Gold prices were little changed on Wednesday as the dollar held on to gains after climbing to a fresh new high this year on Monday. Investors now turn their attention to the Federal Reserve’s minutes that will come on Thursday in Asia to look for cues for rate hikes. The dollar was also supported by the continued rise of U.S. 10-year Treasury yields that hit 3% recently and expectations for interest rates. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Although not a major directional driver, geopolitical tension was in focus as U.S. President Donald Trump casted doubt on the upcoming historic summit with North Korea in June. “There’s a chance, a very substantial chance, it won’t work out,” Trump said during a meeting with South Korean President Moon Jae-in on Tuesday. “I don’t want to waste a lot of time and I’m sure he doesn’t want to waste a lot of time. So there’s a very substantial chance it won’t work out and that’s OK. That doesn’t mean it won’t work out over a period of time.”
Copper rose with prices underpinned as the chance of a U.S.-China trade war appeared to fade.
Copper on MCX settled up 0.89% at 472 gained on fresh buying tracking international maraket where Shanghai Copper hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade. Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange. Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. Support also seen after the number from China showed China’s economy likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday. Copper was also supported by trouble at a Vedanta Resources-controlled copper smelter in southern India, where at least nine people were killed on Tuesday after police fired at protesters calling for the plant's closure.
Oil Prices Dip With Possible Easing of OPEC Supply Curbs.
Oil prices edged lower on Wednesday morning in Asia, as markets considered the possibility of higher output from the Organization of the Petroleum Exporting Countries (OPEC).OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far. Concerns about a potential drop in Iranian oil exports following Washington’s exit from a nuclear arms control deal with Tehran have driven prices to multi-year highs. U.S. sanctions against Iran, which currently produces 4% of global oil supplies, may cause shortages later this year when trade restrictions take effect. On Monday, the U.S. demanded Iran make sweeping changes - from dropping its nuclear program to pulling out of the Syrian civil war - or face severe economic sanctions.Tehran dismissed Washington’s ultimatum.
Precious Metals
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 31400
RESIST 1: 31300
SUP 1: 31000
SUP 2: 30900
CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 41100
RESIST 1: 40900
SUP 1: 40200
SUP 2: 40000
Base Metals
CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 479.00
RESIST 1: 477.00
SUP 1: 468.00
SUP 2: 466.00
CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1020.00
RESIST 1: 1015.00
SUP 1: 980.00
SUP 2: 975.00
CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 213.00
RESIST 1: 211.00
SUP 1: 205.00
SUP 2: 203.00
CS LEAD (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 174.00
RESIST 1: 172.00
SUP 1: 165.00
SUP 2: 163.00
CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 159.00
RESIST 1: 157.00
SUP 1: 153.00
SUP 2: 151.00
Energies
CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 5000
RESIST 1: 4960
SUP 1: 4880
SUP 2: 4840
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 203.00
RESIST 1: 201.00
SUP 1: 195.00
SUP 2: 193.00
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