REPORT 24TH MAY 2013
Comex gold rebounds following soft China PMI Gold futures outperformed the rest of the commodities complex in the US on Thursday morning after a Chinese PMI miss had investors fleeing equities and risk assets. Gold for June delivery on the Comex division of the New York Mercantile Exchange was last up $20.90 at $1,388.30 per ounce. Trade has ranged from $1,355.00 to $1,394.80. In todayâ€™s news, the flash May HSBC Chinese manufacturing number came in at 49.6, down from 50.4 last month and its lowest reading since October 2012. This saw the Hang Seng equity index drop 2.5 percent, while the Nikkei fell 7.3 percent.
Copper Edges Higher as Dollar Slips Copper gained on Thursday, bouncing from a near-two-week low on weakness in the U.S. dollar and hopes that demand for the metal would firm up. The most actively traded copper contract, for July delivery, recently traded up 1.35 cent, or 0.4%, at $3.2785 a pound on the Comex division of the New York Mercantile Exchange. The dollar slipped against other major U.S. currencies on Thursday after a weak reading on the U.S. labor market. Dollar-denominated copper can catch a boost as the dollar falls, as it makes the futures appear cheaper for buyers using other currencies. Copper futures had slumped to the lowest price in almost two weeks on fresh worries that sluggish economic growth will limit copper consumption after data showing the euro-zone economy shrank in the first quarter. The metal is used in a wide range of industrial applications, making prices sensitive to the latest reading on the health of the global economy.
GOLD HOURLY CHART
GOLD LOOKS BEARISH BELOW 1392.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1380.00 LEVEL AND MAINTAINING SL OF 1402.00
SILVER HOURLY CHART
SILVER LOOKS BEARISH SELL BELOW 22.45 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 22.20 LEVEL AND MAINTAINING SL OF 22.65
COPPER HOURLY CHART
COPPER LOOKS BEARISH SELL BELOW 3.2800 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.2600 LEVEL AND MAINTAINING SL OF 3.300 3
CRUDE OIL HOURLY CHART
CRUDE LOOKS BULLISH BUY AROUND 97.20 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 98.20 LEVEL AND MAINTAINING SL OF 96.20
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