:322
RESIST 1:320
SUP1:314
SUP2:312
STRATEGY: BUY ON DIPS

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