Commodity Market Updates

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Commodity Market Updates

  1. 1. Market cues • Germany GDP Q3 yy (Qtr 3) came in at 3.9% as against the forecasted value of 3.9%. • Germany PMI Manufacturing (Nov) came in at 58.9 as against the forecasted value of 56.8. • Euro Zone PMI Manufacturing (Nov) came in at 55.5 as against the forecasted value of 54.6. • US Core PCE preliminary (Qtr 3) consensus value of 2.3% against the previous value of 2.2.(13:30) GMT • US Gross Domestic Product Annualized (Q3) consensus value of 2.4% against the previous value of 1.7% .(13:30) GMT. • US Existing Home Sales (Oct) consensus value of 4.48 Mln against the previous value of 4.53 Mln .(13:30) GMT. • US Richmond Fed Manufacturing Index (Nov) consensus value of 6 against the previous value of 5 .(13:30) GMT.
  2. 2. Gold • Gold witnessed some sell off in during the Asian and Europe trading session. • Intraday support for the market lies at the $1354 levels which was 40 DMA also. • $1371 will act as good intraday resistance levels for the commodity. A successful break out from this level could see the prices retesting the $1382 levels on the upside. • RSI reading is at 52 levels.
  3. 3. Silver • Silver witnessed selling interest from the key resistance levels of $28 during Asian trading session. • $27.30 will act as a good support level for intraday trading. A successful break down from this level could see the prices testing the $26.98 levels on the downside. • $28 will be acting as a good resistance for the prices on the upside. • RSI reading is at the 63 levels currently.
  4. 4. Crude oil • Crude oil witnessed range bound trading during the Asian and European trading session as prices hovering near the key support level of $81. • $81 will be acting as a good support level for the prices during NYMEX trading session in the evening. • Prices have immediate resistance at the $83 levels and a successful breakout could see the prices testing the $83.80 level on the upside which was 40 DMA also. • RSI reading is at the 42 levels.
  5. 5. Natural gas • Natural gas witnessed some profit booking as the prices nearing the key resistance levels of $4.30. • Prices have immediate resistance at the $4.30 levels. A successful break out with volumes could see the prices testing the next key resistance level of $4.50 on the upside. • If $4.17 levels are broken on the downside prices will have resistance coming in at the $4 levels. • RSI reading is at the 64 levels.
  6. 6. Copper • Copper witnessed sell off interest continued from the yesterday’s trading session as the prices broke key 40 DMA support of $380 yesterday’s trading session. • $380 levels will be acting as a good resistance level on the upside for intraday trading during COMEX trading session. A successful breakout from this level could see the prices retesting the $391 levels on the upside. • $365 will be acting as a good support level for the prices on the downside. • RSI reading is at the 42 levels.

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