Wednesday, 29 August 2012

Commodity Market Update (Silver)

Precious metals are slightly lower since morning; Gold prices have corrected around $10 and trading at $1663 from the prior closing as traders are unsure for a new round of easing. Easing anticipated rally w
ould have halted due to the unclear picture of Fed, however the prices are expected to remain at the current level as lack of fundamental release may restrict the price movement. Gold may test its resistance around $1710 in intraday while support level comes at $1655. Silver is likely to follow gold while prices may recoup during evening hours to an intraday resistance of $31.10. Base metals are trading mixed doubt of further easing by central banks inject volatility in the market though the price direction is still uncertain. Crude Oil may remain positive in the coming session while Natural gas is trading with negative bias.

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