COMMODITY
MARKET OUTLOOK
Gold drifted slightly weaker in early Asia
on Friday with consumer prices in China that will be closely watched in the wake
of recent mildly upbeat data in trade and manufacturing.
Gold edged up as it swung between small
gains and losses Friday in Asia After consumer prices in China came in lower than
expected, capping recent upbeat data in trade and manufacturing from the country
that is the Second largest importer of the yellow metal.
Gold prices slipped lower on Friday,
but losses were expected to remain limited as a globally weaker U.S. dollar continued
to lend support to the precious metal.
Crude prices held weaker on Friday in
Asia as investors took profits on Sharp gains following bullish U.S. inventories
data and looked ahead to an Industry report on rig counts in the U.S.
Oil prices edged lower on Friday but were still set for their first weekly
gain in three weeks after Russia and Saudi Arabia agreed to work together to help re-balance the markets and after a surprisingly large draw down in U.S. crude stocks.
The dollar erased losses against the other major currencies in quiet trade
on Friday, as no major U.S. economic data was to be released throughout the day
but gains were expected to remain limited as declined expectations for a 2016 U.S.
rate hike continued to weight .
Commodity
Market update:-
GOLD
PP-31228
R1- 31327 S1-31161
R2- 31394 S2-31062
SILVER
PP-46495
R1- 46720 S1-46230
R2- 46985 S2-46005
CRUDE OIL
PP-3121
R1- 3145 S1-3092
R2- 3171 S2-3068
NATURAL GAS
PP-188.5
R1- 190.6 S1-186.8
R2- 192.3 S2-184.7
COPPER
PP-313.5
R1- 314.9 S1-312.4
R2- 316.0 S2-310.9
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