Market Wrap
- Copper futures dropped to the lowest in almost seven months
- Natural gas futures climbed to an 18-month high
- Gold climbed to the highest in three weeks
- Silver futures for May delivery slipped 0.1 percent
Natural gas futures climbed to an 18-month high in New
York as an unusually cold start to spring in the U.S. may bolster demand for
the heating fuel. Copper futures dropped to the lowest in almost seven months
on speculation that European debt turmoil will damp the region’s economy and
erode metal demand. Gold climbed to the highest in three weeks as concern that
Europe’s debt crisis may intensify boosted the appeal of the precious metal as
a haven. Palladium slumped the most in more than four months.
Technical View:
GOLD(APR)
Trend • Consolidate
Strategy • Buy on dips
Resistance • R2 - 30450
• R1 - 30100
support • S1 - 29650
• S2 - 29180
SILVER(MAY)
Trend • Consolidate
Strategy • Sell on high
Resistance • R2 -57750
• R1 -55870
support • S1 - 53350
• S2 - 52200
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