Friday, 24 August 2012

Commodity Market Update (Natural Gas)

Precious Metals are trading sharply higher on COMEX today with Gold trading at 1665.0 and Silver at 30.37, its highest level since May – prices have finally broken out of the trading range and we expect prices to remain in the uptrend, a decline during intraday should be considered as a good opportunity to go longs on bullions. Gold is expected to touch 1700 a
nd Silver should face resistance around 31.50-32.00. Base Metals are also higher today with all of them gaining over a percent since morning, we expect prices to move higher during the day; copper prices are likely to test 430 odd levels this week. Energy prices are mixed today with Copper gaining almost a percent to trade at 98.30 per barrel while Natural Gas is down 0.50% to trade at 2.81 per mmBtu. Crude Oil is likely to move higher to test 100.0 while Natural Gas should remain in the current range.

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