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2. http://www.sapforex24.com {DAILY COMEX REPORT (MAY 19, 2016)}
COMMODITY NEWS
Silver prices are lower, following an increase in demand for the Dollar post
higher expectations that the Fed is going to hike rates. Technically, silver prices
remain trapped in the $16.78 – $17.56 range, which is both the April 25 low and
May 11 high respectively.
The nearest support level below the lower end of the above-mentioned range is
the psychological level of $16.50, while the resistance level above the May 11
high of $17.56 is the May 5 high of $17.70. Today, the Federal Reserve will
publish its minutes from the most recent FOMC Meeting
U.K. unemployment remained at 5.1%, while wages continued to grow in the three
months to March, according to data released on Wednesday.
The Bank of England (BoE) has been keeping an eye on average earnings for its
implication for inflation as it waits for signs to move forward with policy tightening.
Similarly, the final read on euro zone consumer price index for April was confirmed
to have fallen 0.2% year-on-year with no change from the prior month, while core
inflation continued to creep lower, defying efforts by the European Central Bank
(ECB) to fulfill its price stability mandate.
Chinese stocks led the losses on Wednesday as nerves were put on edge by the
possibility of the Fed raising rates in June, though Japan almost escaped unscathed
thanks to the positive economic data.
MARKET OUTLOOK (THURSDAY, MAY 19)
The U.K. is to release data on retail sales.
The European Central Bank is to publish the minutes of its April
meeting.
The U.S. is to report on initial jobless claims and manufacturing activity
in the Philadelphia region.
3. http://www.sapforex24.com {DAILY COMEX REPORT (MAY 19, 2016)}
“Crude Oil bounced high and more likely to go higher”
TECHNICAL ANALYSIS – Crude oil prices moved higher for a second consecutive day,
hitting the highest level in seven months. From here, a daily close above the 50% Fibonacci
expansion at 48.45 targets the 61.8% level at 50.13. Alternatively, a reversal back below
the 38.2% Fib at 47.41 sees the next downside barrier at 45.73, the 23.6% expansion.
SUMMARY
The primary trend of CRUDE OIL is Bullish on daily charts and sustaining at lower
levels. CRUDE OIL found some support at 47.75 but it will remain above that level for
long. If it breaks high 48.75 next targets are 49.30 then 49.65.
INDICATORS
RSI is sustaining near in buying territory, supporting the upcoming upward trend in the
pair. In MACD Prices are sustaining in the upward territory, support the lower side
movement in the market.
STRATEGY
CRUDE OIL is looking bullish on charts for next day.
TECHNICAL
LEVELS
PROPERTIES VALUES
Support 2 47.20
Support 1 47.65
Pivot Point 48.00
Resistance 1 48.35
Resistance 2 48.75
CRUDE OIL
4. http://www.sapforex24.com {DAILY COMEX REPORT (MAY 19, 2016)}
“Gold touch our support and more likely to go higher”
TECHNICAL ANALYSIS – Gold prices failed to build lasting momentum on another
attempt at a run higher, recoiling back toward the middle of a now-familiar narrow range.
Near-term resistance is in the1265-1280 area with a daily close above that exposing
the 50% Fibonacci expansion at 1290. Alternatively, a drop below the 23.6% level
at 1249.70 targets rising channel floor support at 1245.82.
SUMMARY
The primary trend of GOLD is bullish on daily charts and sustaining at lower levels. The
metal has an immediate resistance at 1265/1275 and 1285 Mean while, the support stands
at 1253 below which doors could open for 1245.
INDICATORS
RSI is sustaining near in buying territory, supporting the upcoming upward trend in the
pair. In MACD Prices are sustaining in the buying territory, support the upper side
movement in the market.
STRATEGY
GOLD is looking bullish on charts for next day.
TECHNICAL
LEVELS
PROPERTIES VALUES
Support 2 1246
Support 1 1253
Pivot Point 1262
Resistance 1 1271
Resistance 2 1282
GOLD
6. http://www.sapforex24.com {DAILY COMEX REPORT (MAY 19, 2016)}
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