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
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.
Holding 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.
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 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
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
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.