COMMODITY ANALYSIS FOR TODAY 29 APRIL 2016

GOLD:	SILVER:
RESISTANCES :30160/30700 /29840/29960	RESISTANCES : 42500/43050/ 41300/41760
SUPPORTS : 29360/29050/28960/28710	SUPPORTS : 39850/39150 38500/37950
BUY Above 29800, TGT 30100/300, SL 29600	BUY ABOVE 41400,TGT 41700 SL 41050
SELL Below 28950, TGT 28800/500 SL 29130	SELL BELOW 41100, TGT 39700, SL 41350

Gold : Gold rose more than 1 percent on Thursday as the Bank of Japan held off from expanding monetary stimulus, boosting the yen versus the U.S. dollar, and after the Federal Reserve signaled it was in no rush to tighten monetary policy. The Fed left interest rates unchanged after its latest meeting on Wednesday and, while keeping the door open to a hike in June, showed little sign it was in a hurry to tighten policy amid an apparent slowdown in the U.S. economy. German bond yields fell as relief spread across markets that the Fed had not strongly signaled that it would raise interest rates in June, while the dollar slid against a basket of currencies. The U.S. currency came under further pressure after the Bank of Japan defied market expectations for more monetary stimulus, boosting the yen. U.S. short-term interest rate futures reflect the expectation the Fed will wait until September before raising rates. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. After three straight years of losses, analysts are finally prepared to say gold prices have found a floor, with rising prices seen this year and next as concerns over the pace of U.S. monetary policy tightening fade.

Outlook : We expect gold prices to trade positive on the back of Japan’s monetary policy stance.

Silver: Silver was up 2 percent at $17.56 an ounce.

Outlook: We expect silver prices to trade positive on the back of Japan’s monetary policy stance.

Crude Oil: Oil markets jumped 2 percent on Thursday, hitting 2016 highs for a third straight day as a weaker dollar had investors shrugging off record high U.S. crude inventories and relentless pumping by major producers. Oil prices have surged nearly 80 percent since hitting 12-year lows of around $27 a barrel for Brent in late January and about $26 for U.S. crude in mid-February. For April, the two benchmarks are up about 20 percent, on track for their largest monthly gain in a year. The rally, partly driven by the 5 percent drop in the dollar this year, accelerated even though U.S. government data on Wednesday showed crude stockpiles swelled to all-time highs above 540 million barrels last week. The dollar tumbled, making oil denominated in the greenback more attractive to holders of the euro and other currencies. Analysts believe the global oil glut will start to ease in the second half of this year, and traders and investors have been pushing prices higher in hopes they are right. While U.S. oil production has fallen, imports of crude have risen and the global glut looks to grow as major exporters from Saudi Arabia to Russia and Iran ramp up output in a battle for market share. Oil near or above $50 a barrel could make drilling attractive again for U.S. shale producers, which would add to the glut and pressure prices.

Outlook : We expect crude oil prices to trade positive on the back of speculative buying.