Commodity Market -Analysis & Updates

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Commodity Market -Analysis & Updates

  1. 1. Commodity Evening Session
  2. 2. Market cues • Germany IFO Business climate (Nov) came in at 109.3 as against the forecasted value of 107.4. • Euro Zone Industrial orders m/m (Sep) came in at –3.8 as against the forecasted value of –2.5. • US Initial claims w/e consensus value of 435K against the previous value of 439K.(13:30) GMT • US Reuters/Michigan Consumer Sentiment Index (Nov) consensus value of 69.5 against the previous value of 67.7.(14:55) GMT. • US New home sales (MoM) (Oct) consensus value of 2.4% against the previous value of 6.6% .(15:00) GMT. • US EIA Crude Oil Stocks change (Nov 19) consensus value of - 1.9 mln against the previous value of –7.3 mln .(15:30) GMT. • US Natural gas storage consensus value of -6 B against the previous value of 3B.
  3. 3. Gold • Gold witnessed some buying during the Asian and Europe trading session as the gold has given trend line breakout yesterday’s trading session and managed to hold the gain. • Intraday support for the market lies at the $1367 levels. • $1382 will act as good intraday resistance levels for the commodity. A successful break out from this level could see the prices retesting the $1393 levels on the upside. • RSI reading is at 55 levels.
  4. 4. Silver • Silver witnessed range trading as prices are nearing 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 $26.95levels on the downside. • $28 will be acting as a good resistance for the prices on the upside. • RSI reading is at the 62 levels currently.
  5. 5. Crude oil • Crude oil witnessed some buying interest during the Asian and European trading session as prices took support from the 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 43 levels.
  6. 6. Natural gas • Natural gas witnessed some range bound trading as the prices nearing the key resistance levels of $4.30 and market is awaiting for release of Inventories data. • 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 65 levels.
  7. 7. Copper • Copper witnessed buying interest continued from during Asian and European trading session as the prices managed to hold support level of $370 during yesterday’s trading session. • $381 levels will be acting as a good resistance level on the upside for intraday trading during COMEX trading session which was incidentally 40 DMA resistance also. A successful breakout from this level could see the prices retesting the $391 levels on the upside. • $370 will be acting as a good support level for the prices on the downside. • RSI reading is at the 44 levels.

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