Gold prices dip in early Asia with China shut, focus on Greece vote Gold prices dipped in early Asia on Monday with markets shut in China and eye on an upcoming vote in Greece to put in place reforms needed to secure further loans from the euro zone. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.05% to $1,201.30 a troy ounce by close of trade on Friday. Elsewhere on the Comex, silver futures for March delivery eased 0.34% at $16.265 a troy ounce by close of trade. Earlier in the day, prices hit $16.16, the lowest level since January 6. Meanwhile, copper for March delivery rose 0.19% at $2.596 a pound in holidaythinned trade. Markets in China, the world's largest copper consumer, will remain closed until February 24 for the Lunar New Year holiday, removing a key support for prices. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Last week, gold ended Friday's session close to a six-week low after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months, dampening the safe-haven appeal of the precious metal. The euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month. Athens has until Monday to present a list of reforms to be approved by the country’s creditors in order to secure the four-month extension, which will give it more time to reach a lasting agreement with its creditors. In the week ahead, Tuesday’s testimony by Federal Reserve Chair Janet Yellen to the Senate Banking Committee will be closely watched for any indication on when U.S. interest rates may start to rise. On Monday in Germany, the Ifo research group is to publish its report on business climate. Later in the day, the U.S. is to publish a report on existing home sales.
CRUDE OIL>>>>>
Crude oil slips lower as supply glut worries persist Crude oil futures slipped lower on Friday, as concerns over a global glut in supplies persisted after data on Thursday showed that oil supplies in the U.S. rose to the highest level on record. On the New York Mercantile Exchange, U.S. crude oil for delivery in April traded $0.13 or 0.25% higher to $51.70 a barrel during European early afternoon trade. Prices tumbled $0.99 or 1.87% on Thursday to settle at $51.83. Futures were likely to find support at $49.82, Thursday's low and resistance at $54.22, the high from February 18. Crude oil prices came under pressure after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.7 million barrels in the week ended February 13, compared to expectations for an increase of 3.3 million barrels. Total U.S. crude oil inventories stood at 425.6 million barrels as of last week, the most on records dating back to August 1982. The report also showed that total motor gasoline inventories increased by 0.5 million barrels, compared to expectations for a gain of 0.2 million, while distillate stockpiles decreased by 3.8 million barrels. Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies. Meanwhile, investors continued to follow developments in Greece as another round of talks with eurozone finance ministers was set to take place on Friday after Germany rejected a proposed bailout extension request from Greece. The Greek request included a pledge to maintain "fiscal balance" for a six-month period, in order to give it time to reach a new agreement on growth over the next four years with its partners in the euro zone, Reuters reported. But German Finance Minister Wolfgang Schaeuble said it was "not a substantial proposal for a solution" and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery inched down just $0.01, or 0.01%, to hit $60.21 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $8.51.
HDFC FUTURE>>>>>>
Counter in the Thursday’s session almost tested the previous swing high and ended around the same. Prices ended the Friday’s session with inside bar slide below 1324 will indicate possible formation of the double top chart pattern on the daily chart. Declining volume and negative diversion in the daily RSI are supporting the reversal view. Action Entry Sell Below -1324 TGT- 1251 SL-1360.1
