Wednesday, 22 August 2012

Commodity Market Update (Silver)

Bullions are looking stronger, the actively traded Gold contract is trading up by 0.25% at $1625, well above its resistance $1620, however the prices are likely to test $1640 level in the coming session. Tra
ders’ bets for higher prices in Silver also, the previous session’s rally will prove to be a significant move for the Silver. The actively traded contract is higher by a percent since morning at $28.88 and is expected to mark a level of $29.5. Crude oil prices are likely to trade mixed where as Natural Gas may face resistance around the current level. On Base Metals Copper is the most active counter to recover its past losses and trading at $7530. We expect a range bound movement in base metals also. Lack of fundamental news may leave market silent for the day.

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