Market cues Euro Zone Retail sales (Oct) came at 0.5% as against the forecasted value of 0.2%. US Non Farm payrolls (Nov) consensus value of 146K as against the forecasted value of 151K.(13:30 GMT). US Unemployment rate (Nov) consensus value of 9.6% as against the forecasted value of 9.6%.(13:30 GMT). US Factory orders (Oct) consensus value of -0.7% as against the previous value of 2.1%.(15:00 GMT). US ISM Non-Manufacturing (Nov) consensus value of 54.7% as against the previous value of 54.3%.(15:00 GMT).
Gold Gold witnessed good open interest reduction happening with falling prices which can be an indication of profit booking happening on account of positive economic data release from US. COMEX prices succeeded in holding on to the crucial support level of $1385 . 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 resistance level for the prices. $1361 which is incidentally also the 40 day MA for the commodity will act as a good support level for medium term.
Silver Silver witnessed open interest reduction happening with fall in prices which indicates fresh profit booking happening from the key resistance levels. Technical charts indicates a possibility of bullish continuation. Markets have successfully hold on to the key support levels of $28 in spite of the profit booking seen during the last leg of yesterdays COMEX trading session. $29 will act as a very good resistance level for the prices during intraday trading while a successful breakout above this level with convincing volumes could see the prices testing the highs of $29.45.
Crude oil Crude oil have been witnessing buying interest continuing during the last two trading days and is expected to test the key resistance level of $89.10 in the coming days. Some profit booking may be witnessed from this key resistance level. $85.85 will continue to act as a goof support level for the commodity prices. The medium term support level for the prices lies at the $84.30 levels which is also incidentally the 40 day MA support level for the commodity.
Natural gas Natural gas witnessed correction coming in as it failed to break above the crucial resistance level of $4.40 during yesterdays NYMEX trading session. $4.20 which is also the 40 day moving average, will act as a crucial support level for the commodity prices . Fall back to this level could see some buying interest coming back into the commodity as the fundamentals are expected to support the prices from drastic fall. A successful break down with volumes could see the prices testing the medium term support level of $4.15.
Copper Copper prices have managed to hold on the intermediary support levels after the volume based buying that was witnessed during 1st December. $395 will act as a good support level for intraday trading. Any fall back to this level can be considered as opportunity to re-enter into long positions. $400 will be acting as psychological resistance level for the prices. A successful breakout could see the prices retesting the $409 levels. $383-$385 levels will be the 40day MA support.