21 May 2016

WEEKLY COMMODITY REPORT 23MAY 2016 TO 27 MAY 2016

Weekly Support & Resistance for GOLD
Resistance: 30100-30300
Pivot: 29900
Support: 29500-29300


In international spot gold managed to find support at $1,245, a key reversal level on gold. Negative yields and the prospect of higher inflation will continue to provide support.
Last week GOLD traded in the range of 29600-30270. After US economic data like CPI, Unemployment claims which came give fed room to hike interest rates in June which drags the prices of precious metals. Gold may be trade in the range of 29600-30200 trading below 29300 will lead to down side to 29000-28700

Silver



Silver : Silver may trade sideways in range 39500-40900 week ahead. If trade above 40300 may again show some strength to 40900.Below 39600 may test 39100.