Bullion prices are trading marginally higher today with the most actively traded Gold contract is at 1320.0, up by 0.28% or 4 points and Silver is at 21.60, higher by just 2 cents or 11% at the time of writing this. 1330.0 level in Gold, acted as a strong resistance and we expect this level to remain intact for the day. The intraday view stands bearish on precious metals and we can see prices drifting lower in coming hours. Base metals are trading flat on LME with Copper trading up by a 2 points at 7179.0 while Nickel is the only metal to trade in red at 13742.0, down by 0.20%. Crude Oil and Natural Gas prices on NYM are trading positive today, Crude Oil is trading up by 0.60% at 103.72 and Natural Gas is higher around a percent at 3.52. EIA is set to release its weekly Oil Inventory data at 8.00 PM with a market forecast of -1.0M against the previous week’s data of -4.4M.
Data to watch:
Durable Goods Order, Core durable Goods Order, New Home Sales, Crude Oil Inventories.
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