WEEKLY COMMODITY REPORT 16 MAY 2016 TO 20 MAY 2016

Weekly Support & Resistance for GOLD

Resistance: 30500-31200

Pivot: 30100

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Support: 29500-29300 

GOLD traded in sideways last week in the range of 29600-30300.Buying from lower levels and weak dollar index give strength to gold prices. For the next week major US economic data like CPI, Unemployment claims and fed minutes are the main key events. Gold may be trade in the range of 29600-30200 trading below 29600 will lead to down side to 29200-29100.

Silver: last week silver traded in range 40500-41800 Silver may see some profit booking below 40500 till 40000-39700.

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Gold prices ticked up by Rs 25 to Rs 30,125 per 10 grams in the bullion market today on scattered buying by jewellers driven by the ongoing wedding season amid firm global cues.

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         silver eased Rs 60 to Rs 41,040 per kg on lack of buying support from industrial units and coin makers.
          Globally, gold rose 0.16 percent to USD 1,279.70 an ounce in London.
In the national capital, gold of 99.9 percent and 99.5 percent purity inched up by Rs 25 each to Rs 30,125 and Rs 29,975 per 10 grams, respectively.      
       Spot gold eased by 0.3 percent to $1,285.16 an ounce by 0008 GMT.

       Oil prices jumped on Monday as a huge wildfire in Canada's oil sand region knocked out over a million barrels in daily production capacity, contributing to a significant tightening of markets over the past weeks.
           Akshaya Tritiya, considered an auspicious day to buy gold, is likely to be lacklustre this time as jewellers are expecting negative marginal growth compared to last year, on the back of rising gold prices, which is ruling at over Rs 30,000 per 10 grams.

             Akshaya Tritiya Gold Rates, Past Year Prices

Prices on occasion of Akshaya Tritiya
Akshaya Tritiya date	Price (Rs/10 gm)
Apr 21, 2015	26,960
May 2, 2014	28,815
May 15, 2013	26,825
April 24,2012	28,852
May 6, 2011	21,701
May 16, 2010	18,167
April 27, 2009	14,624

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Gold nursed losses on Wednesday, holding below a 15-month high as the dollar firmed after two Federal Reserve officials talked up US interest rate hikes this year.

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Spot gold was little changed at USD 1,285.19 an ounce by 0033 GMT, after dropping 0.4 percent in the previous session.

 
Gold prices have gained 21 percent since the start of the year on the outlook that the Fed has slowed its expected pace of rate increases. 

Bullion is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.

 
Bullion is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

          PRICES AT 0029 GMT

 Metal                   Last                  Change          Pct chg

                                            

 Spot gold           1292.9               -0.46               -0.04

 Spot silver          17.78                 -0.04                -0.22

 Spot platinum      1071.99           -2.51               -0.23

 Spot palladium      622.47          -2.03               -0.33

 Comex gold          1295.4            4.9                   0.38

 Comex silver        17.845            0.026             0.15

                                            

 COMEX gold and silver contracts show the most active months.