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

             

Today's MCX Technical View

GOLD

TREND: BUY ON DIPS
R2-30343; R1- 29757
S1-28877; S2-28291

SILVER
TREND: BUY ON DIPS
R2-41537; R1-40734
S1-39530; S2-38727

COPPER
TREND: BUY ON DIPS
R2-338.90; R1-332.40
S1-322.50; S2-316.00

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Accurate Mcx Tips Live Updates for Indian Share Market

Today MCX GOLDM August contract was trading at Rs 27707 down Rs 35, or 0.13 percent. The GOLDM rate touched an intraday high of Rs 27728 and an intraday low of Rs 27563. So far 4343 contracts have been traded. GOLDM prices have moved down Rs 837, or 2.93 percent in the August series so far. In Mcx Gold and silver futures were lower in cautious trade on Thursday, as investors looked ahead to the U.S. nonfarm payrolls report later in the day as well as a policy decision by the European Central Bank. Gold for August delivery shed 0.54%, or $7.20, to trade at $1,323.70 a troy ounce during European morning hours. Prices held in a range between $1,320.70 and $1,328.40 an ounce. Gold ended Wednesday’s session up 0.32%, or $4.30, to settle at $1,330.90.

Crude oil futures fell to three-week lows on Thursday, as easing concerns over a disruption to supplies from Libya and Iraq weighed on prices. Brent oil for August delivery slumped to a session low of $110.69 a barrel, the weakest level since June 12, before trimming losses to last trade at $110.75 during European morning hours, down 0.44%, or 49 cents.

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Morning Mcx Market Trends Tips and Live Updates

In Mcx Market Gold slipped to trade below a three-month high on Thursday as investors awaited a string of key data releases later in the day to gauge the strength of the global economy and the fate of stimulus measures by central banks. Spot gold fell 0.3 percent to $1,323.55 an ounce by 0303 GMT. It hit a 3-month high of $1,332.10 hit earlier this week as tensions in Iraq and Ukraine stoked safe-haven demand.

Crude oil prices dipped early in Asia on Thursday with exports from Libya and relative quiet in Iraq keeping sentiment subdued. West Texas Intermediate crude oil for delivery in August traded at $104.16 a barrel, down 0.31%, after hitting an overnight session low of $104.58 a barrel and a high of $105.52 a barrel. 

Natural gas futures for delivery in August traded at $4.352 per million British thermal units during U.S. trading, down 2.32%. The commodity hit a session high of $4.459 and a low of $4.348. Natural gas futures were likely to find support at $4.289 per million British thermal units, the low from May 18, and resistance at $4.608, Thursday's high.

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