(November 30 – 12:10 ET) –
Commodity prices have been mixed in
recent months, say the analysts at
RBC Dominion Securities Inc.
Commodities have been stuck in a
trading range for the last three
months. They appear to have
downside momentum in the medium
term. Crude oil has been marching
relentlessly upward, and appears
to be sliding downward. RBCDS says
there is support at US$24, followed
by US$20.68.
Gold was hit by the Bank of
England’s latest auction. It
received a bid to cover ratio of
2:1. That compares with 8:1 in the
previous auction. RBCDS says there
is resistance just under US$290.00.
It should continue to trade it in
the US$288 to US$300 range. The
analysts spot downside support at
US$285.75, and resistance at
US$296.25.
On the upside, aluminum and
copper have followed the general
commodity price trend, but appear
to be making a break for the
upside. “New intermediate momentum
upturns would be registered by
aluminum crossing .6972 and copper
crossing .8415,” says RBCDS.
-IE Staff
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