The document provides market cues and analysis for various commodities in the evening session. It notes upcoming economic data releases from the Eurozone and US and then analyzes trends and support/resistance levels for gold, silver, crude oil, natural gas, and copper. Key levels mentioned include $1385 support for gold, $28 support and $29 resistance for silver, $89.10 resistance for crude oil, $4.20 support for natural gas, and $395 support and $400 resistance for copper.
Recently commodity prices have fallen to multi-year lows. Read our December Market Perspective to learn how these dramatic price movements may impact consumers, industries and companies.
Commodity indices continue to post negative returns with agri commodity and industrial metals more weak than others, according to a report. You are welcome to theequicom for daily market trends, updates and reports by our market experts.
Gold prices continued their weakness in the global market and were seen trading almost steady amid weak physical demand, strengthening equity markets. Theequicom provides you daily commodity market updates which can be helpful for your trading.
Recently commodity prices have fallen to multi-year lows. Read our December Market Perspective to learn how these dramatic price movements may impact consumers, industries and companies.
Commodity indices continue to post negative returns with agri commodity and industrial metals more weak than others, according to a report. You are welcome to theequicom for daily market trends, updates and reports by our market experts.
Gold prices continued their weakness in the global market and were seen trading almost steady amid weak physical demand, strengthening equity markets. Theequicom provides you daily commodity market updates which can be helpful for your trading.
Lots of strange things happening this past week. Did the market turn the corner or was this just a one-day-wonder bounce. The US Dollar and crude oil have disconnect, well for now. Read more to solve these mysteries.
Are we all ready for the "Year of the Monkey?" It has been interesting! We see some trading opportunities but remember to just visit the trade and not marry it!
Interesting charts comparing gold, crude and the US Dollar index. Quadruple witch is done, now what? Will the US Dollar continue its pole like behavior?
“Sell in May and go away!” Well maybe, our suggestion is to use trailing stops or hard stops on your positions. We suggest that approach because the truth is that we do not know when the correction or plunge will occur, we only know that it will occur. Remember bull markets can last longer that you might ever have believed. The US market is a bit long in the tooth as a bull market and lasting advances might be harder to achieve thus we advise caution. We are not telling you to sell just to make sure that any long positions have stops in place. The rally that began in March of 2009 has proceeded higher with nothing more than a couple of hiccups along the way. The rally has been strong and predictable. The longer a trend lasts the stronger the reversal will be so with that in mind, don’t try to predict the end of the bull just keep your protection in place.
It feels as though spring is in the air. Allergy season is upon us and although we sniff and sneeze a lot more, we are really happy to see the snow melt away. The green shoots on Wall Street, which generally accompany the beginning of spring, seem to be having some trouble this year. Perhaps Wall Street needs more time to thaw.
Lots of strange things happening this past week. Did the market turn the corner or was this just a one-day-wonder bounce. The US Dollar and crude oil have disconnect, well for now. Read more to solve these mysteries.
Are we all ready for the "Year of the Monkey?" It has been interesting! We see some trading opportunities but remember to just visit the trade and not marry it!
Interesting charts comparing gold, crude and the US Dollar index. Quadruple witch is done, now what? Will the US Dollar continue its pole like behavior?
“Sell in May and go away!” Well maybe, our suggestion is to use trailing stops or hard stops on your positions. We suggest that approach because the truth is that we do not know when the correction or plunge will occur, we only know that it will occur. Remember bull markets can last longer that you might ever have believed. The US market is a bit long in the tooth as a bull market and lasting advances might be harder to achieve thus we advise caution. We are not telling you to sell just to make sure that any long positions have stops in place. The rally that began in March of 2009 has proceeded higher with nothing more than a couple of hiccups along the way. The rally has been strong and predictable. The longer a trend lasts the stronger the reversal will be so with that in mind, don’t try to predict the end of the bull just keep your protection in place.
It feels as though spring is in the air. Allergy season is upon us and although we sniff and sneeze a lot more, we are really happy to see the snow melt away. The green shoots on Wall Street, which generally accompany the beginning of spring, seem to be having some trouble this year. Perhaps Wall Street needs more time to thaw.
We are entering a very strange economic condition where most of the central banks in the globe,
except the US of course, are making extreme efforts to deflate their currencies and increase
liquidity in their markets by printing money
Gold is the rally for real? Crude oil how low can it go? The S&P 500 looks like a roller coaster ride. What to do next? Get one professional's opinion!
2. 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).
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.