Commodity Market Tips for Today (Thursday: 18th May)

commodity tips todayPRECIOUS METALS: Precious metal rose to a two-week high on yesterday as political turmoil in the United States reduced expectations of aggressive interest rate rises this year, pushed down U.S. bond yields and drove the dollar to its lowest in six months.

ENERGY: Crude Oil prices higher on yesterday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week’s OPEC meeting, where major oil producers are expected to extend supply cuts.

BASE METALS: Copper prices are lower as sharp jump in LME stocks by more than 5 percent is acting as a negative factor. However, weakness in the DXY following reports that Trump has asked FBI Director James Comey to drop investigation into Trump’s former national security advisor, is restricting sharp downside.

Gold:
RESISTANCE2: 29050
RESISTANCE1: 28850
SUPPORT1: 28400
SUPPORT2: 28250

Silver:
RESISTANCE2: 39850
RESISTANCE1: 39550
SUPPORT1: 38800
SUPPORT2: 38500

CALL BUY: SILVER JUL ABOVE 39370 TARGETS 39650/39950 STOP LOSS 39070

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