Precious metals and Crude oil slipped, EM currencies strengthen against the USD: Commodities market wrap

  • The greenback remains on the back foot against EM currencies with ZAR up by 0.50%, TRY and MXN up 0.20% each. While against the G10 currencies the greenback is firmly climbing up. U.S market shut for a holiday in observance of Columbus Day means no Treasuries trade today.
  • In commodities block, Brent crude fell a percent to 83.00$ a barrel this morning. Asian pivotal finds at 83.00$ below here 82.40$ exist. Resistance seems to be at 83.85$ and 84.90$. The near-term price action has been capped between 84.90$-85.30$ levels.

  • Gold tested the initial, and the parallel support finds at 1195.00$, a break below may test the next support finds at 1192.78$ and 1188.0$ in an extension. A break below the 50.0% fib reaction (below chart), could retrace further to the subsequent fib reactions finds at 1180.00% its 61.8% fib reaction. The price remained capped between 1205.00-1208.25$. The flip side, initial resistance seems to be at 1201.00$ above this scope to rally to back to the resistance zone 1205.00$-1208.00$.

  • Silver down by a percent to 14.45$ this morning. Pivotal finds at 14.30$ below here, 14.10$ and 13.90$ exists. Could consolidate for a number of days/weeks.
  • The best-performing precious metal for much of this year is Palladium while worst performers are Silver 14.00% followed by Platinum 11.00%. The steady rise in the Platinum price finally paused at parallel resistance. Overall, Q4 resistance zone seems to be between 1092.00$ and 1138.00$ its Jan 2018 high. Short-term support finds at 1050.00$ below here 1040.0$ exists. Could consolidate for a number of days/weeks.

Read Global economic calendar (Oct 08-12)

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