Market Wrap:
· Gold
climbed to the highest level this month
· Silver
for immediate delivery jumped as much as 2.3 percent
· Crude
swung between gains and losses
· Copper
Prices jumped 4.2 percent last week.
· Base
metals recovers from day’s low
Gold climbed to the highest level this month after
holdings in the biggest bullion-backed exchange-traded product expanded for the
first time since June. Bullion for immediate delivery rallied as much as 1.5
percent to $1,333.94 an ounce, the highest price since July 31. Assets in the
SPDR Gold Trust increased 1.8 metric tons to 911.13 tons on Aug. 9. Silver for
immediate delivery jumped as much as 2.3 percent to $21.0215 an ounce, the
highest price since June 20, before trading at $20.8020. The metal advanced 3.3
percent last week, the biggest gain since the period to July 12. West Texas
Intermediate crude swung between gains and losses after the biggest rally in
more than a week. Brent fell for the sixth time in seven days.
Technical Trends:
GOLD
(Aug)
Trend: Consolidate | Strategy: Sell on high
R1- 26250, R2- 26780 | S1-25850 , S2- 25580
SILVER (SEP)
Trend: Consolidate | Strategy: Sell on high
R1- 41270, R2- 42450 | S1-39150 , S2- 37500
COPPER (AUG)
Trend: Consolidate | Strategy: Sell on high
R1- 417, R2- 426| S1-403 , S2- 395
ZINC(JULY)Trend: Consolidate | Strategy: Sell on high
R1- 26250, R2- 26780 | S1-25850 , S2- 25580
SILVER (SEP)
Trend: Consolidate | Strategy: Sell on high
R1- 41270, R2- 42450 | S1-39150 , S2- 37500
COPPER (AUG)
Trend: Consolidate | Strategy: Sell on high
R1- 417, R2- 426| S1-403 , S2- 395
Trend: Consolidate | Strategy: Buy on dips
R1- 117.3, R2- 120.5 | S1-114.3 , S2- 115.5
NICKEL(JULY)
Trend: Consolidate | Strategy: Buy on dips
R1- 905, R2- 927 | S1-878 , S2- 853
ALUMINUM (JULY)
Trend: Consolidate | Strategy: Buy on dips
Trend R1- 113.3, R2- 116.5 | S1-109.5 , S2- 107.3
CRUDE (JULY)
Trend: Consolidate | Strategy: Buy on dips
R1- 6495, R2- 6570 | S1-6340 , S2- 6250
NATURAL GAS (JULY)
Trend: Consolidate | Strategy: Sell on high
R1- 203, R2- 215 S1-191, S2- 183
LEAD (JULY)
Trend: Consolidate | Strategy: Buy on dips
R1- 133.3, R2- 135.7 | S1-129.2 , S2- 126.5
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ReplyDeleteSilver futures were trading higher in the domestic market on Thursday.
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