Equity & Commodity Markets face the risk of a huge selling off after the results are released if the ECB President only tries to attempt to keep the verbal intervention & assurances active (which works only for a while as seen last week) & no actual and immediate action.
Gold trading at Commodity Markets saw Gold futures prices tumble after the Federal Reserve left interest rates unchanged and maintained that it sees interest rates low through late-2014. Gold and Silver prices started to sink on session opening and that probably occurred on wide expectations that the Fed wasn’t going to act Wednesday. Comex Gold futures for December delivery on the NYMEX Commodity Markets dipped to a session low of $1,595 from the day’s high of $1619.5 & Commodity Markets September Silver Futures also extended losses and fell to $27.06 from the day’s high of $28.02. Gold & Silver in the Commodity Markets trading again recovered some loses on expectations of a lot of action by the ECB on Thursday 2nd August. Friday’s monthly employment report will also be important for further direction clarity in Gold Futures prices. Another weak job numbers make instigate Gold Prices to break the upper trading range of $1650, seen since a long time & trigger a rally. Prices at the MCX Gold trading saw a decline in Gold October Futures from a high of Rs. 30175 to Rs. 29922 yesterday. Commodity Markets September Futures for MCX Silver trading also extended losses and fell to Rs. 52662 from the day’s high of Rs. 53900.
U.S. Crude Oil Inventory shrank 6.5 million barrels last week, the biggest drop in more than seven months, data from the Energy Department showed. They were forecast to drop by 1 million barrels, according to a Bloomberg News survey. Crude Oil Futures in the Commodity Markets fluctuated after climbing for the first time in three days yesterday as government data showed Crude Oil inventories slid the most since December. London is overtaking New York as the global hub for trading Crude Oil futures as more Brent Crude Oil contracts changed hands in June than at any time on record, data from ICE show. It was the first full quarter and third month in which Brent Crude Oil trading surpassed WTI on the Nymex. The average daily Commodity Markets volume for Brent Crude Oil rose 17% in June to a record 716,752 contracts. Trading in WTI Crude Oil climbed 6% to 599,674 lots. Prices at the MCX Crude Oil trading saw a rise to Rs. 4994 from the day’s low of Rs. 4892.
A Big Positive Bang expected from the ECB today: No Options now except Concrete Intervention. Read more…..
Please check back for new articles and updates at Commoditytrademantra.com
For More details on Trade & High Accuracy Trading Tips and ideas - Subscribe to our Trade Advisory Plans. : Moneyline