Commodity market is trading with positive sentiments as Fed announced purchase of agency mortgage-backed securities of $40billion per month for an open ended period. Active Gold contract is trading at $1772.70, up by $3 while Silver is at $34.77 trading flat, we expect a minor correction of the day but the near term outlook remains positive. Base metals are trading higher finding support from the injection of more money in market. LME Copper is expected to test $8500 level. Crude oil on NYMEX is trading above the key level of $100 and is likely to remain higher in coming sessions. Gas prices are also higher today, trading at $3.04 and may face resistance around $3.20.
Data to Watch:
US Retail Sales, Core Retail Sales, Prelim UoM Consumer Sentiment
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