Precious metals drifted lower on account of profit brooking after posting a significant rally in post sessions on back of intact QE from Fed. Gold on CMX is trading at 1375.30, -0.90% or 13 points and Silver slipped as much as 2.11% to trade at 22.80 an ounce. We expect the declines to be continued in the following session with an immediate support for Gold stands at 1354.0 and a break below this will extend correction to test next support 1333.0. Silver prices are also likely to trade same, following gold. Base metals on LME are trading flat with Copper being the only exception to move in green while all other are trading in red. Lead is leading the laggards by a decline of a percent at 2105.0 while Copper is at 7355.0, +0.44%. The short term outlook remains positive on Copper and we can see prices moving higher in coming days. Energy prices on NYM are trading in red with Crude Oil at 106.0, down by 0.36% and Natural Gas is at 3.69, lower by 0.78% at the time of writing this.
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