HIGH LIGHTS:-
- Gold prices down in Asia as U.S. jobs data awaited.
- Base Metals Rise as Oil Soars After OPEC Deal Reached.
- Oil prices dip after OPEC-Russia output cut deal, focus swings to implementation.
PRECIOUS METALS:-
Gold prices fell in Asia on Friday ahead of U.S. jobs data that is seen as icing on the cake for a Fed rate hike this month. Nonfarm payrolls are seen up by 175,000 in November, deemed enough by most analysts to assure the Fed that the labor market continues to tighten, adding pressure on wages. Gold futures for February on the Comex division of the New York Mercantile Exchange rose 0.57% to $1,176.05 a troy ounce. Silver futures on the Comex gained 0.80% to $16.638 a troy ounce. The Institute for Supply Management said its manufacturing activity index rose to 53.2 last month from October’s reading of 51.9. Analysts had forecast a smaller increase to 52.2. |
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: 41400
SUP1: 40600
SUP2: 40300
RESIST 2: 41800
RESIST 1: 41400
SUP1: 40600
SUP2: 40300
BASE METALS:-
Yesterday, the Organization of Petroleum Exporting Countries finalized a deal to cut production by 1.2 million barrels a day starting in January, its first reduction since 2008.
US non-farm employment fell short of market expectations for three months in a row, but is expected to improve in November given ADP’s employment, initial jobless claims in November and ISM’s manufacturing and non-manufacturing job sub-indices.
Salary growth will also be a focus of markets, which has been rising mildly due to low import low inflation. Salary growth may pick up in next few months. Base metals are expected to resist both increases and declines during Asian trading hours today. If US non-farm employment data turn out to be upbeat, base metals will be bolstered. But commodities priced in USD may unlikely rebound.
BASE METAL LEVELS
US non-farm employment fell short of market expectations for three months in a row, but is expected to improve in November given ADP’s employment, initial jobless claims in November and ISM’s manufacturing and non-manufacturing job sub-indices.
Salary growth will also be a focus of markets, which has been rising mildly due to low import low inflation. Salary growth may pick up in next few months. Base metals are expected to resist both increases and declines during Asian trading hours today. If US non-farm employment data turn out to be upbeat, base metals will be bolstered. But commodities priced in USD may unlikely rebound.
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:410
RESIST 1:405
SUP1:390
SUP2:387
RESIST 2:410
RESIST 1:405
SUP1:390
SUP2:387
CS NICKEL (DEC) OVERVIEW:
TREND : BEARISH RESIST 2: 795
RESIST 1: 775
SUP1: 755
SUP2: 740
CS ZINC (DEC)OVERVIEW:
TREND : BEARISH
RESIST 2:189.00
RESIST 1:186.00
SUP1:182.50
SUP2:180.00
RESIST 2:189.00
RESIST 1:186.00
SUP1:182.50
SUP2:180.00
CS LEAD (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 164.00
RESIST 1: 162.00
SUP1: 157.00
SUP2: 153.00
RESIST 2: 164.00
RESIST 1: 162.00
SUP1: 157.00
SUP2: 153.00
CS ALUMINIUM (DEC) OVERVIEW:
TREND : BEARISH RESIST 2: 120.00
RESIST 1: 119.00
SUP1: 116.00
SUP2: 115.00
ENERGIES:-
Oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week's OPEC-Russia accord on cutting output giving way to questions on the "sticking point" of implementing the deal. Analysts are now focusing their attention on implementation of the deal, the first agreement since 2001 by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to coordinate production cuts. "It looks achievable on the face of it, provided the parties to the latest production cut deal stick to their pledges, which has historically been somewhat of a sticking point," ANZ bank said on Friday.
ENERGY LEVELS
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 2:249.00
RESIST 1:246.00
SUP1:240.00
SUP2:236.00
RESIST 2:249.00
RESIST 1:246.00
SUP1:240.00
SUP2:236.00
CLICK HERE FOR DETAILS - http://blog.capitalstars.com/
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Click here for comments 0 comments: