Commodities Daily - November 19, 2019
> Oil prices slide amid concerns over US-China trade deal progress. Today, investors will eye data on US building permits and housing starts at 16:30 Moscow time, while New York Fed President John Williams (a voter with a more or less neutral monetary policy stance) is scheduled to speak at 17:00. As usual, details or insight on the ongoing US-China trade negotiations are likely to be a strong driving force for global markets. Technical analysis suggests that Brent could slide below $62/bbl today, as it has now failed to break above resistance at $63.65/bbl on two occasions. We note that Brent's 50-day moving average (currently $61.3/bbl) and 100-day moving average ($61.5/bbl) have been strong support levels recently.> Gold boosted by negative US-China report, Trump's meeting with Powell. This morning, gold is trading at $1,470/oz. Important for the market today will be US housing starts and building permits (16.30 Moscow time). In addition, impeachment hearings in the US House of Representatives are scheduled to begin at 17:00 Moscow time.
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