Gold,Silver,Crude Oil,Lead,Zinc Trend:Commodity Market News-Friday 20 May :-
Gold:
Gold bounced on Friday as investors availed the buying opportunity after prices slipped yesterday. Technically, if gold moves above the resistance level of $1500, then it could go higher to $1508-$1518. Otherwise if doesn’t get support at $1488 then it is expected to fall at $1462.
Silver:
Silver futures edged higher in during Asian trading on Friday and struggling to sustain early gains following a drop in exchange-traded fund holdings. If commodity markets start to stabilize, investment demand for silver could return because it has a strong positive correlation to gold and is a cheaper alternative.
Crude Oil:
Oil rose as investors speculated yesterday’s slump was overstated amid signs fuel demand may be supported in the world’s two biggest crude-consuming nations U.S. and China.The potential diesel imports to China will be bullish to the overall oil market.
Lead,Zinc:
Global output of refined zinc metal exceeded output by 111,000 tons over the first quarter of 2011, said International Lead and Zinc Study Group (ILZSG) in its preliminary data for world lead and zinc supply and demand during the first three months of 2011.
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