COMEX

REPORT

REPORT
29TH MAY 2013

NEWS RADAR

Gold gains on physical demand, but ETF outflows persist

Gold edged higher, supported by strong physical demand after prices fell 1 percent the previous day, but gains are likely to be limited by persistent outflows from exchange-traded funds. Spot gold rose 0.2 percent to $1,382.89 an ounce after falling to $1,373.14. U.S. gold rose 0.3 percent to $1,382.50. Wall Street rallied on Tuesday after data showed that U.S. consumer confidence in May was the highest in more than 5 years, while home prices accelerated in March by the most in nearly seven years. Bank of America Merrill Lynch lowered its gold and silver price forecasts for 2013, citing weak fundamentals and lack of investment buying. The bank now expects gold prices to average $1,478 an ounce in 2013, 12 percent below its prior forecast of$1,680.

Oil, copper up on optimism over economy, easy money

Oil and copper prices jumped on stronger U.S. consumer confidence and signs of easier monetary policy from central banks, while yield-threatening crop weather boosted corn and soybean futures. Gold fell as the growing appetite for risk diminished the safe-haven pull in bullion. Arabica coffee also declined, hitting the lowest price in more than 3-1/2 years due to bumper harvest expectations. The Thomson Reuters-Jefferies CRB index, a bellwether for commodity prices, closed up for the first time in five sessions, hitting a near one-week high. Ten of the CRB's 19 components rose, with corn, soybeans and heating oil all gaining about 2 percent or more.

GOLD HOURLY CHART

S1 1373

S2 1361

R1 1401

R2 1418

GOLD LOOKS BEARISH SELL BELOW 1379 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1365 LEVEL AND MAINTAINING SL OF 1390.00

SILVER HOURLY CHART

S1 22.02

S2 21.80

R1 22.59

R2 22.86

SILVER LOOKS BELOW SELL BELOW 22.50 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 22.25 LEVEL AND MAINTAINING SL OF 22.70

COPPER HOURLY CHART

S1 3.2858

S2 3.2640

R1 3.3348

R2 3.3554

COPPER LOOKS BEARISH SELL BELOW 3.2900 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.2700 LEVEL AND MAINTAINING SL OF 3.3100 3

CRUDE OIL HOURLY CHART

S1 94.21

S2 93.54

R1 95.32

R2 95.95

CRUDE LOOKS BEARISH SELL AROUND 94.60 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 93.60 LEVEL AND MAINTAINING SL OF 95.60

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