Sliding -0.6% Friday, gold for December delivery closed at 1040.4 in October. This marked the first weekly loss (-1.5%) since late last month. The yellow metal was under pressure over the week due to temporary rebound in USD and correction in equity markets. Although further profit-taking cannot be ruled out, particularly if USD strengthens and net speculative long positions stays at record high, we remain bullish on the yellow metal's long-term outlook. It's because we anticipate the dollar's extreme weakness will extend at least towards the end of the year. It's unlikely for the Fed to raise it policy rate until the 2H10. With the Fed funds rate remaining at unprecedentedly low level while other central banks have begun tightening, USD should weaken further. While it's widely known that high gold price has boosted scrap supply and diminished jewelry demand, limited central bank sales should be able to restore the balance. As of august, total gold sales were less than100 metric tons, comparing with CBGA's quota of 500 metric tons.

Technical View
Gold weekly chart has formed the bearish trend but it has taken good support at $1025 and bounce back from the support. This has given a hint of uptrend for the coming week. Coming week gold is expected to form a new high and may touch till $1080.

Silver is the only commodity which was vulnerable to bearishness last week even though gold was holding silver fell up to $1.5. The white metal was under pressure over the week due to temporary rebound in USD and correction in equity markets. Although further profit-taking cannot be ruled out, particularly if USD strengthens and net speculative long positions stays at record high, we remain bullish on the white metal's long-term outlook. .

Technical View
Silver weekly chart has formed the bearish trend for the coming week. Silver fell up to $1.5 from the top. Silver closed near to the support level at $16, if it breaks this level we may see to till $15. But silver is expected to take support here and may bounce back to till $16.80.

Crude oil erased all the gains made Thursday as investors doubted if current economic backdrops and energy fundamentals justify oil price of 80. Moreover, decline in US consumer spending and worse-than-expected personal income increased skepticism that economic recovery is sustainable. WTI crude oil price for December delivery dropped -3.6% to 76.99 Friday, fully offsetting the rally made after strong US GDP data. The benchmark contract lost -1.4% last week but added +9% in October. Price movement was volatile last week. Earlier in the week, commodities plummeted as US consumer confidence and homes sales data disappointed investors. Conference Board reported that consumer confidence surprisingly fell to 47.7 in October from 53.1 a month ago as pessimism over the job market lingered. New home sales dropped -3.6% to 402K in September while August reading was revised down to 417K. Market sentiment recovered after US economy grew +3.5% qoq in the third quarter, beating market expectation of +3%. However, risk aversion emerged again towards the end of the week. .

Technical View
Crude oil weekly chart has formed inverted hammer which is the indication of bearish trend for the coming week. RSI is at 60 and MACD is diverging from the signal line which is also indicating bearish trend for the week. Crude is having a good support at $75; coming week crude is expected to touch this level and may bounce back from the support.

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Copper prices fell, dropping 2.6 percent for the week, on concern that the economic recovery may slow, damping demand for the metal. Spending by U.S. consumers slid in September from August, the first decline in five months, New-home sales dropped last month and consumer confidence slipped in October. Copper futures for December delivery dropped 7.4 cents, or 2.4 percent, to $2.9555 a pound on the New York Mercantile Exchange’s Comex division. The weekly decline halted three straight gains. China has been the major, and sometimes only, source of demand for commodities in the second half of 2009. Restocking in China is now essentially complete, and we are seeing signs of a pullback in demand. The dollar’s rally eroded the appeal of most commodities as alternative investment the greenback surged toward its biggest weekly gain since June against a basket of six major currencies.

Technical view
Copper weekly chart has formed dark cloud cover which is the indication of bearish trend for the coming week. But fundamentally copper is having a good support as economy all over world is improving. But coming week cooper is expected to fall till $2.85. RSI and MACD are neutral to bearish.