05052016Thu
Last update: Thu, 05 May 2016 04am

Markets - Commodities

Markets - Commodities - Asia

Spot gold to consolidate in $1,289-$1,304 range SINGAPORE: Spot gold may consolidate in a range of $1,289-$1,304 per ounce for a day before rising again. The range is formed by the 100 percent and the 123.6 percent Fibonacci projection levels of an upward wave (5)-3, the third wave of a five-wave cycle from the March 28 low of $1,208.15.This wave is capable of travelling to $1,327, the 161.8 percent level. A wedge forming between March 11 and April 28 suggests a similar target. A break below $1,289 could cause a loss to the 86.4 percent level at $1,281.Copyright Reuters, 2016

Markets - Commodities - Asia

LME aluminium may fall to $1,647 SINGAPORE: LME aluminium may fall to $1,647 per tonne, as it has broken a support at $1,669. The support was provided by the 238.2 percent Fibonacci projection level of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.This wave failed to overcome a barrier at $1,687, the 261.8 percent level. The failure has caused a correction towards the 207 percent level at $1,647. The bearish divergence ...

Markets - Commodities - Asia

Shanghai copper may revisit April 28 low of 37,010 yuan SINGAPORE: Shanghai copper may revisit its April 28 low of 37,010 yuan per tonne, as suggested by its wave pattern and a Fibonacci projection analysis.The metal could be riding on a wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan. This wave is capable of travelling to April 12 low of 35,600 yuan.The bounce from 37,010 yuan seems to have ended around a resistance at 38,030 yuan, ...

Markets - Commodities - Asia

Palm oil may fall into 2,505-2,530 ringgit range SINGAPORE: Palm oil may break a support at 2,546 ringgit per tonne and fall more into a range of 2,505-2,530 ringgit, driven by a wave c. This is the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit. It has traveled below the 100 percent Fibonacci projection level at 2,571 ringgit, and could be extending toward the 138.2 percent level at 2,505 ringgit. A trendline falling from the April 25 ...

Markets - Commodities - Americas

CBOT soybeans may rise to $10.60-3/4 SINGAPORE: CBOT soybeans July contract may rise to $10.60-3/4 per bushel, as it has cleared a resistance at $10.44-3/4.The resistance was provided by the 200 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the March 2 low of $8.62.The next resistance will be at $10.60-3/4, the 223.6 percent level, a break above which could lead to a gain to the 238.2 percent level. A triangle forming ...

Markets - Commodities - Americas

CBOT corn targets $3.98-3/4 SINGAPORE: CBOT July corn may break a resistance at $3.93-3/4 per bushel and rise more towards the next resistance at $3.98-3/4, driven by a wave (3)-3.This is the third wave of a five-wave cycle from the April 25 low of $3.72. It has a fierce character and may easily break the resistance at $3.93-3/4, the 61.8 percent Fibonacci retracement on the fall from the April 21 high of $4.07-1/4 to $3.72. The next resistance will ...

Markets - Commodities - Americas

CBOT wheat neutral in $4.86 to $4.90-1/4 range SINGAPORE: CBOT July wheat looks neutral in a range of $4.86 to $4.90-1/4 per bushel, and an escape will point a direction.The range is formed by the 38.2 percent and the 23.6 percent Fibonacci retracements on the rise from the April 25 low of $4.68-1/2 to the April 28 high of $4.97.A rise above $4.90-1/4 will confirm an extension of the uptrend towards $4.97, while a break below $4.86 could cause a loss to the ...