GOLD : Gold Prices Rebounded Moderately Despite Trump Administration Being Able To Navigate Tax Bill Through The US House Of Representatives.The Legislation Was Passed With A 22 Vote Margin, However, The Bigger Challenge Remains In The Senate Where The Prospects Of A Concurrence Seem Less Assuring. Some Sentors Have Clearly Expressed Their Disapproval Of The Proposed Tax Reforms. The Opposition To The Bill Is Also Aggravated By The Fact That iT Incorporates A Repeal Of A Particular Mandate In The Affordable Care Act, Which Can Lead To Rise In insurance Premiums For Americans. In Terms Of Short Term Outlook On Gold, We Prefer To Remain On The Sidelines, Waiting For Some-clarity On Fate Of The Tax Bill. A Tax Reform Debacle Would Certainly Bid G old Prices Higher. Conversely, If Republicans Manage To Pull It Off Through The Senate, Higher. US Dollar And Buoyant Equities Will Keep Gold On The Defensive.
OIL : Oil futures extended the retracement, driven by signals of growing expansion in US output. EIA reported US oil production at a high of 9.65mbpd, up by 15% since mid-2016. The short term direction certainly hinges on what OPEC decides to do at November 30th meeting.
Non-Ferrous Metals : In Terms Of Non-Ferrous News, Chinese Zinc Production During Octomber Rose 3.8% (YoY) Despite Production Cutbacks While Aluminium Outpot Was Down 2.3% On Mom Basis. Chinese Aluminium Production Has Witnessed Four Consecutive Monthly Declines However, YTD Production Is Still Up 3.7%