Commodity Market News – Commodities that need your unwavering attention!!

Commodity Market News - Commodities that need your unwavering attention!!

It’s the 21st of November, ahead of the FOMC statement tonight and also the OPEC+ meeting on Sunday, the commodity market is in for a wild ride. So what will be the commodity market news like in such situations?

Well, let’s dive in and understand what’s in store for traders.

Commodity Market News: Is the US economy in turmoil?

The American GDP seems to be weakening as per the latest reports and it is hinting at chances of a recession. Gold is expected to trade at its highest levels in the next year i.e.; 2024.

Coming towards the dollar index, in the following data, we will be able to see a target up to 97.50 in the dollar index. It is advised that it will not be bullish between 106.50 – 108.00.

Furthermore, the recession of the dollar index will provide support to the prices of metals. There will be no possibility of a major recession in metals, especially in gold and silver. It is advised to buy in the event of a sharp fall.

What’s going on in the commodities market?

Commodity Market News - Commodities that need your unwavering attention!!

Let’s dive into the commodity market updates.

Copper reserves in the global market have decreased by about 17 kilo metric tons. There is a possibility of a slight increase in demand from China and in the event they announce economic packages then there will be a good rise in copper.

In other news, there has been quite a good increase in the demand for platinum in the global market. The demand for platinum is expected to increase further in the ensuing sessions. In addition, Platinum is still trading at its lowest levels. In the upcoming data, we may see targets up to $1300.

Finally, a big decline has been seen in Palladium. The Palladium has fallen nearly 80% from its peak. Investing in palladium is a better option and in the coming days, we will have a target of up to $1500.

For the few who like a more friendlier touch in languages, here’s the update in Hindi. Check it out:

That’s all for today folks.

We’ll be back with more updates on levels soon, so get in touch with us on WhatsApp more details as always,

Happy Trading!!

Commodity Samachar
Learn and Trade with Ease

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