December 6, 2016

HIGH LIGHTS:-

U.S. crude bounces from 14-week low, amid unexpected gas inventory draw.

Gold retreats from near 28-month highs, ahead of critical BOE meeting.

LME Copper to Move in a Tight Range.

PRECIOUS METALS:-

Gold retreated from near 28-month highs on Wednesday amid heavy short covering, as investors await a highly-anticipated meeting from the Bank of England where policymakers in the U.K. could approve their first interest rate cut in seven years.

On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,360.65 and $1,373.20 an ounce before settling at $1,364.25, down 8.45 or 0.62% on the session.Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $1,391.40, the high from March 14, 2014.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH

RESIST 2: 31950

RESIST 1: 31800

SUP 1: 31450

SUP 2: 31250

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 48250

RESIST 1: 47800

SUP1: 46800

SUP2: 46180

BASE METALS:-

benchmark interest rate to a record-low of 0.25%, following a string of soft economic data in the weeks since June’s historic Brexit decision.Friday. First quarter GDP was revised lower to 0.8% from 1.1%.The Federal Open Market CommittedLME copper will narrowly range USD 4,850-4,900/mt during Asian trading hours Thursday.Market attention will focus on US durable goods orders and the BOE’s August meeting today.

US durable goods orders fell for three months in a row, and there is little chance for improvement in June.

Markit’s preliminary US manufacturing PMI hit a 3-month high in June, with output, new order and new export order sub-indexes being positive. However, preliminary durable goods orders unexpectedly fell 4%, the biggest decline since August 2014.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH

RESIST 2:330

RESIST 1:328

SUP1:323

SUP2:321

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS

RESIST 2:727

RESIST 1:721

SUP1:705

SUP2:700

CS ZINC (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:154.50

RESIST 1:153.50

SUP1:151.50

SUP2:150.50

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:122.30

RESIST 1:121.50

SUP1:119.50

SUP2:118.30

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2:111.30

RESIST 1:110.30

SUP1:108.50

SUP2:107.00

ENERGIES:-

U.S. Crude futures bounced from 14-week lows on Wednesday, as an unexpected draw in gasoline inventories last week helped temporarily ease some concerns related to the prolonged supply glut in global energy markets.

It came one day after WTI closed below $40 for the first time since mid-April when crude futures took a hit following the collapse of a closely watched Doha Agreement among major producers, including Saudi Arabia and Russia.

Since hitting 2016 yearly highs of $51 a barrel in early-June, U.S. crude futures have slumped by nearly 20% over the last several weeks.The drawdown could help assuage some fears of long-term oversupply among gasoline inventories worldwide.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:   

TREND :BEARISH

RESIST 2:2820

RESIST 1:2790

SUP1:2650

SUP2:2600

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BULLISH

RESIST 2:199.00

RESIST 1:195.00

SUP1:183.00

SUP2:178.00

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