December 5, 2016

HIGH LIGHTS:-

  • Oil prices dip after reaching June highs on U.S. crude stock draw.
  • Gold prices gain in Asia after ADP jobs report misses expectations.
  • Financial markets in Shanghai will be closed for a national holiday for whole week.

PRECIOUS METALS:- 

Gold posted mild gains in Asia on Thursday with a private U.S. nonfarm jobs report coming in weaker than expected, setting the satge for offical data from the U.S. Department of Labor at the end of the week seen as crucial to Fed rate hike chances in December.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.20% to $1,271.15 a troy ounce, while silver futures on the COMEX for December gained 0.80% to $17.837 a troy ounce.Markets in China are shut for the week.

Overnight, gold prices turned lower during North America’s session on Wednesday, reversing overnight gains after data showed that the U.S. services sector accelerated in September to the fastest level in 11 months.

PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : BEARISH

RESIST 2: 30250

RESIST 1: 30050

SUP 1: 29700

SUP 2: 29600

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 43500

RESIST 1: 43100

SUP1: 42120

SUP2: 41700

BASE METALS:-

LME base metals traded mixed yesterday as rising US rate hike betsexerted pressure on dollar denominated commodities. Also, mutedvolumes owing to week long holiday in China have hurt volumes.MCX base metals traded mixed in line with international trends.

LME Copper prices fell by 0.1 percent yesterday to $4799.5/tonne asanother hawkish statement came from Federal Reserve Vice ChairStanley Fischer on Wednesday that evidence that the so-callednatural rate of interest has fallen to low levels could mean theeconomy is stuck in a low-growth rut that could prove hard toescape.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :SIDEWAYS

RESIST 2:325

RESIST 1:323

SUP1:319

SUP2:317

CS NICKEL (OCT) OVERVIEW:

TREND :SIDEWAYS

RESIST 2:685

RESIST 1:680

SUP1:663

SUP2:653

CS ZINC (OCT) OVERVIEW:

TREND : BEARISH

RESIST 2:157.60

RESIST 1:156.60

SUP1:155.00

SUP2:153.50

CS LEAD (OCT) OVERVIEW: 

TREND : BEARISH

RESIST 2:138.60

RESIST 1:137.60

SUP1:134.70

SUP2:133.70

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:113.00

RESIST 1:112.20

SUP1:110.20

SUP2:109.70

ENERGIES:- 

Oil prices eased on Thursday but remained near June highs reached the previous session when they were buoyed by a fall in U.S. crude inventories.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.54 per barrel at 0136 GMT, down 29 cents or 0.6 percent from their last settlement.

Both contracts hit their highest levels since June on Wednesday after the U.S. Energy Information Administration (EIA) said crude stockpiles fell 3 million barrels last week to 499.74 million barrels, and as international oil markets prepared for a planned output cut by the Organization of the Petroleum Exporting Countries.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:   
                        

TREND :BULLISH

RESIST 2:3380

RESIST 1:3350

SUP1:3270

SUP2:3230

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BULLISH

RESIST 2:206.00

RESIST 1:204.00

SUP1:198.00

SUP2:195.00

 CAPITALSTARS

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