Weekly Commodity News Letter

GOLD:-

Gold futures tilted higher in American trade even as the dollar index gained ground following a basket of data from the US, the world's largest economy, while markets look forward to the Senate tax reform vote later today. Earlier US data showed the ISM Manufacturing PMI down to 58.4 in November from 58.7 in October while ISM Manufacturing Prices fell as well to 67.0 from 68.5, as construction spending accelerated to 0.5% from 0.3% in September. Now markets await the Senate's vote on the tax reform bill supported by President Donald Trump, amid concerns about its impact on the federal deficit, and accusation by the FBI against former Trump national security adviser Philip Flen of perjury. Federal Reserve Bank of Dallas President Robert Kaplan participated in a panel discussion at the Border Economic Development and Entrepreneurship Symposium, in Texas, while Federal Reserve Bank of Philadelphia President Patrick Harker spoke about approaches to economic growth at a policy forum hosted by the Federal Reserve Bank of Philadelphia.

Resistance & Support
Resistance	Support
29750	29000

 

SILVER:-

Silver futures fell in American trade to the lowest since August 8, heading for the worst weekly performance since July even as the dollar index lost ground following an array of data from the US the world's largest economy. Political concerns mounted amid accusation by the FBI against former Trump national security adviser Philip Flen of perjury and expectations of easy conviction. Special investigator Robert Mueller who's been investigating Russian interference with the US elections lopped similar accusation to the Trump campaign accusing Flen with cooperation with Russia and Ukraine to hurt US interests. Now markets await the Senate's vote on the tax reform bill supported by President Donald Trump amid concerns about its impact on the federal deficit. The Silver is bearish for medium-long term .Currently Silver is in strong downtrend but volume is unsatisfactory the open interest is not increasing with trend. In last few days volume based selling happened in the Silver Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Silver is in sell position. Immediate support for Silver is 37880.Resistance for the Silver is 40240.

Resistance & Support
Resistance	Support
40240	37880

Crude Oil:-

Oil futures rose nearly two percent as the dollar index lost ground for the second session, following a basket of data from the US the world's largest energy consumer and after OPEC agreed to extend the output cut deal for nine more months in a widely expected move in order to achieve balance in the markets and cut global inventories. OPEC decided to extend the global output deal, of which they were held for a 1.2 million bpd cut, for nine more months while widening the size of the cut by 0.6 million bpd. Iraq's oil minister said the Vienna decision reflects rate unanimity between OPEC members as most producers agreed it was going in the right direction despite failing to achieve balance yet in the market.  On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a drawdown of 3.4 million barrels in the week ending November 25, compared to a 1.9M in the previous reading, while analysts expected a 2.5M decline, with total stocks now reaching 453.7 million barrels, remaining within the upper range on average in this time of year. Otherwise, US gasoline stocks rose 3.6 million barrels, while distillate stocks including heating fuel, rose 2.7 million barrels, rose 2.7 million barrels, however remaining within the lower range on average in this time of year.

Resistance & Support
Resistance	Support
3830	3580

Natural Gas: -

Natural gas futures fell nearly five percent even as the dollar index gave up ground, following earlier data from the US the world's largest energy consumer including the EIA report that showed a less-than-expected natural gas inventory drawdown. Chicago PMI fell to 63.9 in November from 66.2 in October missing expectations of 62.2 while Federal Reserve Governor Randal Quarles is due to speak about payment systems at the Financial Stability and Fintech Conference in Washington DC as Federal Reserve Bank of Dallas President Robert Kaplan is also due to participate in a panel discussion at the Real Estate Council, in Dallas. Otherwise the Energy Information Administration released its report on US natural gas storage, showing a drawdown of 33 billion cubic feet in the week ending November 24 compared to a 46B drop in the previous reading, while analysts expected a 37M drawdown. Total stocks have now fallen to 3.693 trillion cubic feet from 3.726 trillion in the week ending November 17 which is below the total of the same period in 2016 at 4.002 trillion, and also below the five year average at 3.800 trillion.

Resistance & Support
Resistance	Support
207	179

COPPER:-

Copper futures rose for the seventh session in a row to the highest since November 6, as the dollar index dipped for the fourth session to the lowest since October 19, ahead of US services data later today. As of 03:36 GMT, copper futures due on March 12 rose 0.55% to $317.65 a pound from the opening of $315.90, while the dollar index shed 0.42% to 92.83 from the opening of 93.22. Now markets await the preliminary reading for the Services PMI for November, expected to rise to 55.5 from 55.3 in October, amid low market liquidity due to the US Thanksgiving holiday.

Resistance & Support
Resistance	Support
452	440

Zinc:-

The Zinc is in long- term bull phase .Currently Zinc is in strong downtrend and the trend is supported with good volume the open interest is not increasing with trend. The oscillator is showing sell signal for short term Zinc is in sell position. Support for the Zinc is 201 .Resistance for the Zinc is 212.

Resistance & Support
Resistance	Support
212	201

Lead:-

The Lead is in long- short-medium- term bull phase .Currently Lead is in strong downtrend and the trend is supported with good volume the open interest is not increasing with trend. The oscillator is showing sell signal for short term Lead is in sell position. Support for the Lead is 153-.Resistance for the Lead is 165.

Resistance & Support
Resistance	Support
165	153

Aluminum:-

The Aluminum is bearish for medium-long term .Currently Aluminum is in strong downtrend with good momentum and the trend is supported with good volume the open interest is not increasing with trend. For short term Aluminum is in hold short position. Immediate support for Aluminum is 129.Resistance for the Aluminum is 137.

Resistance & Support
Resistance	Support
137	129