Technical Summary for Commodities


Near-term price action remains congested in a sideways trading, as signaled by Doji candle and holding under last Friday’s fresh high at 1738, near Fibonacci 61.8% expansion, where gains were capped for now. However, downside remains protected for now at 1730 zone, ascending 10 day EMA and 07 Nov previous high. Hourly studies are rather neutral, while 4h chart indicators still hold positive tone, despite being extended. Break above initial barrier at 1738 to open interim resistance at 1743, daily Ichimoku cloud top, en-route to 1748, double Fibonacci barrier, 61.8% of 1795/1672 / 76.4% expansion. Conversely, loss of initial 1730 support, would risk stronger reversal, with Fibonacci supports at 1713 / 1705 and 1698, 38.2% / 50% and 61.8% respectively, with loss of the latter to brings bears back in play.

Res: 1738, 1743, 1748, 1753
Sup: 1731, 1726, 1713, 1705



Silver attacks the upper boundary of near-term 32.50/32.77 consolidative range, following last Friday’s strong rally from 32.05 that resulted in posting fresh high at 32.77 vs the previous 32.65 peak and averted immediate downside risk seen on bearish divergence that appeared on 4h chart studies. Near-term outlook remains positive, with initial target at 33.00, 50% of 35.36/30.65 being in focus. Any reversal should ideally be contained at 32.00 zone to keep bulls in play.

Res: 32.77, 33.00, 33.32, 33.56
Sup: 32.51, 32.39, 32.05, 31.90



Upside break above initial consolidative 84.05/85.70 range, retraced over 50% of 89.20/84.05 descend on last Friday’s spike to 86.75. With easing from 86.75 being contained by previous barrier at 85.70 and hourly studies still holding positive tone, fresh corrective rallies cannot be ruled out. Break above initial barriers at 86.00 and 86.25, to open 86.75, break of which and 87.00, to open way for stronger correction. Key near-term barriers lie at 88.30, trendline resistance and 89.20, 06 Nov high, regain of which would improve near-term tone and avert immediate downside risk, seen on a break below 84.00 base.

Res: 86.00, 86.25, 86.75, 87.00
Sup: 85.70, 85.57, 85.34, 85.00

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