5:38 PM
Unknown
GOLD
Spot gold prices started the week on a
positive note and rose to three week high on escalating tensions in
Ukraine and a break above the key $1300 mark. However, rising US
equities with S&P moving within 1percent of its record high last
week capped sharp gains in the metal.
Forecast
SILVER
Silver tried to rally during the course
of the week, but gave up most of the gains by the time we closed on
Friday. We see the $20.00 level as massively resistive now, as the
market has formed a shooting star. However, we have also formed a
couple of hammers in this general vicinity, so the end of the day
it’s probably going to be consolidation going forward.
Forecast
On an intraday basis, we expect silver
prices to trade on a mixed note as the economic data released from
the US is painting bright picture about the economy.
While on the other hand, improving
trend in SPDR holdings along with weakness in the DX will cushion
sharp downside or even reversal in prices.
CRUDE
Crude oil prices for June expiry
contract at NYMEX managed a strong performance past week. WTI prices
registered gains of around 1. 5% to $101.75 per barrel for the last
week In the other major global benchmark, the ICE Brent saw a near
similar performance with the commodity inching higher by 1.75% to
near $110 per barrel level.
Forecast
Brent rising in
the recent past rapidly possibly due to Libya tension while WTI grade
is managing higher. For the day we expect both the oil grades may
trade higher so we suggest buying from lower levels.
TODAY’S DAY RANGE
| COMMODITY | S1 | S2 | R1 | R2 |
| GOLD | 1290 | 1280 | 1300 | 1308 |
| SILVER | 19.00 | 18.50 | 20.00 | 20.50 |
| CRUDE | 101 | 100.80 | 102 | 102.80 |
DAY’S HIGHLIGHT
- US Building Permits increased to 1.08 million in the last month.
- LME Copper inventories plunged by whopping 10.5 percent last week.
- Euro Zone Trade Balance was at surplus of 15.2 bn Euros in Q1 2014.
- Improving US economic data exerts downside pressure on gold prices.
- US Prelim UoM Consumer Sentiment declined to 81.8-mark in May.
Data Update for 19th May 2014
Posts
