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Gold falls as stocks hold firm; physical demand stays strong
Gold fell on Asian stock markets and the dollar firmed after a turbulent week, undermining the metal’s appeal as a safe haven and prompting more selling in bullion-backed exchange traded funds. Demand in the physical market continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion. Spot gold fell 0.26 percent to $1,390.71 an ounce, after gaining more than half a percent on Monday. It rose 2 percent last week – its strongest weekly percentage gain in a month – though the metal is down 17 percent for the year. U.S. gold rose 0.22 percent to $1,389.60
Copper Drops on Concern Slowing Growth in China May Hurt Demand
Copper declined for the third straight day, paring a monthly advance, on concern that slowing economic growth in China may crimp demand in the world’s biggest consumer of industrial metals. Nickel fell. Metal for delivery in three months dropped as much as 1.1 percent to $7,220 a metric ton on the London Metal Exchange, and was at $7,237 at 11:19 a.m. in Singapore. Futures for July delivery fell 0.7 percent to $3.2730 a pound on the Comex. The LME and Comex floor trading were shut for holidays . Premier Li Keqiang, speaking in Berlin yesterday, said that policy makers may maintain slower growth, with China facing huge challenges as it opens up the economy.on fresh worries that sluggish economic growth will limit copper consumption after data showing the euro-zone economy shrank in the first quarter.
GOLD HOURLY CHART
S1 S2 R1 R2
1373 1361 1401 1418
GOLD LOOKS BEARISH SELL BELOW 1382 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1370 LEVEL AND MAINTAINING SL OF 1390.00
SILVER HOURLY CHART
S1 S2 R1 R2
22.34 22.09 22.72 22.98
SILVER LOOKS BELOW SELL BELOW 22.40 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 22.15 LEVEL AND MAINTAINING SL OF 22.60
COPPER HOURLY CHART
S1 S2 R1 R2
3.2758 3.2600 3.3194 3. 3354
COPPER LOOKS BEARISH SELL BELOW 3.2600 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.2400 LEVEL AND MAINTAINING SL OF 3.2800
CRUDE OIL HOURLY CHART
S1 S2 R1 R2
93.04 92.25 94.29 94.18
CRUDE LOOKS BEARISH SELL AROUND 93.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 92.00 LEVEL AND MAINTAINING SL OF 94.00
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