GOLDImage
Gold price rose to the three week high as the increasing tension in Ukraine and finally break the level of $1300, giving a good sustain over the level gave closing at 1309 as the yesterday’s trading it seems that now the buying trend had come in gold after a long time and now gold head to the level of 1330
Forecast
A little pullback in gold can give a buying pressure in commodity to raise for the next resistance, today gold can trade in a range of 1295 to 1313.
SILVER
ImageHolding of biggest silver backed ETF (exchange traded fund), New York stood at 10,309 tonnes unchanged from previous day. Strongly following the gold movement Silver spot gained 0.4% in yesterday’s trading session, as traders were focus on the Ukraine tension & considering the slowdown in China slowdown the industrial demand of Silver from China.
Forecast
Technically Silver took a upside yesterday but failed to close higher and gave the formation of Shooting Star on chart and according to the Shooting Star a chance of little pull back can be seen in Silver on a major range support of $19.350 will continue with the resistance of $19.945
CRUDE Image
Crude oil price fell down in yesterday’s session the lower demand from China & Japan as supported the crude oil price to go more down U.S. commercial crude oil and refined product inventories were forecast to have increased last week, with crude stocks hitting a record high for the third week in a row
Forecast
A little downfall in Crude Oil price can be marked in the today’s session and it can trade in a range of 98 to 100
TODAY’S DAY RANGE

COMMODITY S1 S2 R1 R2
GOLD 1300 1290 1308 1320
SILVER 19.490 18.850 19.850 20.500
CRUDE 99 98 100 100.8

DAY’S HIGHLIGHT

  • Important data for today would be Trade balance, PMI & Unemployment Change

  • US ISM Non-Manufacturing PMI moved to 55.2 vs 53.1 prev.

  • HSBC final manufacturing PMI moved to 48.1 else previously it was 48.3 that increase the worry for Chinese Economy.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s