Market Commentaries Energy & Precious Metals 8/11/2017
Market Commentaries Energy & Precious Metals 8/11/2017
For the 24 hours to 23:00 GMT, Gold declined 0.48% against the USD and closed
at USD1275.70 per ounce, amid strength in the US Dollar.
In the Asian session, at GMT0400, the pair is trading at USD1278.10 per ounce,
with Gold trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1273.33, and a fall through could take it to
the next support level of 1268.56. The pair is expected to find its first resistance
at 1281.83, and a rise through could take it to the next resistance level of 1285.56.
Result
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
For the 24 hours to 23:00 GMT, Silver declined 1.34% against the USD and closed
at USD16.99 per ounce, tracking losses in gold prices.
In the Asian session, at GMT0300, the pair is trading at USD17.01 per ounce, with
the white metal trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 16.88, and a fall through could take it to
the next support level of 16.76. The pair is expected to find its first resistance at
17.15, and a rise through could take it to the next resistance level of 17.31.
Result
The white metal is trading above its 20 Hr and 50 Hr moving averages.
For the 24 hours to 23:00 GMT, Crude Oil declined 0.44% against the USD and
closed at USD57.00 per barrel, after the OPEC, in its 2017 World Oil Outlook,
raised its projection for US shale oil production to 5.1 million barrels per day
(bpd) for 2017 from a previous estimate of 4.1 million bpd. The cartel also
indicated that North American shale output would climb to 7.5 million bpd in
2021.
Additionally, the Energy Information Administration (EIA) projected that US crude
oil output might increase by 720,000 bpd to 9.95 million bpd in 2018.
Meanwhile, the American Petroleum Institute announced that US crude
inventories declined by 1.56 million barrels for the week ended 03 November.
In the Asian session, at GMT0400, the pair is trading at USD57.00 per barrel, with
Crude Oil remaining unchanged from yesterday's close, ahead of EIA's weekly
crude inventory data due later today.
The pair is expected to find support at 56.65, and a fall through could take it to
the next support level of 56.31. The pair is expected to find its first resistance at
57.52, and a rise through could take it to the next resistance level of 58.03.
Result
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
DISCLAIMER : CMM Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. CMM assumes no responsibility or liability from gains or losses incurred by the information herein contained.
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