The first two weeks of June has been volatile with an equal fight between bulls and bears in commodities. Most of the major economic numbers and major central bank meetings are now behind us. The only event is the Fed meeting towards the close of this month. The next two weeks will be devoted to Fed. It’s not about June interest rate outcome that the market is concerned. Rather markets will be looking forward to the Fed expectation on US inflation and growth which will help to determine whether in December there will be an interest rate cut or an interest rate hike. Low risk traders and some fund managers will be reducing their open positions in bonds and commodities in the run upto the Fed meeting, sit on cash and invest when the uncertainty clears. So expect some good volatile moves in commodity markets over the next two weeks due to reduction in volumes.
Gold, silver and crude oil have started the week on a positive note while the US dollar is weaker across the board. There is lack of major market moving economic news this week which will result in gold and silver trading with a firm bias, subject to technical factors.
GOLD -- AUGUST FUTURE
Gold needs to break $664.70 for $672.80 ad $678.10. On the lower side $654.30 is initial support with $647.40 as the key weekly support.
SILVER -- JULYFUTURE
Silver needs to break $1354 for $1389 and $1404. On the lower side $1300.50 is the key intra day support.
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