Asia Commentary: Crude Oil, Gold And Silver
Crude Oil found steady around 97.75 a bbl Monday in Asia as the prospects of a stronger US economy could determine the Federal Reserve to start curbing its bond buying program at its next meeting on 17-18 December, preventing Crude Oil prices from rising further.
The US data released Friday showed the jobless rate fell last month to its lowest since November 2008, while in China trade figures on Sunday showed exports rose well above forecasts in November, rising 12.7%, adding to signs that economic growth is stabilizing.
‘The US and China are 2 big growth engines of the world economy, so any improvements in terms of their economies is going to reflect well in future Crude Oil demand.
While China is due to release its industrial output data on Tuesday which could make oil hold its gains if the outcome is strong, the focus on the Fed`s upcoming meeting is expected to dominate sentiment in the coming days.
Monday, weather-related production outages may also support prices; producers in the North Sea cut output and moved staff from some platforms as a major storm blasted toward Europe, which could be the worst storm to hit the continent in years.
Cold weather may also slow Oil and Gas production in the United States which may keep Oil prices supported, and Transcanada Corp said the Keystone pipeline would be in service by next month.
WTI Crude Oil futures for Jan settlement is trading around 97.77 a bbl after rising 0.11
Brent Crude futures for Jan settlement is trading around 111.68 a bbl after rising 0.07
Nat Gas is trading at 4.171 per cubic ft after rising 1.39%
Gasoline is trading at 2.7349 per cubic ft after rising 0.29%
Heating Oil (Diesel) is trading at 3.062 a gal after rising 0.18%
Friday Gold prices traded higher in Asia by 0.25% Vs the USD in the period ending 21:00 GMT, at 1228.40, after Chicago Fed President, Charles Evans, eased concerns over an earlier-than-expected tapering of Fed stimulus measures, stating that he was not sure whether the recent surge in the US employment were sustainable.
Earlier during the day, Gold gave up ground against the USD, as the latter strengthened after reports showed that unemployment rate in the US declined more-than-expected to 7.0% in November and NFPs surpassed market estimates rose beyond market estimates to a reading of 203,000 in November.
Asia session:, at GMT 0400, Gold is trading at 1230.34, 0.16% higher from Friday’s close.
Gold is expected to find 1srt support at 1212.08, and a break there could take it to the next support mark at 1193.81.
Gold is expected to find 1st resistance at 1247.13, and a break there could take it to the next resistance mark at 1263.91.
The precious Yellow metal is showing convergence with its 20 Hr and 50 Hr MAs. Stay tuned…
Friday, Silver prices rose 0.54% to 19.49 during the period ending 21:00 GMT, on a broad gain in metal prices.
Asia session, at GMT 0400, Silver is trading at 19.52, 0.16% higher from Friday’s close in Asia.
Silver is expected to find 1st support at 19.23, and a break there could take it to the next support mark at 18.93.
Silver is expected to find its 1st resistance at 19.81, and a break there could take it to the next resistance mark at 20.09.
The precious White metal is showing convergence with its 20 Hr and 50 Hr MAs. Stay tuned…
Latest posts by Paul Ebeling (see all)
- Days of Extreme Volatility and Market Breadth - November 24, 2014
- US Major Markets: Support And Resistance - November 24, 2014
- US Major Market Sentiment: the Bulls Vs the Bears - November 24, 2014
- This Week’s Economic Calendar - November 24, 2014
- Monday’s Technical Analysis: WTI Crude Oil - November 24, 2014
Days of Extreme Volatility and Market Breadth I’m taking a ... read more
Forex Technical Analysis: EUR, JPY, GBP Euro EUR closed lower ... read more
Monday's Technical Analysis: Spot Gold Spot Gold closed higher Friday ... read more
A Tunisian woman called for a free Palestine as she ... read more