COMMODITY GOLD, SILVER, CRUDE OIL NATURAL GAS ANALYSIS>> MCX Tips Today

Gold recovered last week but was limited by 1268.7 resistance as well as 4 hours 55 EMA and weakened again. Outlook remains bearish and deeper fall is still expected. . However, we'd point out that gold is now in an important support zone of 1155.7 and 1200. A break above 1268.7 will indicate bottoming and would turn outlook cautiously bullish for rebound back to 55 days EMA (now at 1380.2).  

Silver attempted to recover last week but was limited below 20.175 resistance and weakened again. Near term outlook stays bearish and below 18.185 will extend the larger decline from 35.445 towards next key level at 15.00, however, note that silver is now sitting in a key long term support zone of 14.65/19.50 and might bottom inside this zone. A break above 20.175 resistances would turn outlook cautiously bullish for a rebound back to 55 days EMA (now at 22.141).  

Crude oil rose sharply last week and took out 100.42 resistances firmly. The development confirmed resumption of whole rise from 77.28. Further rally is now expected to head back to 110.55/114.83 resistance zone. On the downside, break of 100.94 is needed to indicate short term topping.

Natural gas consolidated around 55 weeks EMA last week but recovery was rather weak. Near term outlook stays bearish and deeper decline is expected. Fall from 4.444 is possibly correcting whole up trend from 1.902 and would target 100% projection of 4.308 to 3.710 from 3.983 at 3.386 next. Though, a break above 3.710 supports turned resistance will indicates short term bottoming and bring stronger rebound.  

MCX Tips Today
@ Sell MCX Gold Aug below 25940 Targets 25900, 25860 Stop Loss 26000.

@ Sell MCX Silver Below 40050 for Sep delivery Targets 39950, 39850 Stop Loss 40200.

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BULLION COMMODITY WRAP & ANALYSIS FOR ADVICES

> Gold plunged to a 34-month low.

> Gold futures tumbled below $1,200 an ounce.

> Silver futures for September delivery dropped 0.3 percent to close at $18.553.

> Crude oil sustain near 97$.


Gold futures tumbled below $1,200 an ounce, extending a slump to a 34-month low, as U.S. economic data topped estimates by analysts, eroding the metal’s appeal as a store of value. In May, consumer spending rebounded and pending home sales jumped to the highest since 2006, while jobless claims fell last week. This quarter, gold has slumped 24 percent. The Dow Jones Industrial Average gained 3.1 percent. Silver futures for September delivery dropped 0.3 percent to close at $18.553 an ounce on the Comex. The metal has plunged 39 percent this year. The four-week moving average of jobless claims, a less volatile measure than the weekly figures, dropped to 345,750 last week from 348,500, according to the Labour Department.

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Gold continues to slide after hitting four-week low

COMMODITY GOLD UPDATES

Gold futures traded lower in the early part of Thursday’s Asian session after skidding to a four-week low in Wednesday’s U.S. session. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.67% to USD1, 386.85 per troy ounce in Asian trading Thursday after settling down 2.07% at USD1, 395.05 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to test support USD1,323.00 a troy ounce, the low from April 16, and resistance at USD1,444.15, Tuesday's high. Mixed economic data pressured gold, although other risky assets such as stocks proved durable. In U.S. economic news, industrial production fell more than expected in April, contracting 0.5% after expanding a revised 0.3% in March. Separately, the U.S. Department of Labor said the country's monthly producer price index fell 0.7% in April, outpacing analyst’s calls for a 0.6% fall and beyond the 0.6% decline during the previous month. Europe provided some slack data points as well. Euro zone GDP contracted 0.2% in the first quarter, worse than the expected 0.1% contraction. Germany, the euro zone’s largest economy, said its first-quarter rose just 0.1%, short of the expected 0.2% increase.

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