Precious metals are trading sharply lower with Gold actively traded contract fell 5.0% or $68.0 to trade at $1306.0 and Silver is down by 6.4% or $1.3 to trade at $20.2 on back of a hawkish statement from the federal reserve that weighed on prices. We expect precious metals prices to remain lower for the day with near term support for Gold coming at $1280.0 and that for Silver comes at $20.0. Base metals are trading significantly down on LME with Nickel trading at $13816.0, lower by 420 points or 2.9% followed by rest of the metals. 3-month Copper is at $6813.0, -$163.0 or 2.3%. Prices are likely to continue its downward journey as the major support in Copper and other metals is broken. On Crude Oil and Natural Gas prices are trading in red; Crude oil is lower by 2.0% at $96.2 and Natural Gas is down by just 0.25% at $3.95.
Data to watch: Unemployment Claims, Natural Gas Storage, Philly Fed Manufacturing Index, Existing Home Sales
Data to watch: Unemployment Claims, Natural Gas Storage, Philly Fed Manufacturing Index, Existing Home Sales
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