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Top 3 Commodity Technical Analysis Outlook
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Publish date: Mon, 09 Jun 2014, 06:36 PM
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GOLD
Gold trading flat today. From the last six months the gold is trading on low continuously and is around 1250 .ECB also lowered the deposit rate to -0.1% i.e., it will effectively charge banks for holding their money overnight. The refinancing rate cuts down to 0.15% and the marginal lending rate cuts down to 0.40%.
Forecast
We expect prices to trade lower for the day as U.S. jobs data matched expectations, while a rally in stocks curbed the metal's appeal as an investment hedge.
SILVER
The prices of silver is trading on low from the last week, it raised up by 1.5%.The silver follows the gold and may also trade at the lower levels .In silver the prices may boost when the gold prices will lead to the bargain buying which will act as a positive factor .No major economic indicators to be released from US tonight.Forecast
The silver follows the gold and may also trade at the sideway levels .The prices are expected to trade flat in line with the international markets.
CRUDE
The NYMEX was almost flat @$102.65 per barrel .The crude oil held above $102 a barrel on Friday, the fall in prices are marked the last week due to the strength in the dollar index and the rising OPEC production .Prices also traded lower because of ample supply in the US and ease of tensions in Ukraine. Crude inventories fell by 3.4 million barrels while stocks at crushing also slid 300,000 barrels to 21.4 million barrels.
Forecast
The demand for crude oil may see a gradual increase and also support the optimism in the commodity .The crude may give small profits today.
TODAY'S DAY RANGE
| COMMODITY | S1 | S2 | R1 | R2 |
| GOLD | 1244 | 1239 | 1259 | 1263 |
| SILVER | 18.80 | 18.60 | 19.10 | 19.30 |
| CRUDE | 6590 | 6540 | 6680 | 6730 |
DAY'S HIGHLIGHT
- China's Trade Balance jumped to 35.9 billion Yuan in May.
- US Unemployment Rate unchanged at 6.3 percent in the last month.
- Utilities added a larger-than-expected 119 bcf NG, largest since 2009.
- German Trade Balance was at a surplus of 17.7 billion Euros in April.
- UK's Trade Balance was at a deficit of 9.6 billion Pounds in April.
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