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Daily Market Reflection
6th
September 2017
Commodity Market Outlook
Fundamental News
On Tuesday Gold prices climb to their peak level in around 12 months,
because of demand for precious metal remained bullish in the wake of
North Korea's most powerful nuclear test to date.
On Tuesday U.S. oil prices climb because of the gradual restart of
refineries in the Gulf of Mexico that were closed by Hurricane Harvey
increased the demand for crude oil, their main feedstock. Brent crude
futures were trading at $52.66 per barrel, up 44 cents from their
precious settlement.
.
.
Gold rose to 12 month peak amid lingering North Korea worries.
Oil rose up, gasoline fall because refineries restart after Harvey.
Dollar firm ahead of U.S. economic data.
Dollar firm against rivals amid worries between U.S. & N Korea.
Event Calendar (6th September 2017)
Time Currency Event Forecast Previous
07:00AM AUD GDP q/q 0.8% 0.3%
06:00PM CAD Trade Balance -3.8B -3.6B
06:00PM USD Trade Balance -44.6B -43.6B
07:30PM CAD BOC Rate Statement
07:30PM CAD Overnight Rate 0.75% 0.75%
07:30PM USD
ISM Non-Manufacturing
PMI
55.5 53.9
COMEX
Commodities Date Date % Chg
04-09-17 05-09-17
GOLD 1335.93 1332.65 -0.25%
SILVER 17.86 17.86 +0.00%
CRUDE 47.53 47.92 +0.82%
COPPER 3.1338 3.1320 -0.06%
Global Commodities & Currencies
Commodities/
Currencies
Close
5PM
Previous % Chg
LEAD 2372 2392.25 -0.85%
ALUMINIUM 2106 2118.25 -0.58%
ZINC 3185.50 3205.25 -0.62%
NATURALGAS 3.061 3.042 +0.62%
PALLADIUM 975.87 977.74 -0.19%
PLATINUM 1002.48 1005.60 -0.31%
GBPUSD 1.2963 1.2927 +0.28%
EURUSD 1.1902 1.1906 -0.03%
USDJPY 109.28 109.26 +0.02%
EURJPY 130.10 130.09 +0.01%
GBPJPY 141.65 141.25 +0.28%
GBPCHF 1.2422 1.2353 +0.56%
USDCHF 0.9581 0.9553 +0.29%
USDCAD 1.2388 1.2399 -0.09%
EURGBP 0.9184 0.9208 -0.26%
CHFJPY 114.04 114.36 -0.28%
EURCHF 1.1408 1.1374 +0.30%
AUDUSD 0.7977 0.7961 +0.20%
EURAUD 1.4920 1.4954 -0.23%
GBPAUD 1.6245 1.6243 +0.01%
COMEX GOLD
OUR PREVIOUS CALLS UPDATE
Intraday super star
Date Currency Entry Exit P/L
04/09 EURGBP(S) 0.9138 - UNEXE
Trifid special
Date Commodity Entry Exit P/L
04/09 GOLD(S) 1331 1326 TARGET
For our next calls click here……..
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COMEX Overview
COPPER
R1 R2 S1 S2
3.1660 3.1790 3.1320 3.1111
SILVERGOLD
CRUDE
R1 R2 S1 S2
48.50 49.20 47.00 46.50
R1 R2 S1 S2
1342 1350 1325 1318
R1 R2 S1 S2
18.00 18.25 17.70 17.45
Copper has broken and trading above parallel channel
which suggest more upside. On the upside resistance is
seen around 3.1600 if breaks will test levels of 3.1900.
On the downside support is seen around 3.1200.
Crude trading with positive bias yesterday and
continued to trade bullish in early session On the upside
immediate resistance is seen around 48.20 if breaks may
test levels of 49.50.On the downside support is seen
around 47.
Gold traded with no clear direction yesterday formed a
neutral candle on daily. On the upside immediate resistance
is seen around 1344 if breaks will test levels of 1460. On the
downside 1325 is immediate support seen.
Silver traded with positive bias yesterday but low
volumes seen due to US market holiday. On the upside
18.00 is immediate resistance if breaks may test levels of
18.25. On the downside 17.60 remain immediate support
levels for upcoming sessions.
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Currencies Overview
GBPUSD EURUSD
R1 R2 S1 S2
1.3000 1.3039 1.2868 1.2811
GBPUSD pair didn’t make movement yesterday and still
trapped between 1.2980 – 1.2870 range. A clear break and
daily close above 1.2980 could trigger further bullish pressure
testing 1.3030. On the other hand, a clear break and daily
close below 1.2870 would expose 1.2700 areas or lower.
R1 R2 S1 S2
1.1981 1.2000 1.1816 1.1766
USDJPY
R1 R2 S1 S2
110.90 111.50 108.80 108.40
USDJPY pair didn’t make significant movement yesterday
but traded lower earlier today hit 109.20. The bias is bearish
in nearest term testing 108.70 key supports. A clear break
and daily close below that area could trigger further bearish
pressure testing 108.00 – 107.50 area as nearest bearish target.
Immediate resistance is seen around 109.83.
USDCHF
R1 R2 S1 S2
0.9654 0.9681 0.9534 0.9449
USDCHF pair didn’t make significant movement yesterday.
The bias remains neutral in nearest term probably with a
little bearish bias testing 0.9525 support area. A clear break
below that area could trigger further bearish pressure
retesting 0.9450 key supports. Immediate resistance is seen
around 0.9589.
EURUSD pair didn’t make movement yesterday. Overall if
this pair remains below 1.2000 may test key support seen
at 1.1823. A clear break below that area would continue
the bearish correction testing 1.1750 – 1.1700 area.
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Intraday Super Star
(Premium Section)
EURGBP has retested major trend line resistance.
SELL EURGBP BELOW 0.9156 TARGETS 0.9136/0.9116/0.9096 SL 0.9176
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Trifid Special
(Premium Section)
Silver has major trend line support around current levels.
BUY SILVER ABOVE 17.90 TARGET 18.05 SL 17.75.
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