COMMODITY HEADLINES

 Gold up on firm global cues
 Zinc futures rise on firm global cues
 Nickel futures rises on firm global cues
 Copper futures rise on firm global cues
 White metal up on firm overseas cues
 Yellow metal up on firm global cues

TODAY'S Recommendations
BUY GOLD ABOVE 28100 TGT 28150 28250 SL BELOW 28030
SELL GOLD BELOW 27930 TGT 27880 27780 SL ABOVE28040
BUY SILVER ABOVE 38300 TGT 38450 38650 SL BELOW 38120
SELL SILVER BELOW 38000 TGT 37850 37650 SL ABOVE 38180

SPECIAL NEWS

The Irish economy faces a significant negative hit from Britain's decision to leave the European Union as barriers to trade damage traditional sectors, the International Monetary Fund said in a report on Friday. Ireland, whose economy has been the best performing in the EU for the last three years, is widely considered the most vulnerable among the bloc's 27 remaining members to Brexit due to its close trading links with its nearest neighbor.

"While the impact to date has been modest, the overall effects over the medium term are expected to be negative and significant," the IMF said in an annual report on the Irish economy. "Risks are most acute for traditional sectors that depend on trade with the UK, with potentially sizable consequences for activity and employment outside of the main urban centers." The report also said that as one of Europe's most open economies with one of its lowest corporate tax rates, Ireland faces uncertainty due to planned tax reforms in the United States and European Union.


COMMODITY BUZZ

Gold prices moved higher on Friday, as recent political events in the U.S. continued to weigh on the greenback and boost demand for safe-haven assets, although investors were also eyeing the release of U.S. data due later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.26% at $1,227.36.

President Donald Trump’s unexpected decision to fire FBI Director James Comey. Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign. Investors were concerned the latest events in Washington could hamper the U.S. administration's ability to implement promised tax reform and stimulus measures.

Crude held gain in Asia on Friday ahead of U.S. rig count data with the market in a holding pattern ahead of a May 25 meeting of OPEC and non-OPEC nations in Vienna widely expected to extend a pact to curb oil output. On the New York Mercantile Exchange crude futures for June delivery rose 0.13% to $47.89 a barrel, while on London's Intercontinental Exchange, Brent edged up 0.08% to $50.81 a barrel

Oilfield services firm Baker Hughes will report weekly U.S. rig count data on Friday. Last week, it said rigs rose by 6 to 703 for the sixteenth straight weekly increase. Overnight, crude futures settled higher on Thursday, as investor sentiment remained positive amid a large drawdown in U.S. Crude stockpiles while hopes for an extension of the OPEC-led deal received a boost. Crude prices settled just shy of $48, as investors continued to cheer the EIA’s bullish inventories report released on Wednesday.

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