Friday, 20 July 2012

Commodity Market Update

Precious Metals are trading sharply higher today with Gold gaining 0.80% and Silver up by over a percent. Prices are trading above a resistance at $1580.0 and are likely to add to gains in the evening along whereas Silver is facing resistance at around $27.60 and should move higher above this level. Base Metals on LME are strong this morning with Copper gaining over a percent since morning, prices are likely to continue the uptrend and could possible add to gains in the evening. Crude Prices are higher by a percent to trade at $90.84 a barrel while Natural Gas is lower by half a percent, Oil prices are likely to move higher today; a daily close above $90.0 would see prices test $95.0 and possibly $100.0 in the coming weeks. The rupee has appreciated by 20 paise or 0.36% and is trading at 55.28 against the dollar.

Key Data to watch : US Unemployment Claims, US Existing Home Sales, Us Phily FED Manf Index and Natural Gas Storage Report.

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