Commodity Face: Bullions are Trading on a higher Note Today

Commodity Face

Bullions is expected to move up; one can initiate long positions at lower levels.

Gold prices gained on Wednesday after better than expected HSBC China flash PMI data. On the COMEX, gold futures for April delivery rose 1.02% to trade at $1,209.50 a troy ounce. Gold fell to the lowest level in seven weeks on Tuesday, after Federal Reserve Chair Janet Yellen sounded more hawkish than expected in her prepared remarks to the Senate Banking Committee.

In her testimony, Yellen said that the central bank will change its forward guidance in an effort to increase the Fed's flexibility and mute any potential market reaction before beginning to hike rates. Gold prices rose slightly on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its list of reforms needed to secure further euro zone loans.

Commodity Trading Levels

Commodity	S2	S1	Pivot	R1	R2
Gold	25815	25937	26098	26220	26381
Silver	35307	35641	36093	36427	36879
Crude	3016	3069	3111	3164	3206
Natural Gas	175.6	180.2	183	187.6	190.4
Copper	348.2	355.3	361.1	368.2	373.9
Nickel	859.4	873.2	886.2	900	913
Zinc	125.5	126.8	127.8	129.1	130.1
Lead	108	108.6	109.5	110.1	111.1
Aluminum	109.8	110.6	111.6	112.5	113.5