Thursday, June 2, 2011

MCX Commodity market news and trading tips for today

Gold rebounded from early losses on Wednesday to a  one-month high on safe-haven buying after U.S. manufacturing data for May came in well below forecasts and below the robust April reading. Crude Oil prices fell on Wednesday  as concerns that slowing economic growth will curb petroleum demand were reinforced by disappointing reports on U.S. private sector employment and manufacturing. Copper fell on Wednesday, on signs of slowing factory activity in China and Europe, and extended losses after below-consensus jobs and manufacturing data.

Gold rebounded from early losses on Wednesday
Silver slips almost 2% on Wednesday
Crude Oil falls on weak US economic data
Copper slips on growth concerns
Copper in LME warehouses rose 3,075 tonnes

R2: 58550
R1: 57600
S1: 56300
S2: 54800
Trend: Consolidate
Strategy: Buy on dips

R2: 105.3
S1: 99.5
S2: 96.2
Trend: Consolidate 
Strategy: Buy on dips