Thursday, 9 August 2012

Commodity Market Update (Crude Oil)

Precious metals are trading slightly lower since morning, with silent tone in bullion market. Gold futures are trading near its resistance of $1610 and a breakout with convincing volumes may lift prices higher to a level of $1630 in intraday, on other hand Silver futures also seems positive but no major economic release may maintain the silent tone in commodity market. Energy prices may correct a bit after its significant gain in previous session. Crude Oil may test support around $92.5, while traders will be eyeing at inventories data to be released at 8.00 PM. On Base metals prices are expected to trade in a range with negative bias.

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