Daily Market Reflection

Transcription

1 Daily Market Reflection Commodity Market Outlook Gold prices ended Friday s session down $0.93 an ounce, as the dollar drifted higher following a jobs report that was stronger than market expectations. Figures from the Labor Department showed that the economy added jobs in October, and average hourly earnings rose 0.2%. September s employment gain was revised down to from the previously reported However, that decline was offset by an upward revision to August s numbers. Markets will be closely watching the upcoming U.S. congressional elections, which will determine whether the Republicans or Democrats control the U.S. Congress. Oil extended its losing streak into a sixth day today and hit fresh sevenmonth lows near $ 62.50, now consolidating near the last amid moderate risk-aversion. The barrel of WTI fell further on Monday after the Iranian President Rouhani said that Iran said it would ignore Washington and continue to sell. The US sanctions on the Iranian oil and banking sectors came into effect today. Reuters reported on Friday that Saudi Arabia pumped million bpd in October, taking the combined output from the top three oil producers at a record million bpd. Fundamental News Gold Prices Steady Ahead of U.S. Midterm Elections Crude Consolidates Near &-Month Lows on 62 Handle Sterling Rattled By Weak PMIs, Brexit Confusion USD/CAD in search of a firm direction, stuck in a range around 1.31 COMEX Commodities Date Date % Chg GOLD % SILVER % CRUDE % COPPER % Event Calendar (06 th November , Tuesday) Time Currency Event Forecast Previous 09:00 AUD RBA Interest Rate decision 1.50% 1.50% 14:30 EUR Markit Composite PMI(Oct) :00 CAD Building Permits(MoM)(Sep) 0.4% 0.4% Tentative NZD Global Diary Trade PI -0.3% 20:30 USD Jolts Job Opening (Sep) 7.136M 23:30 USD 10-Year Note Auction 3.225% COMEX GOLD 6 th November 2018 Global Commodities & Currencies Commodities/ Currencies Close 5 PM Previous % Chg LEAD % ALUMINIUM % ZINC % NATURALGAS % PALLADIUM % PLATINUM % GBPUSD % EURUSD % USDJPY % EURJPY % GBPJPY % GBPCHF % USDCHF % USDCAD % EURGBP % CHFJPY % EURCHF % AUDUSD % EURAUD % GBPAUD % OUR PREVIOUS CALLS UPDATE Intraday super star Date Currency Entry Exit P/L 02/11 EURAUD(L) TARGET Trifid special Date Commodity Entry Exit P/L 02/11 GOLD(L) UNEXECUTED For our next calls click here..

2 COMEX Overview GOLD SILVER Gold prices traded in a tight range in today s session ahead of Silver prices are trading just below its crucial resistance at the Fed policy meet and U.S. midterm elections scheduled in $ It is expected to remain at the higher side for the rest this week. It may continue to trade sideways for the day of the day as it is getting good support at the lower levels. however some volatility may be seen in the evening at the However to rise further it has to break this resistance time of US non manufacturing PMI data. convincingly and sustain above this level CRUDE COPPER Crude oil prices are consolidating at the lower levels as the bearish pressure continues to remain strong taking it below $63 level. It may continue to move lower and may test its next support at $ A break below this support may lead it into $61 levels Copper prices started the week slightly lower after the steep rise in the last trading session. However the downfall is expected to be limited and it may recover and move higher in the near term

3 Currencies Overview GBPUSD EURUSD The GBPUSD is trading around 1.30 after gap-up opening on Brexit headlines. Contradictory Brexit headlines saw Sterling pull back with services PMI headlining the day on the macro front. From the technical perspective, the pair on Friday faced a rejection at an important confluence hurdle, comprising of 100-day SMA and 61.8% Fibonacci retracement level of the recent downfall. The Euro trapped in a falling wedge pattern trading little changed at around Concerns about US-Chinese trade relations, uncertainty about Brexit, and the growing tension ahead of the US mid-terms limit the moves. From the technical perspective, last week s rebound from the handle constituted towards a formation of a Double-Bottom chart pattern on the daily chart USDJPY USDCHF The USDJPY pair held steady at the start of a new trading week and remained within striking distance of over threeweek tops, set last Wednesday. The pair resumed the rally from the Oct.26 low of on Friday and could soon rise to the recent high of The outlook as per the monthly chart is also bullish USDCHF has finished the ascending impulse and right now is consolidating at the top. Possibly, today the price may break upwards. The target is at The pair is trading in a bull trend above the 200-period simple moving average on the 4-hour chart. Bulls will try to break current 2018 high in order to reach March 2017 high

4 Intraday Super Star (Premium Section) CHFJPY seems to be upward in charts. BUY ABOVE TARGET -113/113.15/ SL BELOW

5 Trifid Special (Premium Section) Silver prices are continued to trade just below its resistance at $ If it breaks this level then it may move further up. BUY ABOVE TARGET SL BELOW-14.60

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