5:45 PM
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GOLD
US Unemployment Claims declined the
most in last seven years. Hence a sharp fall was noticed at the US
opening time. There were other data also at the same time i.e.
Manufacturing Sales and Core CPI that made a gap down of almost 5$ at
a time and then a little recovery took place. Else the commodity
should break the resistance of 1306. Following the support @1289
Forecast
SILVER
Taking cues from weakness in gold
prices even spot silver prices declined by around 1.3 percent.
Besides, weakness in the base metals complex also exerted downside
pressure on prices. So we expect that the silver price would trade in
a consolidation.
Forecast
Silver prices are expected to trade in
a range of 18.800 to 20.00
CRUDE
Crude oil prices moved down in US
nearly 1% as positive US data and higher inventories earlier pushed
the prices down. Russia faces broader economic and industrial
sanctions from the United States and Europe if it meddles in
Ukraine's presidential elections on May 25.
Forecast
Crude is expected to trade sideway for
today’s session in a range of 102 to 101
TODAY’S DAY RANGE
| COMMODITY | S1 | S2 | R1 | R2 |
| GOLD | 1290 | 1280 | 1300 | 1310 |
| SILVER | 19.00 | 18.20 | 20.00 | 20.80 |
| CRUDE | 99.80 | 99.00 | 101.90 | 102.70 |
- German Prelim GDP increased by 0.8 percent in Q1 of 2014.
- The US Dollar Index (DX) declined marginally by 0.1 percent yesterday on the back of rise in risk appetite in market sentiments in early part of the trade which led to decline in demand for the low yielding currency.
- Taking cues from weakness in gold prices even spot silver prices declined by around 1.3 percent. Besides, weakness in the base metals complex also exerted downside pressure on prices.
Data Update for 17th May 2014
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