HIGH LIGHTS:-
- NYMEX crude gains in holiday-thinned Asian trade.
- Gold prices decline on Friday.
PRECIOUS METALS:-
The price of gold declined on intraday trading on Friday, but is still on track to finish the year with a 6% increase. Gold was trading at $1155.80 per ounce, down $2.90, or 0.21%. Silver was down too, at $16.04 per ounce, a decline of 0.17 cents, or 1.10%. Other commodity prices, including platinum, palladium, and copper, were rising on intraday trading. A major dip in the U.S. dollar index late this week is encouraging buying in the gold and silver. Prices of gold and silver charts remain bearish, however. A rhetorical conflict between the U.S. and Russia was impacting the dollar, which also slammed precious metals. Russia's foreign secretary called the U.S. "foreign policy losers" for issuing sanctions over alleged, unproven hacking allegations against Moscow, and over-the-top claims that social engineering, or hacking, of John Podesta's G-Mail account led to the overwhelming electoral college defeat of Hillary Clinton in the presidential election this fall. PRECIOUS LEVEL |
CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 27750
RESIST 1: 27650
SUP 1: 27350
SUP 2: 27180
RESIST 2: 27750
RESIST 1: 27650
SUP 1: 27350
SUP 2: 27180
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 40000
RESIST 1: 39700
SUP1: 38700
SUP2: 38400
RESIST 2: 40000
RESIST 1: 39700
SUP1: 38700
SUP2: 38400
BASE METALS:-
Copper March delivery has added 0.5 percent at $ 2.498.As 2017 New Year holiday falls on Dec. 31 to Jan. 2, there will be no update on SMM's website during the holiday period.
Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 30, Shanghai Metals Market reported. Nickel ore inventories at seven major Chinese ports were down 240,000 tones’ on a weekly basis, according to SMM data.
Over this past week, the Port of Lanshan and Lianyungang saw arrivals of 100,000 wmt and 120,000 wmt of goods, respectively. SMM survey finds.
Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 30, Shanghai Metals Market reported. Nickel ore inventories at seven major Chinese ports were down 240,000 tones’ on a weekly basis, according to SMM data.
Over this past week, the Port of Lanshan and Lianyungang saw arrivals of 100,000 wmt and 120,000 wmt of goods, respectively. SMM survey finds.
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:385
RESIST 1:382
SUP1:375
SUP2:372
CS NICKEL (JAN) OVERVIEW:
RESIST 2:385
RESIST 1:382
SUP1:375
SUP2:372
CS NICKEL (JAN) 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 (JAN)OVERVIEW:
TREND : SIDEWAYS
RESIST 2:178.00
RESIST 1:177.00
SUP1:172.00
SUP2:170.00
RESIST 2:178.00
RESIST 1:177.00
SUP1:172.00
SUP2:170.00
CS LEAD (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 140.00
RESIST 1: 139.00
SUP1: 135.00
SUP2: 133.00
RESIST 2: 140.00
RESIST 1: 139.00
SUP1: 135.00
SUP2: 133.00
CS ALUMINIUM (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 117.50
RESIST 1: 116.50
SUP1: 114.00
SUP2: 113.00
RESIST 2: 117.50
RESIST 1: 116.50
SUP1: 114.00
SUP2: 113.00
ENERGIES:-
U.S. crude oil prices drifted higher in Asia on Monday with most financial markets in the region closed to mark the New Year holiday. Crude for February delivery on the New York Mercantile Exchange rose 0.24% to $53.90 a barrel. Global benchmark Brent crude traded on London's Intercontinental Exchange was last quoted at $56.74 a barrel.
Investors await news of the adherence to combined production cuts by OPEC and non-OPEC nations near 1.8 million barrels per day that started at the New Year. A meeting in Kuwait later this month will assess progress.
Oil prices settled slightly lower on Friday, the year's last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc, added to bearish sentiments.
ENERGY LEVELSInvestors await news of the adherence to combined production cuts by OPEC and non-OPEC nations near 1.8 million barrels per day that started at the New Year. A meeting in Kuwait later this month will assess progress.
Oil prices settled slightly lower on Friday, the year's last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc, added to bearish sentiments.
CS CRUDE OIL (JAN) OVERVIEW:
TREND : SIDEWAYS
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 : BEARISH
RESIST 2:258.00
RESIST 1:256.00
SUP1:249.00
SUP2:247.00
RESIST 2:258.00
RESIST 1:256.00
SUP1:249.00
SUP2:247.00
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