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Thursday, October 15, 2015

Update on Gold, Silver, Copper and Crude 15 Oct 2015





Unemployment claims -7k to 255k in Oct 10 wk, w/ no special factors
though Columbus day holiday might have impacted and the decline
stemmedfrom seasonal adj. 4wk avg is 265k, lowest since Dec 1973, illustrating claims are skating around the lowest levels they can achieve. Claims were 264k in mid-Sept, have not deteriorated. Contg claims -50k to 2.158m.



Sept CPI -0.2%, core +0.2% (+0.211% unrounded) for yoy paces of flat
overall (suggests no SS COLA) and +1.9% core. Energy -4.7% (gas -9.0%), Food +0.4% with both dairy and fruits-veg +0.7% each. In core, furniture +0.5% in a rebound, med services +0.3% and OER +0.3% were key. Overall about as expected with core perhaps higher, but shows low inflation.


 


Now we will have Natural Gas Inventory at 8Pm and Crude oil Inventory at 8.30 Pm. 


Natural Gas: 92B Forecast, Previous 95B

Crude oil: 2.2M Forecast, Previous 3.1M




Now have a technical outlook






Gold



Yesterday... we recommended buying in Gold around 27050---27020 with stop loss of 26890. It flared like anything and hit 27368 mark. We booked full profit around 27240

Again...


We recommended selling in Gold below 27180. Too crashed and made a low of 27061 mark


Now what to expect???


Decisive break and sustain below 27060 will take to 26890---26730 and then to ???

Maintain stop loss above 27370

Gold has major hurdle at 27450---27600. Trade safely with levels only. Any reversal seems will update.







Silver




Not able to breach its resistance level of 37800 and slipped again to 37068

Support at 36800 and Resistance at 37800


Now what to expect???


Below 36800... will see further panic till 36200---35800 mark in days to come

Fresh buying can initiate only weekly close above 37800 mark







Copper



Support at 345 and Resistance at 352

Two consecutive closes above 352 will take to 359----363+ mark in days to come else it could test its support level of 345 again

Further panic seen only close below 345 mark

Trade with levels only






Crude oil



Support at 2970 and Resistance at 3050


Close below 2970 will take to 2920---2880 and then to 2800 mark in days to come else it could test its resistance level of 3050 again


Close above 3050 will take to 3130---3180 and then to 3250+ mark 


Trade with levels only





More will be update soon!!