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Vulcan
Silver November 07, 2017 11:19:06 AM

Daily Base and Precious Metals Report - 11-7-2017

Cliff Green
ScrapMonster Contributor
A mixed start to the week as aluminium and tin ease back while others work higher.

Daily Base and Precious Metals Report - 11-7-2017

CLIFF GREEN CONSULTANCY - Base & Premious Metals

Tuesday Nov 7th 2017

Tel: + 44 (0)7710369208 - www.cliffgreenconsultancy.com – email: cliff@cliff-green.com

                       

A mixed start to the week as aluminium and tin ease back while others work higher.

 

LME COPPER – 3 months

Last Price/Change

6975

+80

Resistance

7010/30

7200/20

 Support

6770/90

6620/40

Outlook/Target

Correction

-

 

COPPER

Overall bullish patterns remain firmly intact with the past couple of weeks falls considered to have been healthy corrective action only with uptrends undisturbed. However, immediate recovery attempts should again meet stiff resistance starting at 7010/30 then 7200/20 with a clear and sustained break above here required to fully confirm resumption of the main upward cycle with next objectives set in and around 7450/70 where better supply should then be stimulated. Any fresh dips should again meet support starting in the 6770/90 area with only a close beneath here capable of extending near term falls closer to 6620/40.

TRADING STRATEGY: Would continue to utilise corrective dips to re-establish long positions looking for 7450 area.

 

LME ALUMINIUM – 3 months

Last Price/Change

2169

-15

Resistance

2210/20

2240/60

Support

2110/20

2050/60

Outlook/Target

Consolidating

-

 

ALUMINIUM

While the overall technical outlook remains decisively bullish with prices expected to trend higher in the weeks ahead, shorter term trends are still pointed sideways with resistance in the 2210/20 area keeping this market firmly range bound for the time being. Until a clear and sustained break above here can be secured which would confirm acceleration towards next objectives in and around 2240/50, further choppy consolidation is likely for the time being. Nearby supports remain in place starting in the 2110/20 region then again towards the more important 2050/60 zone with only a close beneath here likely to damage the positive tone.

TRADING STRATEGY: Will look to re-establish longs on further dips within the current reconsolidation pattern.

 

LME ZINC – 3months

Last Price/Change

3237

+18

Resistance

3300/20

3500/20

Support

3040/50

2960/70

Outlook/Target

Correction

-

 

ZINC

Intermediate to longer term technical studies remain firmly bullish with recent weakness considered to have been healthy corrective action only leaving uptrends intact. Believe the historically important 3300/20 area could now come under renewed examination, which needs to be decisively breached to fully regenerate upward momentum and confirm acceleration towards next objective set in and around the 3500/20 region where better supply should then be uncovered. Any fresh near term pullbacks should again be cushioned by support starting at 3040/50 with only a sustained break beneath here likely to damage tone.

TRADING STRATEGY: Hold longs re-established at 3200 and 3150. Protect under 3080 looking for 3500 area.

 

LME LEAD – 3 months

Last Price/Change

2507

+44

Resistance

2530/40

2600/20

Support

2370/80

2250/60

Outlook/Target

Volatile range

-

 

LEAD

Intermediate to longer term sideways trends remain firmly in force with prices continuing to oscillate within the confines of a well established broad and volatile consolidation pattern. Expect near term weakness to again uncover good support in and around the 2370/80 area with only a clear and sustained break beneath here likely to trigger deeper near term falls closer to the 2250/60 region where better demand should then be stimulated. Local resistances are now visible starting at 2530/40 then again towards the historically important 2600/20 zone with a close above here needed to turn trends up.

TRADING STRATEGY: Would remain on sidelines awaiting clear directional signal.

 

LME NICKEL – 3 months

Last Price/Change

12965

+240

Resistance

13200/13300

13900/14000

Support

11200/11300

10800/10900

Outlook/Target

Positive

14500 area

 

NICKEL

Medium to longer term bullish patterns remain firmly intact with immediate pullbacks being restricted to sharp but short lived corrective action only. Good technical evidence now suggests the main upward cycle to be resuming with resistance in and around the 13200/13300 area likely to now come under attack, which if decisively broken would confirm acceleration towards next objectes set at initially 13900/14000 then 14500/14600 regions where better supply should then be uncovered. Any fresh near term dips should now be cushioned by support waiting at initially 11200/11300 then 10800/10900.

TRADING STRATEGY: Would continue to utilise corrective pullbacks to re-establish longs.

 

LME TIN – 3 months

Last Price/Change

19450

-100

Resistance

21100/21200

21900/22000

Support

19100/19200

18500/18600

Correction

Down in range

-

 

TIN

Medium term trends remain pointed sideways with prices continuing to oscillate within the confines of a well defined broad and volatile consolidation pattern. Expect immediate weakness to again uncover good support waiting at initially 19100/19200 with a clear and sustained break beneath here needed to extend near term falls and set up a fresh challenge of the 18500/18600 area where better demand should then be stimulated. Local overhead resistance remains visible starting in the 21100/21200 zone which needs to be regained to extend gains closer to the historically important 21900/2000 region.

TRADING STRATEGY: Aside for time being awaiting next clear directional signal.

 

COMEX GOLD – December 2017

Last Price/Change

1282.6

+13.4

Resistance

1285.0/90.0

1305.0/10.0

Support

1260.0/65.0

1245.0/50.0

Outlook/Target

Correction

-

 

GOLD

Intermediate to longer term trends remain pointed sideways with prices continuing to oscillate within the confines of a well established broad and volatile trading range. Expect immediate rally attempts to again meet stiff resistance at initially 1285.0/90.0 then 1305.0/10.0 area with a clear and sustained break above here required to extend near term gains closer to the 1340.0/45.0 region where better supply should then be uncovered. Immediate pullbacks should be cushioned by supports waiting at initially 1260.0/65.0 with only a decisive market close beneath here likely to trigger deeper falls closer to 1245.0/50.0.

TRADING STRATEGY:Aside for time being awaiting next clear directional signal.

 

COMEX SILVER – Dec 2017

Last Price/Change

17.235

+0.401

Resistance

17.40/60

18.20/40

Support

16.60/80

16.10/30

Outlook/Target

Range bound

-

 

SILVER

While medium term bearish patterns are still firmly intact with lower targets readable, an extended period of choppy reconsolidation is currently being experienced. Expect immediate strength to again meet stiff resistance in the 17.40/60 area with a clear and sustained break above here needed to extend near term gains closer to the more important 18.20/40 region where better supply should then be uncovered. Local supports wait now starting at 16.60/80 then again towards the more important 16.10/30 zone where better demand should then be stimulated.

TRADING STRATEGY:With prices effectively range bound for the time being would remain on sidelines.

 

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