Gold and silver prices rose slightly on May 31st while crude oil fell. Gold opened lower but bounced back to close up 0.89% near 29,117. Silver also opened lower but gained 0.96% to close at 54,483. Crude opened higher but then fell, closing down 2.65% at 4,962. Technical indicators were mixed, suggesting prices may remain range-bound in the near future. Support and resistance levels are provided for gold, silver, and crude on MCX.

1. Daily Commodity Report
31st May 2012
MCX GOLD (5 JUNE 12) - Gold opened lower at 28845. It moved
Gold Silver Crude
(5 Jun-12) (5 Jul-12) (19 Jun-12) lower to touch an intra-day low of 28755. However, it managed a
bounce back and moved higher to touch an intra-day high of 29154.
Open 28,845 53,900 5,098 It ended the day with moderate gains to close at 29117.
High 29,154 54,578 5,098
The RSI has moved above its average. Moreover, the Stochastic
Low 28,755 53,560 4,952
has remains placed above its average. These positive conditions
Close 29,117 54,483 4,962 would lead to further buying support. The ADX line, the –DI line and
the +DI line are moving sideways, indicating a range bound trend.
Prev. Close 28,859 53,964 5,097
MCX GOLD faces resistance at 29212, 29433 and 30000 while the
% Change 0.89% 0.96% -2.65% supports are placed at 28960, 28084, 27855, 27557 and 26517
Source – MCX levels.
Volume (In 000's)
MCX SILVER (5 JULY 12) - Silver opened lower at 53900. It
moved lower to touch an intra-day low of 53560. However, it
30/5/2012 29/5/2012 % Chg. managed a bounce back and moved higher to touch an intra-day
high of 54578. It ended the day with moderate gains to close at
Gold (gms) 38,733.0 39,300.0 -1.44%
54483.
Silver (kgs) 2,619.7 2,473.4 5.91%
The RSI has moved above its average, which would lead to buying
Crude (bbl) 22,916.0 19,189.5 19.42%
support. However, the Stochastic has remains placed above its
Source – MCX average. and the Stochastic remains placed below its average,
which would lead to selling pressure especially at higher levels. The
Turnover (In Lacs) ADX line, the +DI line and the –DI line are moving sideways,
indicating a range bound trend. MCX Silver faces resistance at
30/5/2012 29/5/2012 % Chg.
55551, 56157, 57737, 61708 and 65159 while the supports are
Gold 1,119,918.9 1,140,303.5 -1.79% placed at 51029, 50252 and 48562 levels.
Silver 1,413,314.6 1,345,900.8 5.01% MCX CRUDE (19 June 12) - Crude opened higher at 5098 level.
Crude 1,151,144.3 978,948.0 17.59% Incidentally this was the highest price for the day. It moved lower to
touch an intra-day low of 4952. It ended the day with large losses to
Source – MCX close at 4962.
Global Market (Nymex - $) The RSI has slipped below its average. Moreover, the Stochastic is
31/5/2012 30/5/2012 % Chg. placed below its average. These negative conditions would lead to
selling pressure. However, the Stochastic is placed in the over sold
Gold (oz) 1,561.40 1,563.40 -0.13%
zone, which would lead to short covering at lower levels. The ADX
Silver (oz) 27.83 27.96 -0.49% line and –DI line are trending up and are placed above the 30 level
Crude (bbl) 87.51 87.82 -0.35% indicating sellers have an upper hand. While the +DI line is moving
lower. It faces resistance at 5000, 5058, 5160 and 5264 while the
Dollar Index 83.00 83.02 -0.02%
supports are placed at 4905, 4855 and 4710 levels.
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point
R1 R2 R3 S1 S2 S3
CRUDE JUN 12 4962 5004 5056 5150 5296 4910 4858 4712
GOLD JUN 12 29117 29009 29262 29408 29807 28863 28610 28211
SILVER JUL 12 54483 54207 54854 55225 56243 53836 53189 52171
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2. US Economic Calendar:
Thursday Friday Monday Tuesday Wednesday
May 31 Jun 01 Jun 04 Jun 05 Jun 06
GDP Data Employment Situation Factory Orders ISM Non-Mfg Index Productivity and Costs
Data
Jobless Claims Personal Income and 4-Week Bill ICSC-Goldman Store EIA Petroleum Status
Outlays Announcement Sales Report
ADP Employment Construction 6-Month Bill Auction 4-Week Bill Auction MBA Purchase
Report Spending Applications
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