DAILY COMMODITY MARKET NEWS &LEVELS FOR - 01 JULY 2016

BULLION:
Gold held gains after China PMI data came in mixed, and silver soared as investors see continued easy monetary policy in China and the Asian region. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.78% to $1,330.95 a troy ounce. Gold has remained near 27-month highs throughout the week after surging nearly $100 an ounce last Friday to eclipse $1,360.

BASE METAL:

LME copper will consolidate at highs of USD 4,810-4,860mt during Asian trading hours Friday with growing sell-off pressure. Manufacturing PMI from China should be negative and this may weigh on base metals prices.  US manufacturing PMI will likely continue picking up in June, which can be reflected by the upbeat Fed of New York and Philadelphia manufacturing indexes and Chicago’s manufacturing PMI for June.

ENERGY:
Crude rose further in Asia on Friday despite a disappointing Caixin manufacturing survey with the latest U.S. rig count data from Baker Hughes ahead. Manufacturing gauges in China released on Friday painted a mixed picture with an unexpected drop in the Caixin survey and an expected result from the China Federation of Logistics and Purchasing and National Bureau of Statistics.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 31750
RESIST 1: 31570
SUP 1: 31130
SUP 2: 30900
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2: 45700
RESIST 1: 45400
SUP1: 44240
SUP2: 43730
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BULLISH
RESIST 2:3370
RESIST 1:3330
SUP1:3240
SUP2:3200
STRATEGY: BUY ON DIPS

CS NATURAL GAS (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2:205
RESIST 1:202
SUP1:197
SUP2:194
STRATEGY: BUY ON DIPS

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND :BULLISH
RESIST 2:338
RESIST 1:334
SUP1:328
SUP2:326
STRATEGY: BUY ON DIPS

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