Commodity Market Update (Gold perf. chart)

Precious metals are trading mixed with positive bias, CMX Gold futures are likely to test its intraday resistance around $1630 while on other hand Silver listed on CMX may trade higher to $28.30, Base metals may remain mixed in a broad range as traders are very much unclear about the US and Europe economic health, Market traders will be looking for the Wednesday’s FOMC statement and Thursday’s ECB press conference to find some proper clue regarding the top economies. On Energy complex Crude oil prices may move in an indecision range of $88.5 to $91.5 and any breakout above or below the range may lead further price movement. We expect the gaining prices in Natural Gas may cue short opportunity as it’s seems difficult for prices to breach the resistance of Rs.175.00.