Commodities Outlook: By Ripples Advisory In Indore
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Precious Metals are trading marginally higher supported by a rally in the Euro after stronger consumer sentiment reports and political developments. Gold futures are trading at 29499, up 119 or 0.41% whereas Silver is higher by 179 or 0.46% to trade at 39423 currently.
Precious Metals have been struggling to break out of the consolidation phase as the key factors behind the safe haven demand faded away over the past month. The market has already discounted the December rate hike after stronger macro-data and confirmation from the FED chair indicated the likelihood of a third rate hike in 2017.
The focus this week will be on speeches from Yellen and from the incoming FED chief Jerome Powell which should provide a key picture into the future of rate hikes and the third quarter GDP estimate amongst other data releases.
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