Gold:-
Gold
futures rose nearly one percent in American trade even as the dollar
index gained ground, following earlier data from the world's largest
economy, and as the Group of 7 convenes in Italy. Earlier U.S. data
showed the GDP growing 1.2% in the first quarter according to the second
reading up from 0.7% in the first reading and past expectations of
0.9%, while GDP prices rose 2.2%, down from 2.3% in the previous
reading. Durable goods orders fell 0.7% in April compared to a 0.9%
rise in March and besting forecasts of a 1.4% drop. Core orders fell
0.4%, compared to no-change in March while analysts expected a 0.4% rise
reflecting the possibility of continued slowdown in US growth in the
second quarter which could weigh on the Federal Reserve's policy
decisions in June. The Gold is bearish for medium-long term .Currently
Gold is in strong uptrend with good momentum and the trend is supported
with good volume 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 showing buy signal
for short term the current position is buying
. Support for the Gold is 28040.Resistance for the Gold is 29100.
Silver:-
Silver
prices kept rising on Friday to their highest since April 28, shrugging
off the dollar's rise, and heading for the third weekly profit in a
row, following earlier data from the world's largest Durable goods
orders fell 0.7% in April, compared to a 0.9% rise in March, and besting
forecasts of a 1.4% drop. Core orders fell 0.4%, compared to no-change
in March, while analysts expected a 0.4% rise, reflecting the
possibility of continued slowdown in US growth in the second quarter,
which could weigh on the Federal Reserve's policy decisions in June.
Crude:-
Crude
prices tilted higher in American trade even as the dollar index gained
ground after earlier data from the US the world's largest energy
consumer. Today's gains comes on short-covering after plunging nearly
five percent yesterday after OPEC agreed with independent producers
including Russia to extend output cuts by 1.8 million bpd until
March. OPEC's energy ministers said that oversupply in the last three
years resulting from overproduction won't diminish to five-year averages
until the end of 2017 at the earliest while Saudi energy minister
Khalid Al Faleh said that cuts will curb global stocks to five-year
averages by the first quarter of 2018.
Copper:
Copper
futures edged up in American trade as the dollar index gave up ground
following earlier data from the world's largest economy and after
Moody's agency downgraded its credit ratings for China the source of 40%
of global copper demand for the first time since 1989. The Copper is
bearish for medium-long term .Currently Copper is in strong uptrend with
good momentum and the trend is supported with good volume the open
interest is not increasing with trend. Cautious point is buying at
higher levels seems decreasing. The oscillator is showing buy signal for
short term the current position is buying
. Support for the Copper is 359.Resistance for the Copper is 374.
Zinc :
Zinc
settled flat as LME Zinc prices closed in a small backwardation for the
first time since Feb. 20.Plans to boost infrastructure spending in
China and the United States are bolstering market sentiment. Zinc daily
stocks at Shanghai exchange came down by 1904 tones. Zinc dropped -3.03%
as pressure seen after the workers at a zinc smelter in Peru called off
a strike. The euro zone economy started the year with robust growth
that outstripped that of the United States and set the stage for a
strong 2017 South Korea re-issued a tender to buy 1,000 tons of zinc for
July arrival.
Lead:-
The
China Banking Regulatory Commission unveiled plans to publish a flurry
of regulations later this year to control financial risks. The April
data from the credit market was better than expected. China’s growth is
set for its weakest patch since the global financial crisis as
authorities pull back on stimulus. Air pollution in a key Chinese region
surrounding Beijing worsened in the first four months of this year,
despite tough new campaigns to enforce green regulations. The Lead is
bearish for medium-long term .Currently Lead is in strong downtrend but
volume is unsatisfactory the open interest is not increasing with trend.
The oscillator is showing sell signal for short term Lead is in hold
short
position. Immediate support for Lead is 131.Resistance for the Lead is 138.
Nickel:-
The
Nickel is bearish for medium-long term .Currently Nickel is in strong
uptrend with good momentum and the trend is supported with good volume
the open interest is not increasing with trend. The oscillator is
showing buy signal for short term the current position is buying.
Immediate support for Nickel is 579.Resistance for the Nickel is 607.
Aluminum:-
The
Aluminum is in long- medium- short-medium- short- term bull phase
.Currently Aluminum is showing some up move after small correction and
trend is strong and supported with good volume the open interest is not
increasing with trend. The oscillator is showing buy signal for short
term Aluminum is in hold long
position and closed above
1 week high with volume signals up breakout. Support for the Aluminum
is 120.80. Immediate resistance for Aluminum is 126.50.
Commodity Trends:
| R1 | S1 |
| GOLD | 29100 | 28040 |
| SILVER | 40455 | 38680 |
| CRUDE | 3370 | 3080 |
| COPPER | 374 | 359 |
| LEAD | 138 | 131 |
| NICKEL | 607 | 579 |
| ALUMINIUM | 127 | 120 |
| ZINC | 173 | 163 |
