The daily commodity report summarizes prices and trends in gold, silver, and crude oil futures on the MCX exchange on May 16th, 2012. Gold prices opened lower but fell further to an intraday low before closing with modest losses. Silver and crude oil also opened lower and saw intraday lows, with silver closing with moderate losses and crude closing with modest losses. Technical indicators for all three commodities showed selling pressure, with the RSI and stochastic in oversold zones, suggesting potential for short-term rebounds.

1. Daily Commodity Report
16th May 2012
MCX GOLD (5 JUNE 12) - Gold opened lower at 28205.
Gold Silver Crude
(5 Jun-12) (5 Jul-12) (21 May-12) Incidentally, this was the highest price for the day. However, it
failed to sustain higher and moved lower. It touched an intra-day
Open 28,205 53,575 5,106 low of 27992. It ended the day with modest losses to close at
High 28,205 53,575 5,137 28126.
Low 27,992 52,820 5,072 The RSI is placed below its averages, which would lead to selling
Close 28,126 52,957 5,083
pressure. However, the Stochastic has moved above its average.
Moreover, the RSI and Stochastic are placed in the over sold zone,
Prev. Close 28,244 53,635 5,111 which would lead to short covering and buying support at regular
% Change -0.42% -1.26% -0.55% intervals. The ADX line and the +DI line are moving sideways but
the -DI line has again started moving higher and is placed at 38.74
Source – MCX level indicating sellers are gaining strength. MCX GOLD faces
resistance at 28960, 29212 and 29433, while the supports are
Volume (In 000's) placed at 28084, 27557 and 26517 levels.
15/5/2012 14/5/2012 % Chg.
MCX SILVER (5 JULY 12) - Silver opened lower at 53575.
Gold (gms) 37,497.0 37,503.0 -0.02% Incidentally, this was the highest price for the day. However, it
failed to sustain higher. It moved lower to touch an intra-day low of
Silver (kgs) 2,153.2 1,780.0 20.97%
52820. It ended the day with moderate losses to close at 52957.
Crude (bbl) 19,528.1 19,045.4 2.53%
The RSI and the Stochastic are placed below their respective
Source – MCX averages, which would lead to selling pressure. However, the
Stochastic and RSI are placed in the over sold zone, which would
Turnover (In Lacs) lead to short covering at regular intervals. The ADX line and the
+DI line are moving sideways but the -DI line has again started
15/5/2012 14/5/2012 % Chg.
moving higher and is placed at 37.88 level indicating sellers are
Gold 1,053,556.0 1,059,280.4 -0.54% gaining strength. MCX Silver faces resistance at 55551, 56157,
57737, 61708 and 65159 while the supports are placed at 51029,
Silver 1,144,398.3 955,211.0 19.81%
50252 and 48562 levels.
Crude 996,408.0 971,218.0 2.59%
MCX CRUDE (19 May 12) - Crude opened lower at 5106 level It
Source – MCX moved lower to touch an intra-day low of 5072. However, it
managed to bounce back from lower levels and moved higher. It
Global Market (Nymex - $) moved higher to touch an intra-day high of 5137. It ended the day
with modest losses to close at 5083.
16/5/2012 15/5/2012 % Chg.
Gold (oz) 1,541.40 1,556.80 -0.99%
The RSI and the Stochastic are placed below their respective
averages, which would lead to selling pressure. But both are also
Silver (oz) 27.69 28.05 -1.32% placed in the over sold zone, which would lead to short covering at
Crude (bbl) 92.87 93.98 -1.18% lower levels. The ADX line and the +DI line are moving sideways.
The -DI line is placed at 35.95 level indicating sellers have an
Dollar Index 81.35 81.22 0.16%
upper hand. It faces resistance at 5160, 5264 and 5392, while the
Source – www.cmegroup.com supports are placed at 5057, 4905 and 4722 levels.
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE MAY 12 5083 5097 5123 5162 5227 5058 5032 4967
GOLD JUN 12 28126 28108 28223 28321 28534 28010 27895 27682
SILVER JUL 12 52957 53117 53415 53872 54627 52660 52362 51607
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2. US Economic Calendar:
Wednesday Thursday Monday Tuesday Wednesday
May 16 May 17 May 21 May 22 May 23
Industrial Production Jobless Claims Chicago Fed National Existing Home Sales New Home Sales
Activity Index
Housing Starts Bloomberg Consumer 4-Week Bill ICSC-Goldman Store EIA Petroleum Status
Comfort Index Announcement Sales Report
FOMC Minutes E-Commerce Retail 3-Month Bill Auction Richmond Fed MBA Purchase
Announcements Sales Manufacturing Index Applications
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