Commodities Daily - November 15, 2019
> Oil inches lower following OPEC report and EIA inventory data; IEA report and US data eyed. We think Brent will make another attempt to break above technical resistance around $63.2/bbl midday today following an upbeat IEA report. However, we believe it is likely to slide back toward $62.5/bbl later in the day on US October industrial production data that we expect to miss consensus estimates.> Gold under pressure today after US and China agree to hold phone talks. Yesterday, Fed Chairman Powell and other Fed officials affirmed market expectations that rates will be kept on hold in December. Today will see the publication of US retail sales for October, the Empire State manufacturing survey for November, and industrial production for October. Gold is likely to come under further pressure in the event of any progress in the trade negotiations.
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