5 May 2016

BULLIONS BASE METALS & ENERGY LEVELS FOR 5 MAY 2016

Bullions:  Gold turned lower on Wednesday, after nearing the prior session's 15- month top, as the U.S. dollar moved higher and a Federal Reserve official pointed to the possibility of two interest rate hikes in 2016. Gold prices have gained 21 percent since the start of the year on the outlook that the Fed has slowed its expected pace of rate increases. Bullion is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar. Recent dollar weakness and strength in the gold price have triggered a sharp increase in money flowing into the SPDR Gold Trust; the world's top gold-backed exchange-traded fund (ETF).Upcoming key data includes U.S. nonfarm payrolls due on Friday. The U.S. economy is expected to have added 200,000 jobs in April, slightly fewer than in March.
COMMODITY
S2
S1
R1
R2
TREND
RANGE
Gold
29742
29867
30215
30438
SIDEWAYS
29800 - 30470
Silver
40757
41024
41599
41907
SIDEWAYS
40800 -41600

Base Metals: Copper fell on Wednesday as funds took profits after manufacturing data from China undermined confidence. A stronger U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms; a relationship used by funds to generate buy and sell signals from numerical models. Industrial production, investment, property market and loans data for March has bolstered hopes of stronger demand in China, which accounts for nearly half of global copper consumption.

COMMODITY
S2
S1
R1
R2
TREND
RANGE
Aluminum
107.33
108.02
109.47
110.23
BULLISH
107-110
Copper
321.58
323.47
328.65
331.88
BEARISH
324 - 332
Lead
115.07
116.23
118.53
119.67
BEARISH
116-119
Nickel
623.6
627.2
635.5
640.2
BULLISH
618-640
Zinc
123.95
124.85
126.55
127.35
BEARISH
125-128

Energy: Oil prices jumped by more than one percent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output. International benchmark Brent crude futures were trading at USD 45.31 per barrel at 0031 GMT, up 69 cents or 1.6 percent from their last close.
COMMODITY
S2
S1
R1
R2
TREND
RANGE
Crude oil
2830
2865
2965
3030
SIDEWAYS
2870-2970


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