BULLION & ENERGY OUTLOOK & FREE TIPS FOR 12 MAY 2016

Bullion: Gold prices to trade sideways after some pull back in US dollar index. Gold offs lows of last week and trade near Rs 30000 in MCX. Appetite for gold appeared to have eased after the metal failed to convincingly breach the $1,300 resistance level last week. For More Information visit

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COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	29600	29800	29935	30080	SIDEWAYS	29700-30080
Silver	40400	40800	41600	41900	SIDEWAYS	40700-41500

Energy: Oil prices rallied yesterday after data revealed an unexpected drop in US crude inventories. The US Department of Energy (DoE) today said the country's commercial crude stockpiles slid by 3.4 million barrels last week. Analysts' consensus had been for a rise of 750,000 barrels. Crude oil may trade flat to positive on morning session.

"Outlook: BUY CRUDEOIL BETWEEN 3020-3030 TGT 3090-3140 SL 2990"

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	2970	3030	3080	3140	BULLISH	3020-3150

          Cruid Oil View

             

Bullion Mcx Tips; Indian Commodity Market Updates

Gold extended gains to a seventh session on Thursday in its longest winning streak since 2012 as soft U.S. data boosted expectations the Federal Reserve would keep interest rates low for the time being. Spot gold rose 0.3 percent to $1,199.30 an ounce by 0306 GMT. Earlier in the session, it hit $1,200.10, its highest since March 6. The seventh day of gains matches a similar stretch in August 2012.
Gold prices rose by Rs 100 to Rs 26,550 per 10 grams at the bullion market today on increased buying by jewelers and retailers amid a firm global trend. Silver also moved up by Rs 200 to Rs 37,800 per kg on increased off take by industrial units and coin makers.
Crude oil prices rebounded in Asia on Thursday with events in Yemen offering fresh support as Saudi Arabia and allies bomb Houthi rebel positions and President Abdrabbuh Mansour Hadi hangs onto power.On the New York Mercantile Exchange, WTI crude for May delivery rose 0.99% to $49.70 a barrel.
MCX Copper April expiry contract closed unchanged on Tuesday. Prices lost ground inching closer to Rs 390 which proved a crucial resistance of last week. Copper ended the day at Rs 387.15 per kg on 25 March 2015 against 387.75 per kg on 24 March 2015. Gains are expected to get resisted at Rs 392-393 per kg today. Meanwhile support for Copper is at Rs 385 per kg.

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