Market Morning Briefing - COMMODITIES

Market Morning Briefing - COMMODITIES

18 July 2014, 11:29
Damiano Fabiański
Commodities are all mixed. The downing of a Malaysian passenger jet over Ukraine has supported in the rise of Crude. A sharp rise in Brent is seen which may be negative for the Indian Rupee.

Gold (1315.69) held its gains after a sharp rise on Wednesday, unable to decide a sharp upmove. It may remain paused above 1310 or rise up targeting 1350.
Silver (21.108) has also paused after a sharp rise. It may remain stable above 20.5 in the near term.

Copper (3.2140) is falling towards support 3.20 which if holds may take it higher towards 3.30-3.32. However if a break below 3.20 is seen, it may target 3.15-3.10. Need to wait and watch.

Nymex WTI (103.81) retraced almost 60% of its recent fall from 107.5. It may either test 104 levels and then fall again to 100-98 levels or break above 10-105 to target 107-110 levels. Overall the long term remains up.

Brent (108.55) has also sharply moved up from long term support near 106, in line with our expectation and may soon target 109.45-111.84 levels. Near term uptrend persists.
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