Traders and investors are booking profits quickly. They are buying on dips as well as selling on rise after looking at the movement in crude oil prices. Crude oil prices have not been able to break $61 a barrel on market perception that the Opec oil cut is too low to affect supplies at this juncture. Crude oil is trading between $59-$61 a barrel and should break out of this range. It’s a very volatile markets however gold, silver as well as crude oil are trading over Wednesdays low. Copper pared this weeks losses on shrinking global inventories.
Markets will be looking forward to the September payroll number for a directional call on the US dollar. The US dollar was unaffected by ECB interest rate hike. So far the US dollar is being supporting by every news and the current low volatility phase in the foreign exchange markets should be over soon. Gold and silver may sing the US dollar tune today.
Gold and silver are in a neutral zone for the today. A technically bearish close will set the trend for the rest of the month and vice versa. Today’s close is very crucial as last Friday gold edged past the 200 day MA and now its trading below the 200 day MA. Silver is hovering around the 200 day MA.
GOLD -- DECEMBER FUTURE
Gold needs to float over $574.20 to prevent further losses to $562.60 and $548. On the higher side $586.50 is the initial resistance with $598.50 and $608 as the key short term resistances.
SILVER -- DECEMBER FUTURE
Silver needs to break $1124 for $1140 and $1182. On the lower side $1105 is the initial support with $1052 as the key short term support.
Happy Profitable Trading & A Great Weekend
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