Commodity markets-Updates

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Commodity markets-Updates

  1. 1. Commodity Evening Session
  2. 2. Market cues • UK National House Price m/m (Nov) came in at –0.4% as against the forecasted value of –0.7%. • UK National House Price y/y (Nov) came in at 0.5% as against the forecasted value of 1.4%. • US National Activity Index (Oct) value - as against previous value of –0.58. • EU Consumer Confidence (Nov) consensus value of - against the previous value of –11.(15:00) GMT • EU ECB Chairman Trichet speech expected at (16:15) GMT.
  3. 3. Gold • Gold witnessed some buying coming in during the Asian and Europe trading session. • Intraday support for the market lies at the $1352 levels. $1368 will act as good intraday resistance levels for the commodity. • A successful break out from this level could see the prices retesting the $1382levels on the upside. • RSI reading is at 50 levels.
  4. 4. Silver • Silver witnessed good buying interest coming in from the crucial support level of $27.50 during Asian trading session. • $26.90 will act as a good support level for intraday trading. A successful break down from this level could see the prices testing the $26 levels on the downside. • $27.95 will be acting as a good resistance for the prices on the upside. • RSI reading is at the 63 levels currently.
  5. 5. Crude oil • Crude oil prices witnessed selling interest continuing during the Asian and European trading session as it broke below the key resistance level of $82. • $80.8 will be acting as a good support level for the prices during NYMEX trading session in the evening. • Prices have immediate resistance at the $82.5 levels and a successful breakout could see the prices testing the $84.75 level on the upside. RSI reading is at the 39.40 levels.
  6. 6. Natural gas • Natural gas continued to witness some hunt buying interest from the previous trading session from the key support levels of $4.15. • Prices have immediate resistance at the $4.25 levels. A successful break out with volumes could see the prices testing the next key resistance level of $4.37 on the upside. • If $4.06 levels are broken on the downside prices will have resistance coming in at the $3.94 levels. • RSI reading is at the 64 levels.
  7. 7. Copper • Copper witnessed sell off interest continued from the yesterday’s trading session as the prices are facing the stiff resistance at $390. • $390 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 $397 levels on the upside. • $380 will be acting as a good support level for the prices on the downside. • RSI reading is at the 50 levels.

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