Silver futures trim gains after dismal German IFO data

                          Silver futures trimmed gains during European morning hours on Wednesday, coming off the highest levels of the session after data showed that German business confidence in April weakened to a four-month low.

On the Comex division of the New York Mercantile Exchange, silver futures for May delivery traded at USD22.94 a troy ounce during European morning trade, up 0.6% on the day.

Comex silver prices rose by as much as 2.1% earlier in the session to hit a daily high of USD23.31 a troy ounce. 

Silver prices were likely to find support at USD22.47 a troy ounce, the low from April 18 and near-term resistance at USD23.69, the high from April 22.

Futures trimmed gains as the euro fell sharply against the U.S. dollar after weak German business confidence data fuelled expectations for a rate cut by the European Central Bank.

Crude oil futures rise to 7-day high ahead of U.S. supply data

                  Crude oil futures extended the previous session’s gains to hit a seven-day high on Wednesday, as investors looked ahead to closely-watched weekly supply data on U.S. stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.

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On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD89.77 a barrel during European morning trade, up 0.65% on the day. 

New York-traded oil rose by as much as 0.8% earlier in the session to hit a daily high of USD89.86 a barrel, the strongest level since April 15.

Oil traders awaited data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.

The report was expected to show that U.S. crude oil stockpiles increased by 1.5 million barrels last week, while gasoline inventories were forecast to fall by 0.2 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 0.9 million barrels last week, confounding expectations for an increase of 1.6 million barrels.

Gasoline stocks dropped 2.7 million barrels, defying expectations for a 0.5 million barrel increase.

The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. 

Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery rose 0.5% to trade at USD100.84 a barrel, with the spread between the Brent and crude contracts standing at USD11.07 a barrel.

The European benchmark has been under heavy selling pressure in recent sessions, amid growing concerns over the euro zone’s economic outlook. 

Wall Street investment bank Goldman Sachs cut its three-month outlook for Brent to USD100 a barrel from USD110 and lowered its 2013 forecast to USD105 from USD110, citing concerns over Chinese oil demand prospects. - investing.com

Gold futures up more than 1% on strong physical demand

                    Gold futures rebounded from the previous day’s losses on Wednesday, gaining more than 1%, as prices remained supported by a rush in physical buying in the U.S. and Asia.

Gains were limited as investors remained hesitant to buy into the market amid a shaky technical outlook.

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On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,428.35 a troy ounce during European morning hours, up 1.4% on the day.

Comex gold prices rose by as much as 1.5% earlier in the session to hit a daily high of USD1,429.45 a troy ounce. Comex gold fell to a 27-month low of USD1,322.25 an ounce on April 16. 

Gold prices were likely to find support at USD1,322.25 a troy ounce, the low from April 16 and near-term resistance at USD1,440.10, the high from March 7, 2011.