Daily Market Reflection Commodity Market Outlook Gold edged higher on Wednesday as the dollar weakened after the previous session's rally, though gains were seen as limited by a recovery in equity markets after a sell-off. The big sell-off in equity markets, the big sell-off in oil helped to prop up gold prices, maybe not to a degree many would expect, but it did hold up relatively well compared to the rest of the commodities. Meanwhile, world stocks attempted to steady following a sell-off in the previous session as investors grew more worried about economic growth prospects and G20 summit in Argentina scheduled for later this month, when U.S. President Donald Trump is expected to meet Chinese President Xi Jinping to discuss their bilateral trade dispute. Oil prices ticked higher Wednesday after a fresh close at the lows of the year a day earlier, with gains following a surprise inventory drawdown in U.S. data out late Tuesday. Prices gained even as a report said Saudi Arabian oil production surged to a record near 11 million barrels a day this month. As for Saudi Arabia, the jump in output was a response to stronger-than-usual demand from clients preparing for a disruption in Iranian supplies, Bloomberg reported, citing industry executives who track Saudi output. The figures were earlier reported by trade publication International Oil Daily. Fundamental News Gold Firms Within Narrow Range As Dollar Weakens Oil Pauses as US Inventories Fall, but Saudi Output Under Close Watch Euro Rallies on Hopes of Italy Budget Compromise EUR/USD spikes beyond 1.1400 handle but lacks follow-through COMEX Commodities Date Date 20-11-18 21-11-18 % Chg GOLD 1223.58 1223.60 0.00% SILVER 14.38 14.42 +0.28% CRUDE 57.32 54.32-5.23% COPPER 2.7890 2.7767-0.44% Event Calendar (22 nd November - 2018, Thursday) Time Currency Event Forecast Previous 05:00 JPY Core CPI (Oct)(YoY) 1.0% 1.0% Tentative USD OPEC Meeting 18:00 EUR ECB Publishes A/c of Monetary Policy Meeting 19:00 CAD BoC Gov Council Member Wilkins Speaks COMEX GOLD 22 nd November 2018 Global Commodities & Currencies Commodities/ Currencies Close 5 PM Previous % Chg LEAD 1972.25 1960.00 +0.63% ALUMINIUM 1955.25 1943.25 +0.62% ZINC 2568.75 2541.50 +1.07% NATURALGAS 4.689 4.557 +2.90% PALLADIUM 1153.35 1179.60-2.23% PLATINUM 845.25 845.86-0.07% GBPUSD 1.2809 1.2865-0.44% EURUSD 1.1405 1.1419-0.12% USDJPY 112.99 112.76 +0.20% EURJPY 128.97 128.80 +0.13% GBPJPY 144.75 145.07-0.22% GBPCHF 1.2725 1.2819-0.73% USDCHF 0.9935 0.9965-0.30% USDCAD 1.3279 1.3157 +0.93% EURGBP 0.8906 0.8877 +0.33% CHFJPY 113.76 113.16 +0.53% EURCHF 1.1334 1.1382-0.42% AUDUSD 0.7244 0.7305-0.84% EURAUD 1.5747 1.5636 +0.71% GBPAUD 1.7683 1.7614 +0.39% OUR PREVIOUS CALLS UPDATE Intraday super star Date Currency Entry Exit P/L 20/11 EURNZD(L) 1.6727 1.6697 SL HIT Trifid special Date Commodity Entry Exit P/L 20/11 CRUDE(L) 57.90 -- UNEXECUTED For our next calls click here..
COMEX Overview GOLD SILVER Gold prices are continued to trade below its resistance at Silver prices are trading slightly higher today s session $1226 level as it struggles to sustain above it. It may trade moving around $14.40 level. It may continue to trade lower in the today s trade as the strength in dollar pressures positive for the day however it has to break and sustain the gold. However the downside will be protected at its above its immediate resistance at $14.45 to move further up support at $1218 level. from here. 1226 1233 1218 1212 14.45 14.55 14.25 14.08 CRUDE COPPER Crude oil prices plunged sharply in the previous session after it failed to move above its trend line resistance. It recovered some losses in today s session but the outlook remains bearish. If it breaks its support at $56.30 then it may move further down while the upside has a resistance at $55.15. 55.15 56.45 53.60 52.50 Copper prices moved sharply up in the previous session but did not sustain and closed in red. It is trading slightly up in today s session but likely to remain range bound. At the higher side it may find resistance at 2.7950 level while at the lower side it has a support near 2.7480 level. 2.7950 2.8130 2.7480 2.7220
Currencies Overview GBPUSD EURUSD The GBPUSD is trading around 1.2800 as markets are calmer and Brexit remains in the limelight. After seemingly fending off a challenge on her leadership, UK PM May will head to Brussels to meet EC President Juncker. Technically, If the pair fell below 1.2765, a test of the November low at 1.2723 is back on the table, while a relief rally would need to send the pair above 1.2880 to support a more positive outlook. EURUSD is trading below 1.1400, slightly up on the day. Markets are calmer after the sell-off on Tuesday and the greenback is taking a breather from its gains. The European Commission is set to deliver its response to Italy s budget. Technically, 1.1420 is immediate resistance, above that 1.1475 is expected. On the lower side, 1.1355 is immediate support, below that 1.1300 is possible. 1.2880 1.2920 1.2765 1.2723 USDJPY 1.1420 1.1475 1.1355 1.1300 USDCHF The USDJPY pair built on previous sessions recovery move from three-week lows and continued gaining positive traction for the second straight session on Wednesday. Technically, the bears have persistently failed to breach the long-term SMA support on the daily closing basis. Therefore, a bullish-to-bearish trend change would be confirmed if the spot closes below the 100day SMA. 113.25 113.55 112.70 112.20 In USDCHF, 100-day MA support could be put to test today. The corrective bounce in the pair has likely ended the selloff from the recent high of 1.0128 looks set to resume, according to technical charts. As of writing, the spot is trading at 0.9946 and could drop to the 100-day MA of 0.9888 later today. 0.9980 1.0025 0.9910 0.9888
Intraday Super Star (Premium Section) GBPAUD seems to be upward in charts. BUY ABOVE 1.7690 TARGET -1.7705/1.7715/1.7730 SL BELOW -1.7660
Trifid Special (Premium Section) Silver prices are trading higher and if it breaks its resistance at $14.45 then it may move further up. BUY ABOVE 14.45 TARGET 14.60 SL BELOW 14.25
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