METALS FUTURES MARKET UPDATE

Reports of strong physical bullion buying in the far and middle east, with increasing anecdotal evidence of investor demand moved precious metals into bullish territory yesterday. We expect this theme to develop further throughout today's trade.

We see metals further supported by what seems to be the end of the massive energy market liquidation, as we have seen an increasing correlation between Gold and Crude recently.

Silver Futures Buy support at 11.500 for short term long positions. Profit taking 12.000 – 12.040. Stops below 12.180 (Short term trade – 2-3 days).
Medium term trade perspective points towards a move back into the upper daily range between 12.040 to 12.639