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DAILY MCX COMMODITY MARKET NEWS & LEVELS - 09 MAY 2016

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BULLION:

Gold prices dipped in Asia on Monday even as the Bank of Japan minutes saw some board members downbeat on hitting the inflation target within the current forecast, suggesting continued easy policy. Gold for June delivery on the Comex division of the New York Mercantile Exchange eased 0.51% to $1,287.45 a troy ounce. The Bank of Japan published the minutes of its April policy meeting, showing some numbers expect the target date for 2% sustained inflation may need to be pushed back.
BASE METAL:


LME copper should narrowly range USD 4,750-4,810/mt during Asian trading hours Monday. This week will see release of a basket of economic data from China. There have been a lot of speculative activities in commodity market, triggered by expectations for demand recovery in China helped by stimulus measures. However, ongoing structural reform means there is still a long to go in the Chinese economy’s recovery process. 
ENERGY:

Crude oil prices jumped in Asia on Monday with disruptions to Canadian output from a devastating wildfire and a switch in oil ministers in Saudi Arabia gaining attention. Saudi Arabia, the world's largest crude oil exporter, on Saturday appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995.
BULLION & ENERGY
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 30500
RESIST 1: 30400
SUP 1: 29980
SUP 2: 29920
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 42240
RESIST 1: 41840
SUP1: 41160
SUP2: 40670
STRATEGY : BUY ON DIPS
CS CRUDE OIL (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:3100
RESIST 1:3070
SUP1:2970
SUP2:2920
STRATEGY: BUY ON DIPS
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:146
RESIST 1:144
SUP1:139
SUP2:137
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2:323
RESIST 1:320
SUP1:313
SUP2:309
STRATEGY: SELL ON RISE
        


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