Tuesday, 27 August 2013

Commodity Market Update (Silver)

Precious metals are trading marginally positive with Gold gained 18 points or 1.29% at 1410.0 and Silver is up by 30 cents or 1.23% to trade at 24.30 at the time of writing this. The near term outlook remains positive for Gold and Silver with resistance coming around 1420.0 for Gold and that for Silver comes at 24.40 an ounce. Base metals are trading in negative today with 3-month Copper contract is down by 0.75% at 7298.50 along with all other metals which are similarly down since morning. We expect range bound trading in base metals for the day. Crude Oil and Natural Gas on NYM are trading at 106.77 and 3.51, up by 0.79% and 0.09% respectively. The intraday view stands positive for both the commodities.

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