Wednesday, 30 September 2015

Gold and Silver Daily Updates By MarketMagnify

Gold prices slipped further amidst the robust consumer confidence data from the US that lifted the sentiments in the world’s largest economy. The CFTC data reveals an increase in gold nets longs to 5.57 million ounces from 3 million ounces in the week ending September 22. The 2.56 million ounce jump marked the first positive net change in positioning since the beginning of September and signals a growing confidence in the precious metals.

Silver prices managed to outperform gold to some extent and marked a positive close at COMEX. The gains were capped as there was a mild comeback in the US equities Markets will be eyeing on the manufacturing data from China for more cues regarding the health of the world’s second largest economy. We expect the prices to show some more recovery in the morning session therefore recommend a buy at lower levels.
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