Bullion Gold & Silver :::::::::::::::::OUTLOOK::: Outlook - In today’s session, we expect precious metals to trade on a negative note in international markets on the back of declining trend in gold and silver ETF’s holdings. Further, strength in the DX coupled with weak market sentiments will add downside pressure in prices. Additionally, expectations of QE tapering by the Federal Reserve in near term will act as a negative factor. In the Indian markets, depreciation in the Rupee will cushion sharp downside in prices. Energy Crude Oil & Natural Gas Outlook - From the intra-day perspective, we expect crude oil prices to trade lower on the back of expectations of QE tapering from the Federal Reserve in its near term meeting. Further, weak market sentiments coupled with strength in the DX exerted downside pressure on the prices. Additionally, forecast for unfavorable economic data from US in the evening session will act as a negative factor. However, sharp downside in prices will be restricted due to decline in distillate inventories coupled with estimates of rise in manufacturing data from Euro Zone. In the Indian markets, Rupee depreciation will restrict sharp downside movement in prices. Base Metals Copper Outlook - From the intra-day perspective, we expect base metals prices to trade lower on the back of weak market sentiments coupled with strength in the DX. Additionally, expectations of QE tapering by the Federal Reserve in near term meetings will act as a negative factor. Further, forecast for decline in Philly Fed Manufacturing Index data in the US in the evening session will exert downside pressure on prices. However, rise in Euro Zone manufacturing PMI will restrict sharp downside movement in prices. In the Indian markets, Rupee depreciation will cushion sharp downside movement in prices.
Posted on: Thu, 21 Nov 2013 07:48:25 +0000
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