Base Metal Pack Sees Upward Trend, Bullions Trade Flat

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The base metal pack saw an upward trend momentum. Bullions traded flat ahead of Fed Chairman Janet Yellen’s speech.
The principle driver of this movement is the following tensions between the US and North Korea. Bullions traded flat as traders wait for Fed Chairman Janet Yellen’s speech later in the day, to pick important cues and future coverage trends.
Silver had a risky session the day gone by as the united states and North Korea saga continued. After war of words between the two countries, investors turned cautious following which Silver broke the vital resistance level of 40,000 and costs rallied up till 40,600 levels. Silver prices are witnessing selling pressure close to the current ranges which is close to its 200period SMA on hourly chart. A detailed above 200 period SMA will be crucial for silver prices to the touch new high, else we predict some minor correction in costs.
Copper also witnessed traction within the Commodity Index. After trading sideways for the previous few days, Copper at last broke the resistance levels of 425.50 and prices rallied up till 429.60 ranges. Overall, the pattern is sure for Copper costs. Any dips in prices can be utilized as a buying opportunity. We think costs to touch 436 levels in few days so long as the 425 level is intact on the lower aspect.
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