Tuesday 6 August 2013

Commodity Market Update (Silver)

Bullion prices are trading in red since morning with the most actively traded Gold contract on CMX is at 1291.40, down 11 points or 0.84% while Silver is nominally lower by just a cent or 0.08% at 19.70 an ounce. We expect prices to trade with a negative bias for the day. Support for Gold comes around 1280.0 and that for Silver emerges around 19.50 level. Base metals across the LME are trading positive with Copper trading at 7060.0 level, which is likely to act as a strong resistance and sustain above this will add further bullishness to test next resistance around 7120.0 mark. Other base metals are also in green and likely to extend gains for the day. Crude Oil and Natural Gas on NYM are trading positive, the active Oil futures is at 106.90, up 0.31% and Natural Gas is higher 0.06% at 3.32. Intraday bias for Crude Oil and Natural Gas is also positive and we can see prices moving higher in coming hours.

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