COMMODITY DAILY NOTE 26th JUNE 2013 GOLD REMAINED UNDER PRESSURE, ALL EYES ON US GDP DATA Gold prices came under pressure near $1,375, down by half percent after positive economic data from US added to optimism over the economic recovery which raised expectations of ending of QE earlier than expected. COMEX Gold could not break the resistance of $1,390 while sustain below $1,270 would call for fresh selling towards $1,250. COMEX Silver consolidated near $19.50 with negative bias while base metals complex showed smart short covering with LME Copper was up nearly 1.5% to $6,800. NYMEX Crude oil fluctuated near $95 with modest gains. US dollar index extended gains to 82.65, up by 0.25%. US consumer confidence rose to a five-year high of 81.4 in June from a reading of 74.3 in May against expectations of 75.4. US new home sales rose by 2.1% to a seasonally adjusted 476,000 units in May, beating expectations for an increase of 1.3% to 462,000.
Posted on: Wed, 26 Jun 2013 03:38:23 +0000
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