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!!
