Black Friday Commentary On Gold, Silver And Crude Oil

Posted by: : Paul EbelingPosted on: November 29, 2013 Black Friday Commentary On Gold, Silver And Crude Oil

Black Friday Commentary On Gold, Silver And Crude Oil

Gold

Gold prices traded higher by 0.37% Vs the USD in the 24 hr period ending 23:00 GMT, at 1244.72 oz, on a slightly weaker USD.

Positive sentiment for the precious Yellow metal was fuelled after data showed that China’s net Gold imports from Hong Kong reached the 2nd-highest level on record in October.

But,  lingering US Fed paring concerns capped precious metal gains.

In the Asian session, at GMT0400, Gold is trading at 1242.13, 0.21% lower from Thursday’s close.

Gold is expected to find 1st support at 1231.25, and a break there could take it to the next support mark at 1220.36.

Gold is expected to find 1st resistance at 1253.43, and a break there could take it to the next resistance mark at 1264.72.

The yellow metal is showing convergence with its 20 Hr and 50 Hr MAs.

Silver

Silver prices rose 0.15% to 19.74 during the 24 hrs ending 23:00GMT, amid a weaker USD.

In the Asian session, at GMT0400, Silver is trading at 19.77, 0.12% higher from Thursday’s close.

Silver is expected to find1st  support at 19.67, and a break there could take it to the next support mark at 19.57.

Silver is expected to find its 1st resistance at 19.84, and break there could take it to the next resistance mark at 19.90.

The white metal is showing convergence with its 20 Hr and 50 Hr MAs.

WTI Crude Oil

Crude Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 92.30.

In the Asian session, at GMT0400, Crude Oil is trading at 92.25, lower from Thursday’s close.

Crude oil is expected to find 1st support at 92.07, and a break there could take it to the next support mark at 91.89.

Crude Oil is expected to find its 1st resistance at 92.42, and a break there could take it to the next resistance mark at 92.59.

Crude oil is showing convergence with its 20 Hr MA and is trading just below its 50 MA.

 

 

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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