Monday, 20 July 2015

Daily Commodity Market Trading News and Tips

Gold slumped as negativity from the Testimony depicted optimism into the US economy and indirectly acting bearish for the commodity. During the week, Fed said, "Prospects are favorable for further improvement in the US labor market and the economy more broadly”. Overall these updates have kept the commodity on a lower footing. From China, its Central bank last updated its bullion reserves on Friday for the first time since 2009. 


Silver as we have been re-iterating follows near similar cues as been the case in Gold. With the bigger metal losing at such an intense rate, it is likely that negativity would prevail in this metal as well. On the Gold/Silver ratio front, we had last week advised long positions with same moving firmly over the major resistance area around 75 last week.

www.marketmagnify.com
Ph: 0731-6619100

No comments:

Post a Comment