7/20/2011 05:19:00 PM
Your Advisor
Commodity Updates
Spot Gold retreated from the record high hit in previous session but, remained firm supported largely by the US debt talks. Spot Silver held steady after dropping almost four percent in the previous session.
Bullion Trend
COMEX Gold and Silver current month futures pared their losses and fell by 0.08 percent and 0.30 percent respectively compared to the prior day. Meanwhile COMEX Copper futures got support signaling rise in the demand from a larger than expected U.S. Housing data which was acted a breather in the depressing Housing Market. U.S. Housing starts surged 14.57 percent to 629,000 in June, 2011 from 549,000 in the prior month and beat the analyst expected rise of 580,000.
Copper Trend
As long as prices stays above 438, we expect to trade higher towards 442 then 448/452 levels for the day. For intraday bearish view to trigger prices to break below 438 towards 435 then 432 levels. Any break below 427 may see a major weakness towards 420 levels in the near term. COMEX Sept Copper futures took cues from an upbeat U.S. Housing Market data, weaker greenback and also on hoped that the global debt contagion seemed to be contained yesterday.
