Market Commentaries Energy & Precious Metals 7/11/2017
Market Commentaries Energy & Precious Metals 7/11/2017
For the 24 hours to 23:00 GMT, Gold rose 1.01% against the USD and closed at
$1282.80 per ounce, amid a weaker greenback and as geopolitical concerns
in Saudi Arabia fuelled demand for the safe-haven asset.
In the Asian session, at GMT0400, the pair is trading at $1280.60 per ounce,
with Gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1271.10, and a fall through could take it to
the next support level of 1261.60. The pair is expected to find its first resistance
at 1287.00, and a rise through could take it to the next resistance level of 1293.40.
Result
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
For the 24 hours to 23:00 GMT, Silver rose 2.14% against the USD and closed at
USD17.22 per ounce, tracking gains in gold prices.
In the Asian session, at GMT0400, the pair is trading at USD17.15 per ounce, with
the white metal trading 0.38% lower from yesterday’s close.
The pair is expected to find support at 16.89, and a fall through could take it to
the next support level of 16.64. The pair is expected to find its first resistance at
17.33, and a rise through could take it to the next resistance level of 17.52.
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 rose 2.69% against the USD and closed
at USD57.25 per barrel, boosted by a move by Saudi Arabia's Crown Prince,
Mohammad bin Salman, to consolidate his power over the Kingdom.
In the Asian session, at GMT0400, the pair is trading at USD57.36 per barrel, with
Crude Oil trading 0.19% higher from yesterday's close.
The pair is expected to find support at 56.14, and a fall through could take it to the next support level of 54.92. The pair is expected to find its first resistance at 58.09, and a rise through could take it to the next resistance level of 58.82.of 56.82.
Result
Crude oil is trading above 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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