Daily Commodity Market Update as on Wednesday, May 04, 2011

GOLD
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

BUY GOLD JUNE 22330 22270 22390 22450

What make market to move……

# Gold trading range is 22150-22712.

# Gold ended down as dollar rebounded and India raised interest rates to curb inflation.

# Gold looks to take support at 22262 and resistance at 22543.

# Spdr gold trust holdings fell by 5.15 tonnes to 1224.49 toones

# Gold / Silver ratio is at 37.14. Yesterday Gold FIX $ has closed lower at : 1540.25

SILVER
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SILEVR LOOK TO HOLD SUPPORT AT 62000 DEMAND CAN BE SEEN FROM THAT LEVEL

What make market to move……

# Silver trading range is 59090-70366.

# Silver ended lower as speculators rushed to liquidate positions after COMEX's third margin hike in a week

# Silver is having resistance at 66857 and support at 61219 level.

# Holdings at ishares silver trust fell by 104.69 tonnes to 10909.06 tonnes

# Silver $ FIX is at : 43.61 & CURRENTLY SILVER $ IS TRADING AT : 41.22 & DOWN BY -1.06%

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 CRUDE
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL MAY 4980 5020 4940 4910

What make market to move……

# Crude trading range is 4893-5091.

# Crude ended down as stronger dollar and concerns over declining demand weighed on prices

# Crude looks to test support at 4934 and resistance is seen at 5033.

# Today crude oil inventories: EXP: 1.9M PREV: 6.2M

# Crude $ is Trading at : 110.7$

COPPER
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL JUNE 420 422.5 418 415.5

What make market to move……

# Copper trading range is 412.3-429.4.

# Copper yesterday traded with the positive node after factory orders gained more than forecast in the U.S

# Copper is taking resistance at 426.30 and support is seen at 417.70.

# Copper daily stocks at Shanghai exchange came down by 1574 tonnes.

# YESTERDAY LME STOCK FOR COPPER CAME Up BY 150

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 NAT.GAS
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

BUY MAY 204 201 208.5 211.5

What make market to move……

# Natural Gas trading range is 206.2-212.6.

# Natural gas ended positive but pared most of its gains on profit booking

# Natural gas looks to test support at 207.60 and resistance is seen at 210.80.

# U.S. natural gas supplies totaled 1.685 trillion cubic feet in the week ended April 22

# NATURAL GAS $ IS TRADING AT : 4.649$

According to CFTC-sourced data, the net-long positions in both gold and silver experienced contract shrinkage in the latest
reporting period. On the other hand, the recent dip in prices may be helpful in boosting gold sales in India ahead of the May 6
Akshaya Tritiya festival –one of the most auspicious times to buy small pieces of gold and silver.
RBI Governor indicated he would tighten borrowing costs further after boosting the benchmark repurchase rate by half a 5 point
yesterday, the biggest move since July 2008, while Brazilian central bank President said policy makers will raise interest rates for
as long as is needed to bring inflation back to the 4.5% target next year. The Philippine and Malaysian central banks will consider
increasing interest rates at policy meetings tomorrow.
China’s central bank said taming inflation is its top priority, signaling that more tightening is possible even after a manufacturing
survey showed that growth may be moderating in Asia’s biggest economy.

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