HIGH LIGHTS:-
- Oil recovers some previous losses, but doubts over supply cuts linger.
- Copper jumps in Asia after China prices, gold gains.
- Gold settled down by 0.24% on Monday
PRECIOUS METALS:-
Gold markets appear to be gearing up for the Trump administration, according to market analysts. The futures market for gold was up today by 0.91% to $1184.10. Silver prices increased too, up 0.97% to $16.68, during intraday trading. But gold settled at $1182.20, down 0.24%.Markets are reassessing views of the incoming Trump White House, analysts said. The precious metal had slid 12% in price since the election, and it has been anticipated that the president-elect's policies would be inflationary. But there is some trimming of the early expectations, as investors now are adopting a wait and see attitude to economic growth. The President-elect is considering changes across a wide variety of government agencies and departments, and policy areas, according to Sean Spicer, a spokesman for the Republican National Committee (RNC), and
the incoming White House press secretary.
PRECIOUS LEVEL
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CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 27600
RESIST 1: 27450
SUP 1: 27050
SUP 2: 26850
RESIST 2: 27600
RESIST 1: 27450
SUP 1: 27050
SUP 2: 26850
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 41500
RESIST 1: 41200
SUP1: 40200
SUP2: 39750
RESIST 2: 41500
RESIST 1: 41200
SUP1: 40200
SUP2: 39750
BASE METALS:-
Gold prices gained in Asia on Tuesday as prices data out of China, which vies with India as the world's top importer of the yellow metal, offered support and aided the bellwether industrial metal copper. On the Comex division of the New York Mercantile Exchange gold for February delivery edged up 0.11% to $1.186.25 a troy ounce, while copper futures jumped 0.87% to $2.554 a pound after data on prices and a reading on economic growth buoyed sentiment. In China, consumer prices for December rose 0.2% month-on-month, compared to a 0.3% gain seen and at
an annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent.
BASE METAL LEVELSan annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent.
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:390
RESIST 1:388
SUP1:380
SUP2:376
CS NICKEL (JAN) OVERVIEW:
RESIST 2:390
RESIST 1:388
SUP1:380
SUP2:376
CS NICKEL (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 722
RESIST 1: 716
SUP1: 692
SUP2: 684
RESIST 2: 722
RESIST 1: 716
SUP1: 692
SUP2: 684
CS ZINC (JAN)OVERVIEW:
TREND : BULLISH
RESIST 2:188.00
RESIST 1:186.00
SUP1:180.00
SUP2:178.00
RESIST 2:188.00
RESIST 1:186.00
SUP1:180.00
SUP2:178.00
CS LEAD (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 148.00
RESIST 1: 147.00
SUP1: 142.00
SUP2: 140.00
RESIST 2: 148.00
RESIST 1: 147.00
SUP1: 142.00
SUP2: 140.00
CS ALUMINIUM (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 119.50
RESIST 1: 118.50
SUP1: 116.50
SUP2: 115.00
RESIST 2: 119.50
RESIST 1: 118.50
SUP1: 116.50
SUP2: 115.00
ENERGIES:-
Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.Both of the contracts on Monday lost nearly 4 percent. Analysts said the small gains on Tuesday came from expectations that some of the cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and producers such as Russia would materialize despite doubts over full implementation. "Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel," BMI Research said.
ENERGY LEVELS
CS CRUDE OIL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:3700
RESIST 1:3650
SUP1:3500
SUP2:3450
RESIST 2:3700
RESIST 1:3650
SUP1:3500
SUP2:3450
CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:221.00
RESIST 1:219.00
SUP1:210.00
SUP2:207.00
RESIST 2:221.00
RESIST 1:219.00
SUP1:210.00
SUP2:207.00
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