Commodities Daily - November 25, 2019
> Oil steady as investors focus on US-China trade deal developments. The start of the week is quiet data-wise. The focus will be on US consumer confidence tomorrow and US durable goods orders on Wednesday, along with the usual US oil inventory data. We think that Brent will manage to hold in its current $63-64/bbl range amid likely profit taking after its strong rally last week. We note that $63.2/bbl is a technical support level.> Gold prices drop amid positive macro data. Friday's US PMI data for November was stronger than expected. In addition, President Trump noted that a trade deal was already very close. This put pressure on gold prices late in the session. CFTC data on positioning in gold confirmed that investor interest in bullion remains strong. Fed Chairman Jerome Powell is scheduled to speak overnight. Ifo indexes are due from Germany, while Chicago and Dallas Fed indexes are due out of the US. If the mood remains positive in global markets, gold could drop into the $1,445-1,450/oz range.
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