THE DAY SO FAR:
Gold prices continued the weak momentum and hit a six week low of $ 1490 an
ounce in the international market, after Greek parliament’s final approval
for the austerity package and gains in dollar against a basket of
currencies. Euro hit three week high against Dollar early today but later
firmed up as the markets wait for the US data as Greece is set to secure the
loan. However the dollar index firmed as some speculators covered their
short positions ahead of the long US holiday weekend and US manufacturing
figures due later today. On July 4th, Monday, all the US markets are holiday
due to US Independence Day holiday. Contrary, most of the base metal
complexes are traded steady after the disappointing Chinese data. China’s
PMI Manufacturing data released earlier today shows the levels have dipped
to 2 year’s low. This data is likely to weigh on the market sentiments as it
shows the sign of economy slowdown. Crude futures are also fell, almost $1
in NMEX after the Chinese data.
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A daily technical report on bullion, base metals and energy that aims to
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evening seeks to prepare the investor prior to opening of US markets. The
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