Market cues UK BRC Retail Sales Monitor y/y came at 0.7% as against the forecasted value of 0.8%. UK Industrial Production (MoM) (Oct) came at as against the forecasted value of 0.3% . UK Manufacturing Production (MoM) (Oct) came at as against the forecasted value of 0.3% . Germany Factory orders (MoM) (Oct) came at as against the forecasted value of -4%. US ABC/Washington Post Consumer Confidence (Dec 5) forecasted value of - against the previous value of -45.(22:00 GMT).
Gold Gold witnessed good open interest build up happening with rising prices which indicates towards fresh longs being created at the key support levels. We have seen a bullish continuation pattern emerging in the technical charts during last weeks trading and so the uptrend is expected to continue. COMEX prices succeeded in closing above the crucial resistance level of $1425 . This will be acting as a crucial support level during intraday trading. Any fall back to this level may reignite further buying interest in the commodity $1400 will act as a key psychological support level for the prices. $1368 which is incidentally also the 40 day MA for the commodity will act as a good support level for medium term.
Silver Silver witnessed good open interest build up happening with rise in prices which indicates fresh buying interest coming in from the key technical support levels. Technical charts indicates a bullish break out happening above the $30 levels during yesterdays COMEX trading session . Markets may test the key resistance level of $30.50 in the coming days if the markets continue to witness positive open interest build up. $30 will act as very good support level for short term trading. $29.50 will be the medium term support level to watch out for.
Crude oil Crude oil witnessed good buying interest coming in during the Asian trading session as it broke above the key resistance level of $89.76 . Resistance levels for the commodity lies at the $90.50 level which might be the last hurdle for bulls on the journey to the $93 levels. A successful breakout above this level could see the prices testing the medium term resistance levels of $93. $84.33 will act as the medium term trend line support for the commodity.
Natural gas Natural gas prices are trading above the key support levels of $4.50 which is also incidentally the key resistance for the prices during last weeks trading session. A break out with volumes above this level could see the prices testing the next resistance level of $4.75. Support for the prices lies at the $4.30 levels. A successful break down below this level could see the prices retesting the$4.19 levels. RSI reading are hovering around the 62 levels ahead of the NYMEX market openings.
Copper Copper witnessed continued buying interest coming in during the Asian trading session as it broke above the key resistance level of $402, which was tested during yesterdays trading session. $410 will act the immediate resistance level to watch out for. A successful break out could see prices test $415 levels. $400 will act as crucial support level for today’s trading which is also a medium term support level. RSI reading is currently hovering around the 67 levels breaking above the 20 day MA.