Daily Market Reflection

7th December 2016

Commodity Market Outlook

COMEX GOLD

On Tuesday Gold prices rose up because of the bargain hunters moved

in when prices hit their lowest in last 10 months the session before, but
a probability of U.S. Fed reserve rate hike as early as next week may
pulled it back.
On Tuesday Oil prices drop down because the traders gain the profits in
the wake of a huge rally that riche the oil prices to 16 month peak after
the Organization of the Petroleum Exporting Countries agreement to
cut the production for the first time in last eight years. Brent crude was
trading at $54.83 per barrel, down 11cents from their previous close.
Fundamental News

Gold recovers after hitting the 10 month lows.

Oil prices drop as OPEC and Russia are planning to cut the
production

Euro rose to near 3 week high, bets on market volatility

China c.bank lifts CNY to near 3 week high.

COMEX
Commodities

Date

Date

% Chg

05-12-16

06-12-16

GOLD

1171.93

1170.85

-0.09%

SILVER

16.79

11.67

-0.71%

CRUDE

51.25

51.32

+0.14%

COPPER

2.6575

2.6493

-0.31%

Event Calendar (7th December 2016)

Time

Currency

Event

03:30AM

NZD

RBNZ Gov Wheeler

Speaks

06:00AM

AUD

03:00PM

Global Commodities & Currencies

Commodities/
Currencies
LEAD
ALUMINIUM
ZINC
NATURALGAS
PALLADIUM
PLATINUM
GBPUSD
EURUSD
USDJPY
EURJPY
GBPJPY
GBPCHF
USDCHF
USDCAD
EURGBP
CHFJPY
EURCHF
AUDUSD
EURAUD
GBPAUD

Close
5PM
2300.25
1715.75
2743.50
3.736
746.76
942.76
1.2745
1.0739
113.97
112.39
145.25
1.2851
1.0080
1.3270
0.8426
113.02
1.0827
0.7454
1.4411
1.7105

Previous

% Chg

2338
1730.50
2770.00
3.645
745.40
937.80
1.2744
1.0755
113.77
122.35
144.96
1.2836
1.0072
1.3280
0.8439
112.94
1.0831
0.7460
1.4420
1.7086

-1.61%
-0.85%
-0.96%
+2.50%
+0.18%
+0.53%
+0.01%
-0.15%
+0.18%
-8.14%
+0.20%
+0.12%
+0.08%
-0.08%
-0.15%
+0.07%
-0.04%
-0.08%
-0.06%
+0.11%

Forecast

Previous

GDP q/q

0.2%

0.5%

GBP

Manufacturing Production
m/m

0.2%

0.6%

08:30PM

CAD

BOC Rate Statement

Date Currency Entry Exit

05/12 GBPJPY 145.35 145.95
Trifid special

08:30PM

CAD

Overnight Rate

0.50%

0.50%

09:00PM

USD

Crude Oil Inventories

Date Commodity Entry Exit

P/L
05/12 CRUDE
52.40 UNEXECUTED
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P/L
TARGET

COMEX Overview
GOLD

SILVER

Gold continues to decline on daily charts and is sideways

Silver prices struggling below its resistance marked at 16.90

between its nearest support and resistance. Major breakout

can be seen if its breaches its interim supports level of 1165

on daily charts, ending the day with the formation of Doji

Candle Pattern. Support for a downfall remains unchanged

which can lead to a further downfall up to 1160.

at 16.30. Rally above the given resistance level will make it

to test highs marked at 17.65.

R1
1180

R2
1198

S1
1165

S2
1160

R1
16.90

R2
17.65

S1
16.30

S2
15.70

CRUDE

COPPER

Crude Oil prices have shown a resistance around 52.55 on

Copper on daily charts has formed a bearish engulfing

hourly charts and have initiated a sideways trend after

candle pattern as it struggled to breach out above the

correcting from the above mentioned level. It holds

support at 50.30 below which it can test lower lows
marked at 49.30.

R1
51.90

R2
52.75

S1
50.30

S2
49.30

nearest highs if 2.72 and made day high of 2.6935. For a

declining rally, promising support is marked at 2.43

R1
2.72

R2
2.84

S1
2.43

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S2
2.30

Currencies Overview
EURUSD

GBPUSD

GBPUSD strengthened up to test its immediate highs marked

EURUSD after an immense bullish move with a

at 1.2782 on daily charts. If it manages to breach the given

movement of almost 300 cents on yesterdays closing as

level, it will test its next immediate high marked at 1.2860.

maintained its rally by forming a bullish candle pattern

Though, it will struggle to breach these strong resistance

as it has breached and sustained above its nearest high.

levels, and on downside they can test lows/ support marked

New resistance will be at 1.0816 with a support at 1.0740.

around 1.2622.
R1
1.2748

R2
1.2782

S1
1.2622

S2
1.2550

R1

R2

S1

S2

1.0740

1.0816

1.0625

1.0560

USDJPY

EURJPY

USDJPY is struggling below 114.75, it immediate resistance

EURJPY continuous to pull up towards its high on the backs

level and was range bound on hourly charts between 114.20

and 113.75. Support will remain intact at 113.80 below
which it can test lows of 112.70.

of strong rise in Euro prices, and has sustained above its

daily resistance level of 122. Next resistance level will be
marked at 124.24, keeping a support 123.40
.

R1
114.73

R1
123.40

R2
115.82

S1
113.80

S2
112.70

R2
124.20

S1
121.75

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S2
118.60

Trifid Special
(Premium Section)

EURJPY is hovering around its immediate resistance level on hourly charts and can witness as sharp reversal.
SELL EURJPY BELOW 121.75 TARGETS 121.55/121.35/121.15 SL 122.05.

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Trifid Special
(Premium Section)

Copper on daily chart has formed a bearish candle pattern, resisting around the levels of 2.6800.
SELL COPPER BELOW 2.6320 TARGETS 2.6220 SL 2.6420

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