Commodities Daily - November 12, 2019
> Oil prices remain range-bound as investors await clarity on US-China trade deal. The key highlight of the day today is US President Donald Trump's speech at the Economic Club of New York (around 20:00 Moscow time), which global market participants will be watching to hear his thinking on the trade negotiations with China. We see equal chances for upbeat and downbeat rhetoric from Trump. From a technical perspective, we see Brent's upside today as limited to $64.6/bbl (its 200-day moving average and also a Fibonacci retracement level) and its downside to $61.2/bbl (its 50-day moving average).> Profit taking continues in gold. Gold came under pressure during US trading yesterday despite there having been no significant triggers. In a span of 30 minutes starting at 10:30 New York time, around 3 mln oz of gold changed hands, which pushed the price down to $1,449/oz. Gold is trading at around $1,455/oz this morning ahead of Trump's speech at the Economic Club of New York.
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