Daily Commodity News Letter

Gold:-

Gold steadied as the dollar reversed losses and political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact. President Donald Trump told the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low. Meanwhile, tensions continued over the US relationship with Russia over Syria and in the Korean peninsula and worries about the upcoming French presidential election. The Gold is in perfect uptrend .Currently Gold is in strong uptrend but volume is unsatisfactory the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The Gold is now trading in overbought level. The oscillator is on SELL signal and Gold is coming down from overbought level for short term Gold is in hold long position. Support for the Gold is 29200. Immediate resistance for Gold is 29500.

Silver:-

Silver prices edged lower amid fading demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea. Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month's run-off. The Labor Department said initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15.

Crude:-

Crude dropped but held the psychologically important $50 mark while concerns over rising US oil production seen. OPEC members Saudi and Kuwait signaled that the OPEC, including Russia, would likely extend their oil output cut beyond June. US crude oil production rose to 9.25mbpd, up almost 10% since mid-2016. US inventories of 532mbls remained near all-time records reached in March.

Copper:

Copper trading range for the day is 355.2-369.2. Copper prices gained as investors, speculators and consumers resumed buying after recent losses, expecting increased seasonal demand. Prices also seen by news that Indonesian workers at U.S. mining giant Freeport McMoran Inc will stage a month-long protest against layoffs starting May 1. Rio Tinto cut its copper guidance to 500,000-550,000 tonnes from as much as 665,000 tonnes as a result of a strike at the Escondida mine in Chile.

Zinc :

Zinc gained as the biggest gainer among other base metals on the back of robust gains in overnight London trading and buoyant equity markets. The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,915 yuan ($3,184) a tonne. Zinc daily stocks at Shanghai exchange came down by 3781 tonnes.

Commodity  Trends:

	R1	S1
GOLD	29500	29200
SILVER	41700	40900
CRUDE	3400	3250
COPPER	366	360
LEAD	141.5	137.5
NICKEL	650	600
ALUMINIUM	127	122
ZINC	172	162