Gold prices eased slightly in Asia on Wednesday as tension between Russia and the Ukraine appeared to have tamped down further. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,333.50, down 0.33% a troy ounce. Overnight the contract hit a session low of $1,331.50 and a high of $1,352.80.
Silver for May delivery was down 0.19% and trading at US$21.182 a troy ounce, while copper futures for May delivery were flat at US$3.211 a pound.
Crude Oil prices gained marginally in Asia on Wednesday on continued demand-led support, though easing tensions between Russia and the Ukraine capped gains along with higher stocks in the United States. The American Petroleum Institute, an industry trade group, said overnight that crude stocks increased 1.2 million barrels nationally last week, though they declined 2.6 million barrels at the delivery point for the benchmark U.S. contract in Cushing, Oklahoma. The U.S. Department of Energy will provide its own estimate of crude stocks later Wednesday. On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded at US$103.38 a barrel, or up 0.04%, after hitting an overnight session low of $102.89 a barrel and a high of $104.95 a barrel. The global Brent contract overnight fell $1.90, or 1.7%, to $109.30 on the ICE Futures Exchange.
Natural Gas futures posted strong gains through they remained range bound on Tuesday on hopes harsh winter weather in the U.S. last week took its toll on the country’s inventories. On the New York Mercantile Exchange, natural gas futures for delivery in April traded at $4.607 per million British thermal units during U.S. trading, up 2.55%. The commodity hit session high of $4.647 and a low of $4.493. The April contract settled down 2.54% on Monday to end at $4.492 per million British thermal units.
SILVER-COMEX has closed @ 21.16. If it breaks the level of 21.07, it can touch the level of 20.95 & 20.81 respectively. If it sustain above the level of 21.50, it can touch the level of 21.64 & 21.80 respectively.
SELL SILVER-COMEX BELOW 21.07 TGTS 20.95, 20.81 SL 21.28.
BUY SILVER-COMEX ABOVE 21.50 TGTS 21.64, 21.80 SL 21.29.
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