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COMMODITY MARKETS-UPDATES

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COMMODITY MARKETS-UPDATES

  1. 1. Commodity Evening Session www.LiveTips.biz Commodities-Updates & Analysis
  2. 2. Market cues • Germany GDP Q3 y/y came at 3.9% as against previous value of 3.1%. • Euro zone GDP Q3 y/y came at 1.9% as against previous value of 1.9% . • Euro zone Industrial Production y/y came at 5.2% as against previous value of 7.1%. • US Michigan Sentiment Preliminary (Nov) consensus value @ 69 against the previous value of 67.7 • Day 2 of G20 Meetings .
  3. 3. Gold • Gold witnessed profit booking during the Asian trading session after it broke the key support level of $1400 levels. • For today’s trading, $1382levels will be acting as a good support level for the prices. A break down with volumes below this level could see the prices testing the $1370 levels. • Resistance for the prices lies at the $1410 levels. A breakout with volumes could see the prices testing the $1423 levels.
  4. 4. Silver • Silver prices witnessed some profit booking coming in from the key resistance level of $27.7. • Silver prices have good support at the $26.86 levels. A break down below this level could see the prices testing the $26.37 levels on the downside. • Prices have good resistance at the $27.80 levels. A successful break out from this level with convincing volumes could see the prices testing the next resistance level of $28.20.
  5. 5. Crude oil • Crude oil prices witnessed some profit booking coming as it broken below the crucial resistance level of $88. • Crude oil has immediate support at $85.6. levels. A successful break down from this level could see the prices testing the $84.6 levels. • $88 will act as a strong resistance level for the prices. A break out with volumes from this level could see the prices testing the $89.2 levels.
  6. 6. Natural gas • Natural gas witnessed some sell off as the supplies rose to record increasing the stockpiles. • Key support for the prices lies at $3.86 levels. A breakdown from this level could drag the prices down to the key support level of $3.72. • Immediate resistance lies at $4 levels which was tested during last weeks trading session. A successful breakout from this level with volumes could see the prices testing the $4.21 levels.
  7. 7. Copper • Copper witnessed profit booking coming in during the Asian trading session on Speculation that China Will Increase Rates. • A breakdown below the key support level of $390 could see the prices testing $382 on the downside. • $404 will act as a crucial resistance in the coming days. A successful break out from this key resistance level could see the prices testing the $410 on the upside.

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