Commodity Market Update (Crude Oil)

CMX Gold is trading higher today at $1780.70, up $5.10 or 0.28% while Silver is adding almost half a percent or 13 cents and trading at $34.805. Bullions were underpinned by the weaker dollar and prices are likely to rally to its near term resistance around $1800 for Gold and $35.50 for Silver. The most actively traded Crude Oil contract drop more than half a percent and trading lower at $91.40 while market participants are waiting for EIA’s closely watched Crude Oil Inventory data with a market forecast of +1.6 million barrels while NYMEX Natural Gas prices are consolidating and trading lower at $3.495. Base metals are trading silent with negative bias except Nickel which is trading at $18630.00, up $130.00 or 0.70%. Base metals are expecting to trade higher on the back of US economic data.