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Published on 21/11/2020 6:12:26 PM | Source: Swastika Investmart Ltd

Weekly Commodity Outlook Of 21-11-2020 By Swastika Investmart

Posted in Commodities Reports| #Commodity Tips #Swastika Investmart Ltd

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FUNDAMENTALS OF COMMODITY:

* XAU/USD is about to post its lowest weekly close since September. It has held firm under the 20-week moving average. It continues to test the key support located around $1850. If that support is broken, the path will be clear for more losses and might increase volatility in the gold market. The weaker US dollar and higher equity prices did not assist gold during the week and neither did lower US yields. Next week will be a representation of busy December with increasing expectations about more monetary and fiscal stimulus from various central banks that may limit losses in gold and even boost the yellow metal.

Technical indicators (Daily):

* RSI- 43.37

* MACD- -153.84

* MOVING AVERAGES (20,50,100)- (50795/50737/51075)

 

* Crude oil prices rose Friday marking a thirdstraight week of gains as investors weighed up positive Covid-19 vaccine news against the prospect of further lockdowns souring demand. The fall in oil rigs counts, which often serve as an indicator of future production and demand, comes as oil and gas producers seek to steady output following a pandemic-fueled halt in the second quarter, when oil prices briefly turned negative

Technical indicators (Daily):

* RSI- 57.06

* MACD- 64.83

* MOVING AVERAGES (20,50,100)- (2931/2935/3009)

 

* The metal surged as much as 1.6% to $7,207.50 a tonne on the London Metal Exchange, to the highest since June 2018. Pfizer and BioNTech SE plan to file for emergency use, allowing for the vaccine, which they say is 95% effective, to be used in the US in the next month. If copper closes above $3.30 it would be the highest level since January 2014.

Technical indicators (Daily):

* RSI- 59.72

* MACD- 4.41

* MOVING AVERAGES (20,50,100) - (537.13/531.16/521.09)

 

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