Monday, 6 January 2014

Commodity Market Update (Gold)

Bullion prices on international exchange turned negative after trading nominally higher in the initial hours. The most actively traded Gold contract is at 1238.10, down by just half a dollar or 0.04% and Silver is at 20.0, lower by 21 cents or a percent at the time of writing this. Intraday bias remains negative and we can see prices moving lower in the coming hours. Crude Oil and Natural Gas prices on NYM are trading in green with Crude Oil at 94.38, +0.45% and Natural Gas is at 4.37, higher by 1.66%. Energy prices are trading with a positive bias and are likely to remain higher in the following sessions. Base metals on LME are trading lower since morning with Copper trading down by 0.34% at 7289.0, breaking the key support of 7300.0 and Nickel is lower by 1.59% at 13650.0. The near term outlook remains negative for energy complex.

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