Precious Metals Gold & Silver Headlines for Today

Gold prices have broken down and are trading below its immediate support at 27000 27050 levels. Prices can witness a pullback from lower levels and test 26950-27000 but failure to sustain at higher levels should be used to sell by day traders. Overall view for the day remains range bound to negative until prices sustain below 27100.

Silver prices are trading weak. Sustenance below 36550 will see prices test 36200 36100 area on the downside. Prices have multiple resistances around 36900-37000 levels and only a close above this levels will see positive momentum in the counter. Overall range for the day is seen between 36100 to 37000 levels.

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BRENT CRUDE

Brent crude futures slipped below $97 a barrel on Thursday for the first time since July, as worries about global oil demand persisted amid rising U.S. fuel supplies and a recent slew of weaker-than-expected economic data.

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NIKKEI

Nikkei share average pared gains on Monday morning as weakness in Chinese shares tempered improving risk appetite on expectations that the European Central Bank and the U.S. Federal Reserve will soon launch further stimulus.

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EURO

The euro last traded at $1.2534, down 0.2 percent and below Thursday’s peak of $1.2589.

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FTSE

The FTSE 100 was up 2.40 points, or 0.04 percent, at 5,776.60 after a topsy-turvy session which saw The index hit a peak at 5,809.26 before dropping back to a low of 5,764.02, with movements exaggerated by thin volumes.

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OIL

Brent crude pared gains on Thursday as revived hopes for more stimulus from the U.S. Federal Reserve faded and doubts about Europe’s ability to address its debt crisis crept back in focus.

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LME COPPER

Three-month copper on the London Metal Exchange had fallen 0.6 percent to $7,638.

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Commodity Market Outlook :24-08-2012

Gold rises for seventh day after Fed stimulus surprise

Weak U.S. jobs data gives further boost to prices

silver up 2.7 percent at $30.62 an ounce

Oil prices rose a third straight day on Thursday

Copper surged to a one-month peak on Thursday.

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U.S.STOCK

The US markets eased off their session lows to close mixed after the Fed left the door open for another round of monetary stimulus “fairly soon.”

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NIKKEI

Nikkei average fell on Thursday, with exporters under pressure as the yen strengthened after the U.S. Federal Reserve signaled it is likely to launch another round of monetary stimulus.

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GOLD

Gold rose to its highest level in more than three months on Thursday, after minutes from the latest U.S. Federal Reserve meeting showed the central bank could be willing to launch another round of bond buying soon.

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ASIAN STOCK

Asian shares fell after recent rally but the euro held near a seven-week high on Wednesday on views the European Central Bank will act to rein in surging euro zone borrowing costs and policymakers will find ways to keep Greece on lifelines.

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DOLLAR

The dollar was down 0.1 percent against the yen at 79.22 yen.

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EURO

The euro changed hands at $1.2467, not far from its Tuesday peak of $1.2488.

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NIKKEI

Nikkei share average fell on Wednesday as investors cashed in gains after a recent sharp run-up on Mounting expectations that the European Central Bank will soon act to tackle the euro zone sovereign debt crisis.

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OIL

Oil prices rose on Tuesday as hopes that the European Central Bank will act to contain the region’s debt Crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar.

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ASIAN STOCK

Asian shares edged up on Tuesday as investors held on to hopes the European Central Bank will act to soothe borrowing costs, even as officials denied a report about the shape of its planned bond buying strategy.

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U.S.STOCK

U.S. stocks ended little changed on Monday on signs of fatigue after a six-week run of gains as the European Central Bank quelled speculation about the form of market intervention that may be taken to stem the region’s debt crisis.

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EURO

The euro stood little changed in early Asian-Pacific trade at $1.2350.

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U.S.CRUDE

U.S. crude rose 2 cents to $95.99 a barrel.

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