DAILY COMMODITY MARKET TIPS & REPORT - 11 JULY 2016

BULLION:
Gold prices gained smartly in Asia on Monday with mild inflation data out of China aiding sentiment for easy monetary policies to continue regionally and globally. Gold for August delivery on the Comex division of the New York Mercantile Exchange rose 1.11% to $1,373.50 a troy ounce.

BASE METAL:

LME copper will narrowly range USD 4,670-4,720/mt during Asian trading hours Monday. Market attention will focus on China Q2 economic data, the Bank of England (BOE)’s July policy meeting, as well as June US non-farm payrolls this week. LME copper is expected to fluctuate widely between $4,635-4,770 per tonne next week, testing support from the 40-day moving average.

ENERGY:
Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia. Prices also dipped in physical markets. Iran has set the official selling price (OSP) of Iranian Light grade for its Asian buyers at $0.45 above the Oman/Dubai average for August, down 40 cents from the previous month, an industry source with direct knowledge of the matter said on Monday.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 32200
RESIST 1: 32050
SUP 1: 31630
SUP 2: 31320
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 49200
RESIST 1: 48900
SUP1: 47700
SUP2: 46560
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 : BULLISH
RESIST 2:194
RESIST 1:192
SUP1:186
SUP2:183
STRATEGY: BUY ON DIPS

BASE METAL   

CS COPPER (AUGUST) OVERVIEW:              

TREND :BULLISH
RESIST 2:326
RESIST 1:324
SUP1:318
SUP2:316
STRATEGY: BUY ON DIPS

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