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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 03 dec 2018

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Gold dips as dollar firms, palladium breaches $1,200/oz.

Gold fell on Friday as the dollar strengthened ahead of trade talks between the U.S. and Chinese leaders at the G20 summit on Saturday, while palladium prices crossed the $1,200 per ounce mark for the first time. U.S. President Donald Trump and his Chinese counterpart Xi Jinping will be meeting on the sidelines of the summit in Argentina to discuss the ongoing trade dispute between the world’s two biggest economies. Gold XAU= dipped 0.29 percent to $1,220.01 per ounce at 1:32 p.m. EST (1832 GMT). A big price movement is unlikely in gold for the rest of the session “unless there is some kind of a major announcement from out of Buenos Aires from G20,” he added. “The markets now have more clarity into issues such as the U.S. Federal Reserve’s interest rate thinking, the Italian budgetary drama, and the U.S.-China trade war,” said Ronan Manly, a precious metals analyst at Singapore-based dealer Bullion Star. Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks.

US dollar dipped from two-week highs after the US Federal Reserve described interest rates as “just below” the neutral rate.

The SHFE 1901 contract inched up during the day and closed at 49,650 yuan/mt, posting a three-day winning streak. This helped the contract stand above the 60-, 20-, 10- and five-day moving averages. Sitting between the middle and upper Bollinger bands, the contract saw its KDJ lines diverge and expand upwards and a red MACD bar loom. Open interest for the contract grew 6,312 lots to 171,166 lots. Market participants tonight should monitor whether the contract could regain the ground at the 40-day moving average as high as 49,609 yuan/mt.

As a weaker US dollar grew confidence across longs, Nickel broke pressure.

The SHFE 1901 contract extended overnight gains to close at 91,330 yuan/mt. Open interest for the contract shrank 10,824 lots to 245,900 lots. The contract is expected to hover around the 91,000 yuan/mt level tonight.

Oil drops; losses limited by hopes of OPEC, Russia output cut.

Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week. Stronger dollar makes greenback-denominated oil more expensive for holders of other currencies. Prices pared losses from session lows after Bloomberg reported OPEC’s advisory committee suggested decreasing production by 1.3 million barrels per day from last month’s levels, traders said. “Oil prices bounced back late in the day on Friday on reports that the OPEC committee had suggested a 1.3 million barrel per day cut from the October level,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com. “The pressure has certainly been building as prices continued to fall amid ongoing concerns over excessive supply and lower demand growth … If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizeable rebound for these severely oversold levels.” Before the OPEC meeting in Vienna, the world’s top three producers – the United States, Russia and Saudi Arabia – will be part of a meeting this weekend of the Group of 20 industrialized nations in Buenos Aires, Argentina.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 30350
RESIST 1: 30250
SUP 1: 30150
SUP 2: 30050

CS SILVER (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 36500
RESIST 1: 36300
SUP 1: 36000
SUP 2: 35800

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:440.00
RESIST 1:434.00
SUP 1: 428.00
SUP 2: 422.00

CS NICKEL (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2: 788.00
RESIST 1: 780.00
SUP 1: 760.00
SUP 2: 750.00

CS ZINC (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:182.00
RESIST 1:180.00
SUP 1: 178.00
SUP 2: 175.50

CS ALUMINIUM (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 139.00
RESIST 1: 137.50
SUP 1: 136.00
SUP 2: 134.00

Energies

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 3700
RESIST 1: 3650
SUP 1: 3550
SUP 2: 3500

CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 325.00
RESIST 1: 320.00
SUP 1: 315.00
SUP 2: 310.00

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