Precious metals are trading in red with the actively traded Gold contract is at 1236.70, lower by 0.13% and Silver is at 20.04, lower by 0.52% at the time of writing this. The near term outlook remains negative and we expect prices to drift lower in the coming hours. An important support for Gold comes around 1235.0 and that for Silver is at 20.0 an ounce. Base metals on LME are trading mixed with Aluminum and Nickel are trading in green while Copper along with Lead and Zinc is trading lower as we write this. 3-month Copper is lower by 0.56% at 7311.0 while Nickel is up by 0.45% at 14585.0. The near term outlook remains negative for industrial metals. Crude Oil prices on NYM are at 93.96, lower by 0.21% and Natural gas is at 4.38, higher by 1.41%. Intraday view on Crude oil is still negative and we expect prices to lower in the coming hours. On data front, US Jobless Claims weekly data is set to be released at 7.00 PM by the Dept. of Labor which may set short term direction for commodity prices.
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