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GOLD SILVER & CRUDE Commodity Technical Analysis

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Publish date: Fri, 16 May 2014, 05:45 PM
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GOLD

US Unemployment Claims declined the most in last seven years. Hence a sharp fall was noticed at the US opening time. There were other data also at the same time i.e. Manufacturing Sales and Core CPI that made a gap down of almost 5$ at a time and then a little recovery took place. Else the commodityshould break the resistance of 1306. Following the support @1289
Forecast
Gold is expected to trade in a bit consolidate range of 1306 to 1289
SILVER
 
Taking cues from weakness in gold prices even spot silver prices declined by around 1.3 percent. Besides, weakness in the base metals complex also exerted downside pressure on prices. So we expect that the silver price would trade in a consolidation.
Forecast
Silver prices are expected to trade in a range of 18.800 to 20.00
CRUDE

Crude oil prices moved down in US nearly 1% as positive US data and higher inventories earlier pushed the prices down. Russia faces broader economic and industrial sanctions from the United States and Europe if it meddles in Ukraine's presidential elections on May 25.
Forecast
Crude is expected to trade sideway for today's session in a range of 102 to 101
TODAY'S DAY RANGE
COMMODITY S1 S2 R1 R2
GOLD 1290 1280 1300 1310
SILVER 19.00 18.20 20.00 20.80
CRUDE 99.80 99.00 101.90 102.70
DAY'S HIGHLIGHT
  • German Prelim GDP increased by 0.8 percent in Q1 of 2014.
  • The US Dollar Index (DX) declined marginally by 0.1 percent yesterday on the back of rise in risk appetite in market sentiments in early part of the trade which led to decline in demand for the low yielding currency.
  • Taking cues from weakness in gold prices even spot silver prices declined by around 1.3 percent. Besides, weakness in the base metals complex also exerted downside pressure on prices.
Data Update for 17th May 2014
Time Currency Particular Actual Forecast Previous
4:30am USD Fed Chair Yellen Speaks





7:30am CNY Foreign Direct Investment ytd/y 5.00%

5.50%
10:00am JPY Revised Industrial Production m/m 0.70% 0.30% 0.30%
12:15pm EUR French Prelim Non-Farm Payrolls q/q

-0.10% 0.10%
1:30pm EUR Italian Trade Balance

2.47B 2.62B
2:30pm EUR Trade Balance

17.3B 15.0B
6:00pm CAD Foreign Securities Purchases

7.21B 6.08B


USD Building Permits

1.01M 1.00M


USD Housing Starts

0.98M 0.95M
7:25pm USD Prelim UoM Consumer Sentiment

84.7 84.1


USD Prelim UoM Inflation Expectations



3.20%
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