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Commodity Evening Session
Market cues
• UK National House Price m/m (Nov) came in at –0.4% as
against the forecasted value of –0.7%.
• UK National House Price y/y (Nov) came in at 0.5% as
against the forecasted value of 1.4%.
• US National Activity Index (Oct) value - as against
previous value of –0.58.
• EU Consumer Confidence (Nov) consensus value of -
against the previous value of –11.(15:00) GMT
• EU ECB Chairman Trichet speech expected at (16:15)
GMT.
Gold
• Gold witnessed some buying coming in during
the Asian and Europe trading session.
• Intraday support for the market lies at the
$1352 levels. $1368 will act as good intraday
resistance levels for the commodity.
• A successful break out from this level could see
the prices retesting the $1382levels on the
upside.
• RSI reading is at 50 levels.
Silver
• Silver witnessed good buying interest coming in
from the crucial support level of $27.50 during
Asian trading session.
• $26.90 will act as a good support level for
intraday trading. A successful break down from
this level could see the prices testing the $26
levels on the downside.
• $27.95 will be acting as a good resistance for
the prices on the upside.
• RSI reading is at the 63 levels currently.
Crude oil
• Crude oil prices witnessed selling interest
continuing during the Asian and European
trading session as it broke below the key
resistance level of $82.
• $80.8 will be acting as a good support level for
the prices during NYMEX trading session in the
evening.
• Prices have immediate resistance at the $82.5
levels and a successful breakout could see the
prices testing the $84.75 level on the upside.
RSI reading is at the 39.40 levels.
Natural gas
• Natural gas continued to witness some hunt
buying interest from the previous trading session
from the key support levels of $4.15.
• Prices have immediate resistance at the $4.25
levels. A successful break out with volumes could
see the prices testing the next key resistance level
of $4.37 on the upside.
• If $4.06 levels are broken on the downside prices
will have resistance coming in at the $3.94 levels.
• RSI reading is at the 64 levels.
Copper
• Copper witnessed sell off interest continued from
the yesterday’s trading session as the prices are
facing the stiff resistance at $390.
• $390 levels will be acting as a good resistance level
on the upside for intraday trading during COMEX
trading session. A successful breakout from this
level could see the prices retesting the $397 levels
on the upside.
• $380 will be acting as a good support level for the
prices on the downside.
• RSI reading is at the 50 levels.

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Commodity markets-Updates

  • 2. Market cues • UK National House Price m/m (Nov) came in at –0.4% as against the forecasted value of –0.7%. • UK National House Price y/y (Nov) came in at 0.5% as against the forecasted value of 1.4%. • US National Activity Index (Oct) value - as against previous value of –0.58. • EU Consumer Confidence (Nov) consensus value of - against the previous value of –11.(15:00) GMT • EU ECB Chairman Trichet speech expected at (16:15) GMT.
  • 3. Gold • Gold witnessed some buying coming in during the Asian and Europe trading session. • Intraday support for the market lies at the $1352 levels. $1368 will act as good intraday resistance levels for the commodity. • A successful break out from this level could see the prices retesting the $1382levels on the upside. • RSI reading is at 50 levels.
  • 4. Silver • Silver witnessed good buying interest coming in from the crucial support level of $27.50 during Asian trading session. • $26.90 will act as a good support level for intraday trading. A successful break down from this level could see the prices testing the $26 levels on the downside. • $27.95 will be acting as a good resistance for the prices on the upside. • RSI reading is at the 63 levels currently.
  • 5. Crude oil • Crude oil prices witnessed selling interest continuing during the Asian and European trading session as it broke below the key resistance level of $82. • $80.8 will be acting as a good support level for the prices during NYMEX trading session in the evening. • Prices have immediate resistance at the $82.5 levels and a successful breakout could see the prices testing the $84.75 level on the upside. RSI reading is at the 39.40 levels.
  • 6. Natural gas • Natural gas continued to witness some hunt buying interest from the previous trading session from the key support levels of $4.15. • Prices have immediate resistance at the $4.25 levels. A successful break out with volumes could see the prices testing the next key resistance level of $4.37 on the upside. • If $4.06 levels are broken on the downside prices will have resistance coming in at the $3.94 levels. • RSI reading is at the 64 levels.
  • 7. Copper • Copper witnessed sell off interest continued from the yesterday’s trading session as the prices are facing the stiff resistance at $390. • $390 levels will be acting as a good resistance level on the upside for intraday trading during COMEX trading session. A successful breakout from this level could see the prices retesting the $397 levels on the upside. • $380 will be acting as a good support level for the prices on the downside. • RSI reading is at the 50 levels.