Silver recovered significantly and trimmed losses, while from its earlier plunge as optimism over the death of Osama bin Laden appeared to be short-lived.
Silver prices tumbled, marking their biggest loss since late 2008 dropping by 7.91 percent to 65702 and later recovered and settled at -4.05 that is at 68575, and in international Silver dropped as much as 13% to a ten-day low of $42.23 after CME Group, operator of Comex raised the amount of cash that traders must deposit for speculative positions.
Dollar weakness has been fueling the rally in bullion as economic uncertainties and speculation of more monetary easing by Fed. Now silver is getting support at 65818 and below could see a test of 63061 level, And resistance is now likely to be seen at 71216, a move above could see prices testing 73857.
Trading Ideas:
Silver trading range is 63061-73857.
Silver ended lower after the killing of Osama bin Laden sapped the safe-haven premium out of precious metals
Silver is having resistance at 71216 and support at 65818 level.
Holdings at ishares silver trust fell by 7.59 tonnes to 11013.75 tonnes
Furthermore, the death of bin Laden will do nothing to curb accelerating global inflation or provide a solution to the euro zone’s ongoing sovereign debt crisis. Dollar weakness has been fueling the rally in gold as economic uncertainties and speculation of more monetary easing by the Fed. Now gold is getting support at 22426 and below could see a test of 22225 level, and resistance is now likely to be seen at 22831, a move above could see prices testing 23035.
Gold trimmed losses on Monday, significantly from its earlier plunge as optimism over the death of Al Qaeda leader Osama bin Laden appeared to be short-lived. Earlier dollar was boosted by the perception that that Bin Laden's death could make the U.S. less subject to further terrorist.
Trading Ideas:
Gold trading range is 22225-23035.
Gold ended weak but trimmed losses as optimism over death of Osama bin Laden appeared to be short-lived.
Gold looks to take support at 22426 and resistance at 22831.
In spot gold looks to take support at 1528$ and resistance is at 1554$ level.
Crude oil turned higher as optimism over news of Al Qaeda leader Osama bin Laden’s death appeared to be short-lived and as the U.S. dollar resumed its decline. Dollar was boosted by the perception that that bin Laden's death could make the U.S. less subject to further terrorist attacks, but some analysts remained skeptical of whether it would reduce the security risks facing the U.S. NATO air strikes over the weekend killed Gaddafi’s youngest son and three of his grandchildren.
Anti-government protests escalated in Syria, while violence continued in Yemen in an attempt to maintain pressure on President Ali Abdullah Saleh. Now crude is getting support at 4960 and below could see a test of 4864 level, And resistance is now likely to be seen at 5124, a move above could see prices testing 5192.
Trading Ideas:
Crude trading range is 4864-5192.
Crude oil pared most of its gains on view that death of Osama bin Laden would curb global security risks
Crude looks to test support at 4960 and resistance is seen at 5124.
Saudi Arabia's crude oil output edged back up in April to around 8.5 million bpd
