Commodity Market Update (Natural Gas)

Precious Metals are trading slightly lower on CMX with Gold losing 3.0 to trade at 1605.80 while Silver is down 7 cents to trade at 27.39 since morning. Gold prices are facing a small resistance at 1610 above which prices should rally strongly to test 1630-1640 this week while resistance comes into play for Silver at 27.55 above which the outlook turns bullish. Base Metals are trading in red on LME and we find Copper still trading within a range of 7500-7375 and we don’t expect prices to post much of a movement unless prices break above or below this range. Crude Oil prices broke below the range support at 87.70 last evening but failed to remain low and we find it trading back in the range at 88.81, prices may rally higher if it breaks above resistance at 89.13. Natural Gas is trading with a negative bias and we may see it decline today in the evening session.

Key Data to Watch : Core Durable and Durable Goods Mom, Unemployment Claims, Pending Home Sales, Natural Gas Storage