Gold slight up on Wednesday,as its appeal of hedged against dollar weakness and worries about inflation concern. Gold futures trading at $961 from $954.70 an ounce on the comex .
Gold futures rebound on Tuesday on a weaker dollar and rally in crude as signs of economic recovery which shall attract investor and trader further on inflation - hedge buying.
The world’s largest gold exchanged traded fund , SPDR gold trust said its holdings unchanged at 1,132.15 tonnes as of june 9th.Market participation are buzzing on the news of economy improved enough to justify talk of higher U.S interest rates by year end.
Crude oil
Crude oil futures breached $71bbl Wednesday,as traders bet that weekly US inventory data will show larger than expected drawdowns on signs of improving economy .
Oil prices is rallying on due to dollar weakness and more liquidity in the market place.”Sentiment is good for oil market as investor are seeing more green shoots as macro data gradually improves, and weaker dollar concerns and inflation factor will be in check list of Participation .
Basemetals
Copper futures rallied more than five percent on Tuesday as weakness in the dollar and strong technical momentum support which attmepted its highest level in eight months.
Future Trends !
Today’s precious metals could see major movement as trader will actively track on dollar turn,and supported by Oil prices,which place gold prices , from last two days we seen gold prices are in underpressure as dollar weakness, but factors keep gold prices subdued .
We expect Gold prices to trade sideways which will be in range of $ 935- 972 .
As, we posted previous that silver would out perform gold , that we have witnessed on Tuesday trading session , which gradually improve its move by good momentum rally .we still feel silver has potential to move further from current levels , traders can hold silver with SL of $14.75 and expected levels are $15.85 – 16.25
Market Talk for Crude oil which breached $71 level , as expected prices shown drastic move on Tuesday business day. As investor and traders expecting inventory will largely draw down which keep market on higher side.
Crude prices are pushing by market sentiment neither its fundamental focus.which could tick levels for sometime.but attraction are still on buyont for crude .
We expect crude oil to trade above $70 levels , could momentum rally on higher side.
As Basemetals are on upfront of commodities nowdays, Copper , nickel are back with bang.boosted as dollar weakness and chinese demand has taken V shaped which could impact further trading sessions.
Trader expect copper prices to trade above $5150 level immediate target be $5300 abv. Nickel and Lead see good momentum tick at current levels.
Happy Trading !
No comments:
Post a Comment