Commodity Market Update

Precious Metals are trading range bound since morning today and may trade with a positive bias later into the evening. For Gold, a break above $1585-$1588 may see prices move higher in the short term while Silver still faces strong resistance around $27.60 above which the short term picture would turn bullish. Base Metals on LME are trading lower on account of profit booking and should continue trading with a neutral tone for the rest of the evening. Crude prices are also sharply down losing a percent on NYMEX after the sharp rally last evening and may decline further before moving higher over the short term, the MENA regions tension has been lending support to prices this week and should remain in focus over the next week as tensions look unlikely to ease anytime soon. Natural Gas prices are trading in a range with a slight positive bias.

No Economic Releases.