HIGH LIGHTS:-
- Oil prices fall as production creeps up ahead of announced 2017 output cut.
- Gold prices flat in Asia as Italy's referendum vote prompts caution.
- LME Copper to See Range-Bound Trading.
PRECIOUS METALS:-
Gold prices held mostly steady in Asia on Monday as investors reacted cautiously to a new round of political turmoil in Italy and potentially the euro zone following a resounding "No" vote on a referendum aimed at political reforms. Gold for February delivery traded between small gains and losses at levels around $1,177.55 a troy ounce on the Comex division of the New York Mercantile Exchange. Elsewhere, silver for March delivery was also mostly flat around $16.830 a troy ounce. Investors did take sharp note of a weaker euro to a 20-month low as Italian Prime Minister Matteo Renzi resigned after suffering a humiliating defeat in a referendum to reform the country's constitution. |
CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 28450
RESIST 1: 28300
SUP 1: 27900
SUP 2: 27800
CS SILVER (MARCH) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 41800
RESIST 1: 41550
SUP1: 40900
SUP2: 40300
RESIST 2: 41800
RESIST 1: 41550
SUP1: 40900
SUP2: 40300
BASE METALS:-
LME copper is expected to range between USD 5,730-5,800/mt during Asian trading hours on Monday and SHFE 1702 copper will move at RMB 46,200-46,950/mt. In China’s domestic market, spot copper should trade at discounts of RMB 50/mt to premiums of RMB 20/mt on Monday.
Market investors will likely pay more attention to Eurozone among various economic data and news this week, as the rise of populism is adding clouds to the outlook for Eurozone. In addition, European Central Bank has to prepare for December’s meeting on December 8 because of a foregone conclusion that US Federal Reserve will hike interest rate in December’s meeting.
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:410
RESIST 1:405
SUP1:393
SUP2:388
RESIST 2:410
RESIST 1:405
SUP1:393
SUP2:388
CS NICKEL (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2: 815
RESIST 1: 800
SUP1: 765
SUP2: 752
CS ZINC (DEC)OVERVIEW:
TREND : BEARISH
RESIST 2:189.00
RESIST 1:187.00
SUP1:183.00
SUP2:180.00
RESIST 2:189.00
RESIST 1:187.00
SUP1:183.00
SUP2:180.00
CS LEAD (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 160.00
RESIST 1: 158.00
SUP1: 155.00
SUP2: 152.00
RESIST 2: 160.00
RESIST 1: 158.00
SUP1: 155.00
SUP2: 152.00
CS ALUMINIUM (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 120.00
RESIST 1: 119.00
SUP1: 116.00
SUP2: 115.00
ENERGIES:-
Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated.
Traders said price falls were triggered by rising production just after last week's accord between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia to cut output in 2017. The cuts aim to rein in a supply glut that has weighed on markets for over two years.
Meanwhile U.S. energy firms extended drilling for new oil production into a seventh month last week, data from energy services firm Baker Hughes showed on Friday.
CS CRUDE OIL (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:3560
RESIST 1:3530
SUP1:3430
SUP2:3400
RESIST 2:3560
RESIST 1:3530
SUP1:3430
SUP2:3400
CS NATURAL GAS (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:244.00
RESIST 1:241.00
SUP1:232.00
SUP2:228.00
RESIST 2:244.00
RESIST 1:241.00
SUP1:232.00
SUP2:228.00
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