US crude oil futures sell at $49.09/BBL. Down -0.14%

Market continues to await impact of Irma

The rock oil futures settled down these days. The low to high commerce vary was $0.70 cents. The low reached $48.63. The high $49.33. the value settled somewhat close to the center at $49.09. That was down $0.07 on the day or -0.14%.

The track of Irma has the cyclone moving up Florida (either up the coast or additional inland). It doesn't have the storm heading into the Gulf which might impact the rigs within the Gulf.

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RSI Review on Shares of Horizons Bp Comex Silver Bull Plus ETF (HZU.TO)

The Relative Strength Index (RSI) is a highly popular momentum indicator used for technical analysis. The RSI can help display whether the bulls or the bears are currently strongest in the market. The RSI may be used to help spot points of reversals more accurately. The RSI was developed by J. Welles Wilder. As a general rule, an RSI reading over 70 would signal overbought conditions. A reading under 30 would indicate oversold conditions. As always, the values may need to be adjusted based on the specific stock and market. RSI can also be a valuable tool for trying to spot larger market turns. Horizons Bp Comex Silver Bull Plus ETF (HZU.TO) has a 14-day RSI of 29.41, the 7-day is at 22.66, and the 3-day is resting at 11.74.

After a recent check, shares of Horizons Bp Comex Silver Bull Plus ETF (HZU.TO) have a 200-day moving average of 20.25. The 50-day is 17.86, and the 7-day is sitting at 15.13. Using a bigger time frame to assess the moving average such as the 200-day, may help block out the noise and chaos that is often caused by daily price fluctuations. In some cases, MA’s may be used as strong reference points for spotting support and resistance levels. Employing the use of the moving average for technical equity analysis is still highly popular among traders and investors. The moving average can be used as a reference point to assist with the discovery of buying and selling opportunities.

The Williams Percent Range or Williams %R is another technical indicator that may be useful for traders and investors. The Williams %R is designed to provide a general sense of when the equity might have reached an extreme and be primed for a reversal. As a general observance, the more overbought or oversold the reading displays, the more likely a reversal may take place. The 14 day Williams %R for Horizons Bp Comex Silver Bull Plus ETF (HZU.TO) is noted at -96.69. Many consider the equity oversold if the reading is below -80 and overbought if the indicator is between 0 and -20.

The Average Directional Index or ADX is technical analysis indicator used to describe if a market is trending or not trending. The ADX alone measures trend strength but not direction. Using the ADX with the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) may help determine the direction of the trend as well as the overall momentum. Many traders will use the ADX alongside other indicators in order to help spot proper trading entry/exit points. Currently, the 14-day ADX for Horizons Bp Comex Silver Bull Plus ETF (HZU.TO) is 32.14. Generally speaking, an ADX value from 0-25 would indicate an absent or weak trend. A value of 25-50 would indicate a strong trend. A value of 50-75 would signal a very strong trend, and a value of 75-100 would indicate an extremely strong trend.

Horizons Bp Comex Silver Bull Plus ETF (HZU.TO) currently has a 14-day Commodity Channel Index (CCI) of -91.61. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.
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Comex Gold Futures (GC) Technical Analysis – December 5, 2016 Forecast

February Comex Gold futures are trading lower early in the session. The market surged shortly after the opening in reaction to the news regarding the Italian Referendum that led to resignation of the country’s prime minister. However, the move came to an end after the U.S. Dollar gapped on the opening.

Technical Analysis

The main trend is down according to the daily swing chart. The trend will turn up on a trade through $1223.50. A new main bottom was formed today at $1162.20. A trade through this bottom will signal a resumption of the downtrend and make $1190.20 a new main top.

The major range is $1055.20 to $1387.10. Its retracement zone is $1221.20 to $1176.20. The market is currently trading on the weak side of this zone. Holding below this zone is also an indication of weakness. If the selling pressure continues to strengthen then we may see an eventual break into last December’s bottom at $1055.20. Earlier today, gold straddled the Fibonacci level at $1182.00, but there wasn’t enough buying to sustain the move.

The intermediate range is $1236.10 to $1162.20. Its retracement zone at $1199.20 to $1207.90 is the next upside target. Since the trend is down, we may see selling on the first test of this zone.

The short-term range is $1162.20 to $1190.20. Its 50% level or pivot is $1176.20. Gold is currently straddling this price. Traders should watch the price action at $1176.20 because buyers are going to try to form a potentially bullish secondary higher bottom.

Forecast

Based on the current price at $1174.10, the direction of the gold market the rest of the session is likely to be determined by trader reaction to $1176.20.

A sustained move under $1176.20 will indicate the presence of sellers. The next two target angles come in at $1170.20 and $1166.20. The latter is the last potential support angle before the $1162.20 main bottom.

A sustained move over $1176.20 will signal the presence of buyers. This could generate the upside momentum needed to challenge the main Fibonacci level at $1182.00 and the major downtrending angle at $1188.10. Watch for selling on the first test of this angle but be prepared for an acceleration to the upside if this angle is violated. This is a trigger point for a breakout rally.

Watch the price action and read the order flow at $1176.20 today. Trader reaction to this level will tell us if the buying is getting stronger, or if the sellers are still in control.

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Comex copper recovers amid strong US jobs data

Comex copper prices bounced-back Wednesday, November 30 after spending early trading in negative territory with strong US data providing a lift to the entire base metals complex.Copper for March delivery on the Comex division of the New York Mercantile Exchange rose 0.90 cents or 0.3% to $2.6190 per pound. Trade has ranged from $2.5505 to $2.6335.Comex gold for December settlement dipped $7.20 or 0.6% to $1,183.60 per oz. Trade has ranged $1,181.20 to $1,196.80.

This morning, in a preview of the Friday’s jobs report, ADP non-farm employment change in November showed 216,000 Americans joined the labor market, besting the forecast of 161,000.It’s yet another sign that the US economy is growing at a healthy clip heading into the Federal Open Market Committee (FOMC) in a few weeks. The policy-board is expected to raise rates next month, signaling that the economy is projected to expand for the ninth consecutive year.“We are seeing a generally more positive tone in the base metals today, as buyers seemed to have re-emerged,” INTL FCStone analyst Edward Meir said. “Whether this is the start of another reliable “buy-the-dip” strategy or a bull trap remains to be seen.”Chinese speculators were the principal drivers of the rally at the start of the week but reports that the Dalian and Zhengzhou exchanges will increase margins across a range of industrial and agricultural commodities from today dampened sentiment.

As well, the Shanghai Futures Exchange (SHFE) announced it will cap new positions of several steel rebar futures contracts to 8,000 lots per account for some non-hedging clients.“As Chinese authorities try to rein in excessive speculation in areas such as property, huge amounts of cash looking for a home has been channelled into commodities and as these ‘overheat’ so exchanges are also forced to act,” Sucden said in a note.

The PBoC raised deposits for first-time buyers to 35% from 30% previously. Deposit requirements for second properties have also climbed to 70%.In data today, the EU CPI flash estimate and the core CPI estimate were as expected at 0.6% and 0.8% respectively.Here in the US, CORE PCE price index month-over-month in October was in-line with expectations at a 0.1% uptick, while personal spending and income grew at 0.3% and 0.6% respectively.

Market participants will now focus on upcoming Chinese manufacturing PMI and non-manufacturing PMI, while the US has PMI numbers, unemployment data and non-farm payroll data of note.Turning to European markets, Germany’s DAX and France’s CAC-40 were up 0.2% and 0.6% respectively, while the dollar strengthened by 0.3% to 1.0624 against the euro.In other commodities, light sweet crude (WTI) oil futures on the Nymex jumped $3.25 or 7.2% to $48.48 per barrel, while Comex silver for December settlement was recently trading at $16.730 per oz., down 10 cents.

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