Commodity Market Update (Gold)

Bullions are trading mixed since morning, CMX Gold is at $1608, up by a dollar or 0.10% while Silver is lower by 0.27% at $27.72,  Gold is struggling to sustain above its key level of $1610, above which prices are likely to gain further to hit its resistance around $1630-$1640 in intraday. NYMEX Oil prices are trading in red, lower by half a percent and are expected to move in  a broad range until the traders collect some cues from the Fed Chairman’s speech scheduled to be delivered at 6.30 PM today, on other hand Natural Gas prices may remain lower. Copper and other base metals are expected to trade at the current level with low volatility, but the Speech from Fed may spark volatility in the metal counter.