- Gold drops below $1400 as dollar advanced further north.
- Natural Gas extends gains on lower production concerns.
- Silver futures decline to a three-week low in New York.
- Crude Oil falls to $94.10 a barrel over economic weakness.
Gold futures dwindled below $1400 to near one-month low
on Comex as the dollar’s rally eroded demand for the metal as an alternative
investment. Reports of George Soros and Blackrock Inc. reducing holding in
bullion-backed exchange-traded products added to negative sentiments. WTI Crude
fluctuated on speculation that central banks will add stimulus due to signs of
economic weakness in the U.S. and Europe that threaten fuel demand. Copper
declines for third consecutive day on weak demand from China, U.S. &
Germany
TECHNICAL VIEW
GOLD (APR)
Trend •
Consolidate
Strategy
• Sell on high
Resistance
• R2 - 27230 ; R1 - 26700
support • S1 – 26915 ; S2 – 26390
support • S1 – 26915 ; S2 – 26390
SILVER (MAY)
Trend • Bearish
Trend • Bearish
Strategy
• Sell on high
Resistance •
R2 - 44830; R1 - 43970
support • S1 - 43350; S2 – 42200
support • S1 - 43350; S2 – 42200
LEAD (APR)
Trend
• Consolidate
Strategy
• Sell on high
Resistance •
R2 - 111.6; R1 - 109.5
support • S1 - 106.2 ;S2 –104.0
support • S1 - 106.2 ;S2 –104.0
ZINC (APR)
Trend
• Consolidate
Strategy
• Sell on high
Resistance •
R2 - 102.7; R1 - 100.9
support • S1 - 97.9; S2 - 95.6
support • S1 - 97.9; S2 - 95.6
Money
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Gold inches down on U.S. rate hike prospects.
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