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COMMODITY OUTLOOK

DAILY COMMODITY MARKET UPDATES

NEWS IN HEADLINE

* Oil prices wallow under $80, set for fourth straight month of losses

* Oil set for second weekly drop as recession fears, rates cloud outlook

* Gold prices dip as strong inflation, labor data fuel Fed fears

CHART OF THE DAY

GOLD: GOLD is respecting its 25 DAM beautifully however 60300-60400 is an immediate and critical resistance zone, above this, we can expect a short covering rally towards the 60600-60800 zone. On the downside 59700 is an immediate support zone while 59500-59400 is the next support zone.

OUTLOOK:

* Bullion: Day trend is indicating to sideways to upside in Gold &Silver.

* Energy: Day trend is indicating downtrend in Crude oil & uptrend in Natural gas

* Base metals: Day trend is indicating sideways to downtrend in all base metals.

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