DAILY COMMODITY MARKET NEWS & LEVELS - 12 JULY 2016

BULLION:
Gold edged slightly higher in Asian trade on Tuesday with the market finely poised after sharp gains this year with expectations of easier global monetary policies largely priced in. On the Comex division of the New York Mercantile Exchange, Gold for August delivery edged up 0.03% to $1,357.05 a troy ounce. Overnight, gold closed virtually flat on Monday in choppy trade.

BASE METAL:

LME copper will move in a tight range of USD 4,730-4,780/mt during Asian trading hours Tuesday. Market will eye Germany June CPI and US May wholesale today. Germany’s final CPI is expected to rise 0.3% YoY in June, flat with preliminary figure. The IMF warned last Friday that inflation in the euro zone remains tepid and below 2% target set by the ECB. The IMF added that the euro zone is facing growing deflationary pressure. 

ENERGY:
Oil prices rebounded in Asia on Tuesday ahead of industry data on U.S. crude and refined stockpiles at the end of last week. Overnight, crude continued to test two-month lows after falling considerably on Monday, as long-term concerns related to global oversupply and the ramifications of the U.K.'s decision to leave the European Union remained in focus.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 32150
RESIST 1: 31890
SUP 1: 31350
SUP 2: 31120
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 49200
RESIST 1: 48600
SUP1: 47470
SUP2: 46870
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JULY) OVERVIEW:                      

TREND :BEARISH
RESIST 2:3130
RESIST 1:3100
SUP1:2975
SUP2:2950
STRATEGY: SELL ON RISE

CS NATURAL GAS (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:191
RESIST 1:189
SUP1:180
SUP2:177
STRATEGY: SELL ON RISE

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND :BULLISH
RESIST 2:327
RESIST 1:325
SUP1:321
SUP2:319
STRATEGY: BUY ON DIPS

CAPITALSTARS