Friday, 31 August 2012

Commodity Market Update (Natural Gas)



Precious metals are trading in a narrow range since morning, and are expected to trade silent with negative bias as the anxiety over the Federal Reserve’s event to be scheduled tomorrow may generate volatility in the precious metals. Traders will be looking for US Initial Jobless Claims data to be released today to find some cues for the intraday trading. Gold
 have its support around $1650 while Silver may face support near $30. Base metals may remain a bit positive while Crude Oil prices are expected to trade near the current level. Natural Gas seems to trade lower for the day. Traders will be looking for the storage data to be released at 8.00 PM, with a market forecast of 65 BCF compared to the previous of 47 BCF.

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