HIGH LIGHTS:-
- Gold, dollar up on Wednesday.
- LME Copper to See Range-Bound Trading.
- Oil prices fall on surprise build in U.S. crude stocks.
PRECIOUS METALS:-
The price of gold increased considerably today, even though the dollar gained against the euro, the yen, and the pound. Gold settled at $1142.90, an increase of $4.10, or 0.36%. The price of silver settled up today as well. Expectations of higher U.S. economic growth also underpinned the gains of the greenback today. The euro hit its one-week low against the dollar even though contracts to buy U.S. homes in November to the lowest in nearly a year, according to National Association of Realtors data. President-elect Trump is expected to make an announcement about the economy this afternoon, after the close of markets. |
CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 27800
RESIST 1: 27650
SUP 1: 27200
SUP 2: 27050
RESIST 2: 27800
RESIST 1: 27650
SUP 1: 27200
SUP 2: 27050
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 40500
RESIST 1: 40000
SUP1: 39450
SUP2: 39000
RESIST 2: 40500
RESIST 1: 40000
SUP1: 39450
SUP2: 39000
BASE METALS:-
LME copper is expected to range between USD 5,480-5,580/mt during Asian trading hours on Thursday and SHFE 1703 copper will move at RMB 45,100-45,900/mt.
In China’s domestic market, spot copper should trade at discounts of RMB 280-180/mt on Thursday.
Base metals weakened overnight, and will fluctuate weakly today given year-end cash tightness and current market sentiment.
The number of US initial jobless claims last week due for release today is expected to stay below 300,000.
After the announcement of US crude oil inventories last week, crude oil prices fell at one point. But with market expectations that oil producing countries will slash output soon, NYMEX February oil prices returned above all moving averages. Oil prices will remain strong in the near term.
In China’s domestic market, spot copper should trade at discounts of RMB 280-180/mt on Thursday.
Base metals weakened overnight, and will fluctuate weakly today given year-end cash tightness and current market sentiment.
The number of US initial jobless claims last week due for release today is expected to stay below 300,000.
After the announcement of US crude oil inventories last week, crude oil prices fell at one point. But with market expectations that oil producing countries will slash output soon, NYMEX February oil prices returned above all moving averages. Oil prices will remain strong in the near term.
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:386
RESIST 1:384
SUP1:375
SUP2:372
CS NICKEL (DEC) OVERVIEW:
RESIST 2:386
RESIST 1:384
SUP1:375
SUP2:372
CS NICKEL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 710
RESIST 1: 700
SUP1: 680
SUP2: 670
RESIST 2: 710
RESIST 1: 700
SUP1: 680
SUP2: 670
CS ZINC (DEC)OVERVIEW:
TREND : BULLISH
RESIST 2:178.00
RESIST 1:177.00
SUP1:172.00
SUP2:171.00
RESIST 2:178.00
RESIST 1:177.00
SUP1:172.00
SUP2:171.00
CS LEAD (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 140.00
SUP1: 135.00
SUP2: 133.00
RESIST 2: 142.00
RESIST 1: 140.00
SUP1: 135.00
SUP2: 133.00
CS ALUMINIUM (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 119.00
RESIST 1: 118.50
SUP1: 116.00
SUP2: 114.50
RESIST 2: 119.00
RESIST 1: 118.50
SUP1: 116.00
SUP2: 114.50
ENERGIES:-
Oil prices fell in early trade in Asia on Thursday following a surprise build in U.S. crude stocks shown in data published by the American Petroleum Institute (API) late on Wednesday.
The 4.2 million barrel build in U.S. crude oil stocks shown in the API data came as a surprise. Analysts polled ahead of the weekly inventory reports had forecast, on average, that crude stocks would decline 2.1 million barrels in the week to Dec. 23.
In a potential sign that an output production cut is likely to be adhered to, the committee of OPEC and nonOPEC producers responsible for monitoring compliance with the production cut agreement will meet in Vienna on Jan. 21-22, Kuwaiti oil minister Essam Al-Marzouq told state news agency
ENERGY LEVELSThe 4.2 million barrel build in U.S. crude oil stocks shown in the API data came as a surprise. Analysts polled ahead of the weekly inventory reports had forecast, on average, that crude stocks would decline 2.1 million barrels in the week to Dec. 23.
In a potential sign that an output production cut is likely to be adhered to, the committee of OPEC and nonOPEC producers responsible for monitoring compliance with the production cut agreement will meet in Vienna on Jan. 21-22, Kuwaiti oil minister Essam Al-Marzouq told state news agency
CS CRUDE OIL (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:3760
RESIST 1:3720
SUP1:3600
SUP2:3550
RESIST 2:3760
RESIST 1:3720
SUP1:3600
SUP2:3550
CS NATURAL GAS (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:269.00
RESIST 1:267.00
SUP1:259.00
SUP2:256.00
RESIST 2:269.00
RESIST 1:267.00
SUP1:259.00
SUP2:256.00
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