commodity market updates
Gold cut its gains on Tuesday after
mixed U.S. economic data failed to give clarity on the prospects for a U.S.
interest rate rise this year and the U.S. dollar pared losses from a seven-week
low. U.S. consumer prices were unchanged in July as the cost of gasoline fell
for the first time in five months and underlying inflation moderated, while
U.S. housing starts unexpectedly climbed and industrial production rose more
than forecast in the same month.
SPDR Gold Trust GLD, the world's largest
gold-backed exchange traded fund, said its holdings stood at 962.23 up 1.78
tonnes, from previous business day. Holdings of the largest silver backed
exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at
10941.12 tonnes, remain unchanged from previous business day.
Crude Oil settled up nearly 2 percent on
Tuesday, hitting five-week highs for a second straight day as sources at OPEC
spoke of Saudi Arabia's desire for higher crude prices while Russia met the
producer group to discuss the market.
The Organization of the Petroleum
Exporting Countries will probably revive talks on freezing oil output levels
when it meets non-OPEC nations next month, OPEC sources told Reuters, citing
Saudi Arabia's wish for higher prices.
Russian and OPEC energy officials
discussed oil markets at a meeting in Vienna, Russia's Energy Ministry said.
Another "energy dialogue" between Russia and OPEC has been scheduled
there for October. Prices pared some gains in after market trade after data
from the American Petroleum Institute showing an unexpected draw in U.S. crude
stockpiles was overshadowed by surprise hefty builds in gasoline and distillates,
indicating the glut in refined oil products were growing.
Many analysts were skeptical producers
would cut a deal. An OPEC production freeze plan in April was scuttled by a
Saudi Arabia that was keen then to protect market share.
gold & silver chart
gold chart stratgy
Strategy: Prices are trading in a
tight range of 31140-31560 from last few days. We expect prices to be ranged bound for the day as
U.S. Federal Reserve officials raised bets on a rate hike this year.
silver chart stratgy
Strategy: Silver has taken support at
45870 level and we expect prices to trade sideways on
the back of short covering Prices need to sustain above
45750 which is an important support for intraday to keep positive momentum
intact.
visit : http://equityresearchlab.com
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