Commodity Market Update

Precious Metals are trading higher since morning and are likely to extend gains into the evening. CMX Gold may test $1630-$1633 if prices manage to break above resistance at $1622 while Silver is facing a strong resistance at $28.40 above which prices may rally to $29-$29.25 today. Base Metals are recovering from their last session’s losses and are likely to continue gains towards the evening. Energy prices are also trading with a positive bias and we may see Crude Oil test $90 if fundamentals are in favor. The weaker rupee will also add further gains to domestic commodities. USDINR Comp has weakened by 55 paise or 1% at the time of writing this.

Key Data to watch : US Challenger Job Cuts YoY, US ADP Non Farm Employment Change, US Jobless Claims, US ISM Non Manufacturing PMI and US Crude Oil Inventories (8.30 pm).