Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Commodity Markets

571 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Commodity Markets

  1. 1. Commodity Evening Session
  2. 2. • US Consumer Confidence (Nov) consensus value of 52.9 as against the forecasted value of 50.2.(15:00 GMT). • US Chicago PMI (Nov) consensus value of 60.2 as against the forecasted value of 60.5.(14:45 GMT). • Euro Zone ECB Trichet's Speech is expected come at15:00 GMT. • US Fed's Bernanke Speech is expected come at 20:00 GMT. Market cues
  3. 3. Gold • Gold witnessed good buying interest coming in during the Asian and Europe trading session as the gold has given a trend line breakout in the technical charts. • Intraday support for the market lies at the $1364 levels. • $1351 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 54 levels.
  4. 4. Silver • Silver witnessed buying coming in as prices broke the key resistance levels of $27 during yesterday’s COMEX trading session. • $26.80 will act as a good support level for intraday trading. A successful break down from this level could see the prices testing the $26.39 levels on the downside. • $27.55 will be acting as a good resistance for the prices on the upside. • RSI reading is at the 58 levels currently.
  5. 5. Crude oil • Crude oil witnessed some profit booking coming during the Asian and European trading session on the Chinese Interest rate hike speculation. • $84.40 will be acting as a good support level for the prices during NYMEX trading session in the evening. • Prices have immediate resistance at the $86 levels and a successful breakout could see the prices testing the $87.35 level on the upside. • RSI reading is at the 55 levels.
  6. 6. Natural gas • Natural gas witnessed some range bound trading as the prices witnessed sell off from key resistance levels of $4.50 during the yesterday’s NYMEX trading session. • Prices have immediate resistance at the $4.26 levels. A successful break out with volumes could see the prices testing the next key resistance level of $4.40 on the upside. • If $4.20 levels are broken on the downside prices will have support coming in at the $4.09 levels. • RSI reading is at the 47 levels.
  7. 7. Copper • Copper witnessed some buying coming during Asian and European trading session and continued to hover around the key resistance level of $381. • $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. • $374 will be acting as a good support level for the prices on the downside. • RSI reading is at the 48 levels.

×