Gold Continues to Swing in the Asian Trading Session

Gold Continues to Swing in the Asian Trading Session
Gold Continues to Swing in the Asian Trading Session

In Wednesday’s Asian trading session gold continued to slide even when the USD traded lower against most of its competitors. For July delivery, the gold futures plummeted by 0.18% to $1,375.15 per troy ounce, in the Comex division of New York Mercantile Exchange at the Wednesday trading session in Asia. For Tuesday however, the same settled at 0.50% for $1377.15 a troy ounce in the U.S. The gold futures were expected to test support at $1,323.00 a troy ounce and resistance at $1,444.15, based on the April 16th low and Tuesday’s high respectively.

Spot Gold traded at USD1, 377.23 an ounce in Singapore, after seeing a rise and fall of about 0.3%. Bullion for June Delivery traded at USD1,376.60 an ounce, at the Comex Division in New York, which was after showing a drop for eight among nine days lately.

Meanwhile, cash sliver climbed 0.4% at USD22.534 for an ounce. Platinum traded with a slight change at USD 1,465.20 per ounce and palladium at USD747.50 for an ounce, a little above compared to USD746.75 on Tuesday.

The WTI crude slid for a second day after the inventories in U.S. showed a rise for a fourth week in a row, this is the longest gain span seen since February. Stockpiles in china moved up for a second month. Oil futures in New York slip by 0.7%, followed by a report issued by the American petroleum institute, which showed that the stockpiles moved up by 532,000 barrels last week.

For July delivery, WTI slipped by 67 cents to USD95.51 a barrel in New York and was at USD95.77 in Sydney. Brent, on the other hand, for July delivery slipped by 0.4% to USD103.50 a barrel, at the ICE futures Europe Exchange, based in London.

Copper, meanwhile, traded near its two week high on concerns for mine supply and between comments from U.S. Federal Reserve that supported the incentive program. For July delivery, it moved up by 0.3% to USD7, 393.25 a metric ton and was at USD7.377.75 in Tokyo.

Elsewhere, on LME zinc moved up, while lead and aluminum traded lower.