Daily Commodity Market News & Levels-15 March 2016

BULLION:

Gold prices fell further in Asia on Tuesday as investors took profits ahead of central bank reviews this week with the Bank of Japan up first in holding policy steady. Gold for April delivery fell 1.21% to $1,230.00 a troy ounce. A day later, the Federal Reserve will issue its latest monetary policy statement following the completion of its two-day Federal Open Market Committee (FOMC) for the month of March.

BASE METAL:

LME copper will fluctuate between USD 4,920-4,970/mt during Asian trading hours Tuesday. Copper prices were dragged down by crude oil prices overnight. SHFE 1605 copper will range RMB 37,200-37,700/mt. US February inflation, retail sales, home price and New York Fed’s manufacturing index slated for release today are expected to be mixed. This will affect exchange rate market, but give limited effect on base metals. Base metals are expected to remain range-bound today.

ENERGY:

Crude oil prices reversed course and fell in Asia on Tuesday ahead of industry estimates of U.S. stockpiles and continued back-and-forth over prospects for an output freeze by key producers. Overnight, crude prices slid from three-month highs on Monday, after Russia lent support to Iran's refusal to align with other major producers in a joint effort to cap output, placing a potential OPEC-Non OPEC production freeze in jeopardy.

BULLION COMMODITY MARKER LEVEL- 

CS GOLD (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 29460
RESIST 1: 29220
SUP 1: 28785
SUP 2: 28400
STRATEGY: BUY ON DIPS

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 37830
RESIST 1: 37560
SUP1: 36850
SUP2: 36650
STRATEGY : SELL ON RISE

CS CRUDE OIL (MARCH) OVERVIEW:
TREND :BEARISH
RESIST 2:2580
RESIST 1:2550
SUP1:2460
SUP2:2420
STRATEGY:  SELL ON RISE

CS NATURAL GAS (MARCH) OVERVIEW:
TREND : BEARISH
RESIST 2:127
RESIST 1:125
SUP1:120
SUP2:116
STRATEGY: SELL ON RISE

CS COPPER (APRIL) OVERVIEW:                       

TREND :BEARISH

RESIST 2:339

RESIST 1:336

SUP1:331

SUP2:329

STRATEGY: SELL ON RISE

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