COMMODITY MARKET OVERVIEW FOR 17TH JULY 2013 COMEX GOLD REMAINED FIRM NEAR $1,290, FOCUS TURNS TO BERNANKE’S TESTAMENT TODAY . Gold prices remained positive near $1,290 with choppy movements as investors remained away from taking fresh positions ahead of testimony of Bernanke on Wednesday. Gold prices traded in a tight range following support at $1,275 and resistance at $1,295 on the absence of strong fundamental cues while prices turned higher as weakness in US dollar amid hopes of continuation of loose monetary policy in US supported prices. Silver traded firm near $20 following gold’s trend and LME Copper turned above $7,000, up by more than 1% while crude oil showed correction by half percent to $106. MCX Gold remained under pressure on rupee appreciation due to RBI intervention with prices slumped below 26,400 following resistance at 26,750 while silver also fell below 41,000 taking strong resistance at 41,500. USD/INR appreciated to 59.30 COMEX Gold has strong support at $1,265, closing below it may resume weak trend while consistent trade above $1,305 may push prices higher towards $1,340. Gold traders should look for Bernanke’s testimony. Silver has been getting resistance at $20, closing above would call for fresh buying while below $19.50 bears may control the market. MCX Gold has support at 26,250 and resistance at 26,750/27,000 where rupee movement is playing vital role to determine prices. MCX Silver may see selling from higher levels.
Posted on: Wed, 17 Jul 2013 03:53:11 +0000
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