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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 10 MAY 2018

CS MCX Commodity Evening mkt updates

Gold consolidates in a range above $1310, US CPI awaited Gold struggled to build on overnight rebound from the very important 200-day SMA region and was now seen oscillating in a narrow range, just above $1310 level. A modest US Dollar profit-taking slide on Wednesday, further weighed by softer-than-expected US PPI print, benefitted dollar-denominated commodities and triggered a short-covering bounce from a trend-changing moving average support. The up-move, however, lacked any strong follow-through on Thursday, with a combination of diverging forces doing little to provide any fresh impetus and leading to a range-bounce price action through the early European session.  The prevalent risk-on mood, as depicted by strong gains across European equity markets, dented the commodity’s safe-haven appeal and capped any additional gains. Meanwhile, the downside remained cushioned amid subdued US Treasury bond yields and retracing USD. Investors now look forward to the latest US inflation figures, which might influence Fed rate hike expectations and eventually derive demand for the non-yielding yellow metal.

Oil Notches Another 3-1/2-Year High As Israel/Iran Tensions Escalate Crude prices continued higher on Thursday, notching another three-and-a-half-year peak as escalating geopolitical tensions between Israel and Iran cast further uncertainty about supply disruptions from the region. Fresh highs for oil came after Iranian forces in Syria launched a rocket attack on Israeli army bases in the Golan Heights, Israel said, prompting one of the heaviest Israeli barrages in Syria since the conflict there began in 2011. Worries about Iran, including its nuclear deal with major world powers, have been key to oil’s recent rally to late-2014 levels. Prices rallied sharply this week after U.S. President Donald Trump walked away from an international nuclear deal with Iran and reimposed “the highest level of economic sanctions” against the country. Some analysts have said the reinstatement of sanctions could lead to tighter global oil supplies as they make it more difficult for Iran to export oil.

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