HERE YOU CAN SEE INVERTED HEAD AND SHOULDER PATTERN AND ALSO I DRAW A NECK LINE IF CROSS AND SUSTAIN ABOVE NECK LINE WE MAY GET THE DEEP OF NECK LINE TO HEAD BOTTOM.
WELCOME
Wednesday, 20 February 2013
INVERTED H&S PATTERN IN SILVER
HERE YOU CAN SEE INVERTED HEAD AND SHOULDER PATTERN AND ALSO I DRAW A NECK LINE IF CROSS AND SUSTAIN ABOVE NECK LINE WE MAY GET THE DEEP OF NECK LINE TO HEAD BOTTOM.
Market Commentary
Market Commentary
Oil Gains on German Investor Outlook; BofA Sees $140 Brent.
West Texas Intermediate oil in New York fluctuated after a report showed that rising investor confidence in Germany, the world’s fifth biggest crude importing country. Brent futures traded in London may be capped at $140 a barrel this year, according to Bank of America Merrill Lynch.WTI traded in a 91-cent-a-barrel range. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations climbed to highest in almost three years. Brent will trade in a range of $100 to $130 a barrel through to 2015, according to Francisco Blanch, head of commodities research at Bank of America Merrill Lynch. “The market is consolidating between $95 and $98,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The German economic sentiment data was good, which is providing a little support. Investors are waiting for the economic data point that will be the catalyst to break out of this range.” WTI futures for March delivery, which expire tomorrow, fell 11 cents to $95.75 a barrel on the New York Mercantile Exchange. The more-active April contract declined 19 cents to $96.22.
Gold Climbs From 6-Month Low in London; Platinum Advances.
Gold swung between gains and losses near a six-month low in London as investors weighed signs of improving economic growth against speculation that the biggest weekly drop since May will spur purchases. Platinum gained on reports of a shooting at an Anglo American Platinum Ltd. mine. The metal dropped 3.4 percent last week and holdings in gold-backed exchange-traded products fell the most since July in the period on growing confidence that the global economy is strengthening. Billionaire investor George Soros cut his gold ETP holdings last quarter, government filings showed last week. UBS AG said in a report today that its gold flows to India, the top buyer, were above average after the sell-off, and Morgan Stanley said it expects “bargain hunting” this week. “In the face of increasingly positive economic data and good stock market yields, the zero returns of gold and silver are looking more and more unattractive,” David Govett, head of precious metals at Marex Spectron Group in London, wrote in a report today. “Gold has been meandering aimlessly for a while now and needed a move one way or the other to wash out a lot of stale positions. We have seen the return of the Asian market and some physical buying, albeit light.” Gold for immediate delivery was little changed at $1,611.67 an ounce. Prices fell as much as 0.1 percent after rising 0.5 percent earlier today, and slid to $1,598.23 on Feb. 15, the lowest since Aug. 15. Futures for April delivery were 0.1 percent higher at $1,611.30 on the Comex in New York.
Copper Retreats as Slowing Industrial Production May Curb Demand.
Copper fell on speculation that slowing industrial production from Europe to the U.S. may curb demand and as inventories tracked by the London Metal Exchange reached the highest level since November 2011. Copper for three-month delivery fell as much as 0.2 percent to $8,280 a metric ton on the LME and traded at $8,286. The metal for delivery in March gained 0.2 percent to $3.765 a pound on the Comex in New York. Markets in China, the biggest consumer, are closed this week for the Lunar New Year holiday. Industrial production in France, Europe’s second-largest economy, probably declined 0.2 percent in December from the previous month, when it rose 0.5 percent, according to the median estimate of economists surveyed by Bloomberg before data today.
Industrial production in the U.S. may have risen 0.2 percent in January from a 0.3 percent gain in a month earlier, data may show this week.
Oil Gains on German Investor Outlook; BofA Sees $140 Brent.
West Texas Intermediate oil in New York fluctuated after a report showed that rising investor confidence in Germany, the world’s fifth biggest crude importing country. Brent futures traded in London may be capped at $140 a barrel this year, according to Bank of America Merrill Lynch.WTI traded in a 91-cent-a-barrel range. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations climbed to highest in almost three years. Brent will trade in a range of $100 to $130 a barrel through to 2015, according to Francisco Blanch, head of commodities research at Bank of America Merrill Lynch. “The market is consolidating between $95 and $98,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The German economic sentiment data was good, which is providing a little support. Investors are waiting for the economic data point that will be the catalyst to break out of this range.” WTI futures for March delivery, which expire tomorrow, fell 11 cents to $95.75 a barrel on the New York Mercantile Exchange. The more-active April contract declined 19 cents to $96.22.
Gold Climbs From 6-Month Low in London; Platinum Advances.
Gold swung between gains and losses near a six-month low in London as investors weighed signs of improving economic growth against speculation that the biggest weekly drop since May will spur purchases. Platinum gained on reports of a shooting at an Anglo American Platinum Ltd. mine. The metal dropped 3.4 percent last week and holdings in gold-backed exchange-traded products fell the most since July in the period on growing confidence that the global economy is strengthening. Billionaire investor George Soros cut his gold ETP holdings last quarter, government filings showed last week. UBS AG said in a report today that its gold flows to India, the top buyer, were above average after the sell-off, and Morgan Stanley said it expects “bargain hunting” this week. “In the face of increasingly positive economic data and good stock market yields, the zero returns of gold and silver are looking more and more unattractive,” David Govett, head of precious metals at Marex Spectron Group in London, wrote in a report today. “Gold has been meandering aimlessly for a while now and needed a move one way or the other to wash out a lot of stale positions. We have seen the return of the Asian market and some physical buying, albeit light.” Gold for immediate delivery was little changed at $1,611.67 an ounce. Prices fell as much as 0.1 percent after rising 0.5 percent earlier today, and slid to $1,598.23 on Feb. 15, the lowest since Aug. 15. Futures for April delivery were 0.1 percent higher at $1,611.30 on the Comex in New York.
Copper Retreats as Slowing Industrial Production May Curb Demand.
Copper fell on speculation that slowing industrial production from Europe to the U.S. may curb demand and as inventories tracked by the London Metal Exchange reached the highest level since November 2011. Copper for three-month delivery fell as much as 0.2 percent to $8,280 a metric ton on the LME and traded at $8,286. The metal for delivery in March gained 0.2 percent to $3.765 a pound on the Comex in New York. Markets in China, the biggest consumer, are closed this week for the Lunar New Year holiday. Industrial production in France, Europe’s second-largest economy, probably declined 0.2 percent in December from the previous month, when it rose 0.5 percent, according to the median estimate of economists surveyed by Bloomberg before data today.
Industrial production in the U.S. may have risen 0.2 percent in January from a 0.3 percent gain in a month earlier, data may show this week.
Currency Headlines
Currency Headlines
Yen Rises After Aso Rules Out Japan’s Foreign-Debt Buying
The yen strengthened for the first time in three days against the dollar as Japanese finance minister Taro Aso said the government doesn’t intend to purchase foreign bonds to end deflation by weakening the currency.
The yen rose from near the weakest since May 2010 versus the U.S. currency as his comments countered those of Prime Minister Shinzo Abe who said yesterday buying foreign bonds “exists as one idea” for monetary policy. South Africa’s rand slid as clashes between labor unions at a mine spurred concern of a repeat of violence that curbed production last year. Australia’s dollar rose as the central bank said an improved global outlook spurred commodity prices.
The yen rose 0.4 percent to 93.61 per dollar at 9:56 a.m. in London after depreciating to 94.46 on Feb. 11, the weakest level since May 5, 2010. Japan’s currency gained 0.3 percent to 125.03 per euro. The euro was little changed at $1.3357.
Japanese officials have toned down calls for a weaker yen to help exporters after trade partners complained the nation risked setting off a currency war. Since Abe called for unlimited money printing by the central bank when he was opposition leader on Nov. 15, the yen has slid 13 percent against the dollar, the biggest drop among major currencies.
Pound Rises From 7-Month Low Before U.K. Jobless Report
The pound rose from the lowest level in more than seven months versus the dollar as economists said a report tomorrow will show U.K. unemployment claims dropped for a third month in January.
Britain’s currency was little changed against the euro before the Bank of England releases the minutes of its Feb. 7 meeting tomorrow. The pound weakened yesterday after central bank policy maker Martin Weale endorsed the currency’s decline, saying it may help bolster exports. U.K government bonds were little changed, with the 10-year yield about seven basis points from the highest level since April.
The pound gained 0.1 percent to $1.5487 at 10:11 a.m. London time after sliding to $1.5438 yesterday, the lowest since July 13. Sterling traded at 86.28 pence per euro.
Jobless claims declined by 5,500 from December, when they dropped 12,100 to 1.56 million, the lowest since June 2011, according to the median estimate of 24 analysts in a Bloomberg News survey. The London-based Office for National Statistics will release the data tomorrow.
The pound has depreciated 4.5 percent this year, the second-worst performer after the yen among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
The pair may open with huge gap (Up or Down) as Forex market opens after 2 days, with global markets open during this period. Its prudent to take a bet after 1st hour of trade.
GBPINR FEB 2013
Forex market opens after 2 days, wait for 1st hour then take a view.
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
Yen Rises After Aso Rules Out Japan’s Foreign-Debt Buying
The yen strengthened for the first time in three days against the dollar as Japanese finance minister Taro Aso said the government doesn’t intend to purchase foreign bonds to end deflation by weakening the currency.
The yen rose from near the weakest since May 2010 versus the U.S. currency as his comments countered those of Prime Minister Shinzo Abe who said yesterday buying foreign bonds “exists as one idea” for monetary policy. South Africa’s rand slid as clashes between labor unions at a mine spurred concern of a repeat of violence that curbed production last year. Australia’s dollar rose as the central bank said an improved global outlook spurred commodity prices.
The yen rose 0.4 percent to 93.61 per dollar at 9:56 a.m. in London after depreciating to 94.46 on Feb. 11, the weakest level since May 5, 2010. Japan’s currency gained 0.3 percent to 125.03 per euro. The euro was little changed at $1.3357.
Japanese officials have toned down calls for a weaker yen to help exporters after trade partners complained the nation risked setting off a currency war. Since Abe called for unlimited money printing by the central bank when he was opposition leader on Nov. 15, the yen has slid 13 percent against the dollar, the biggest drop among major currencies.
Pound Rises From 7-Month Low Before U.K. Jobless Report
The pound rose from the lowest level in more than seven months versus the dollar as economists said a report tomorrow will show U.K. unemployment claims dropped for a third month in January.
Britain’s currency was little changed against the euro before the Bank of England releases the minutes of its Feb. 7 meeting tomorrow. The pound weakened yesterday after central bank policy maker Martin Weale endorsed the currency’s decline, saying it may help bolster exports. U.K government bonds were little changed, with the 10-year yield about seven basis points from the highest level since April.
The pound gained 0.1 percent to $1.5487 at 10:11 a.m. London time after sliding to $1.5438 yesterday, the lowest since July 13. Sterling traded at 86.28 pence per euro.
Jobless claims declined by 5,500 from December, when they dropped 12,100 to 1.56 million, the lowest since June 2011, according to the median estimate of 24 analysts in a Bloomberg News survey. The London-based Office for National Statistics will release the data tomorrow.
The pound has depreciated 4.5 percent this year, the second-worst performer after the yen among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
The pair may open with huge gap (Up or Down) as Forex market opens after 2 days, with global markets open during this period. Its prudent to take a bet after 1st hour of trade.
GBPINR FEB 2013
Forex market opens after 2 days, wait for 1st hour then take a view.
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
Monday, 18 February 2013
PFC on chart
Prices have consolidated for a long time & have risen in form of Higher Lows {Low 1, Low 2 & Low 3}. Recently had give breakout above resistance zone 214 & maintained its weekly closing above it. Now prices have closed below next important resistance zone of 225 level. Buy if trades n closes above it or on retracement.
BUY either on retracement near 214-216 level OR above 225 with Stop below its previous Support zone, mentioned. Book Profit near resistance zones.
CMP – 217.
RESISTANCE – 225, 227, 236, SUPPORT – 208, 204, 201
Polaris on chart
Prices have consolidated at two support zone level 106 & level 113 & this seems to be a historic zone too.
Today it is the third consecutive closing above 200DMA zone of 120.5 level which suggests counter seems to be maintained although Nifty closed 45points lower.
BUY on retracements till closing is above 122.5 levels with Stop below its previous Support zones. Book Profit near resistance zones mentioned, below.
CMP – 126.
RESISTANCE – 123, 120.5, 118 SUPPORT – 128, 134, 143
Currency Headlines
Currency Headlines
Foreign Demand for U.S. Assets Rises on Global Slowdown
International purchases of U.S. stocks, bonds and other financial assets rose more than forecast in December as investors sought shelter from slowing global growth.
Net buying of long-term financial assets totaled $64.2 billion during the month, up from net purchases of $52.4 billion in November, the Treasury Department said today in Washington. Economists surveyed by Bloomberg projected net buying of $35 billion of long-term assets, according to the median estimate.
The significant increase in December is a reflection of the heightened concern among global investors about the U.S. economy being pushed into a recession by the fiscal cliff,” Millan Mulraine, senior U.S. strategist for TD Securities Inc. in New York, said after the report was released. “Investors who feared the adverse impact of a U.S. economic slowdown on global activity fled to the safe haven of Treasuries.”
In December, President Barack Obama and Republicans in Congress were at a standoff over tax increases and spending cuts that threatened growth in the world’s biggest economy. The U.S. House of Representatives on Jan. 1 passed legislation that avoided what had been called the “fiscal cliff.”
Pound Declines as King Says Inflation to Stay Above 2%
The pound had its biggest weekly drop against the dollar since June after Bank of England Governor Mervyn King said inflation will stay above the Bank’s 2 percent target for the next two years even with weak growth.
The pound declined against all of its 16 major peers this week as the Confederation of British Industry, the U.K.’s biggest business lobby group, lowered its 2013 growth projection to 1 percent from 1.4 percent. King said on Feb. 13 that the economy faces “big challenges” and there were “limits” to what policy makers could achieve. Gilts fell, with the 10-year yield climbing to the highest level since April.
The pound dropped 1.8 percent last week to $1.5521 at 5:10 p.m. in London yesterday, the steepest decline since the period ended June 1. It fell to $1.5462, the lowest since July 25. Sterling depreciated 1.8 percent from Feb. 8 to 86.06 pence per euro. That’s the fifth weekly drop against the single currency in seven.
Data last week added to evidence that the U.K. economic expansion is slowing. Retail sales unexpectedly fell in January for a second consecutive month. Sales including fuel declined 0.6 percent from December, when they dropped a revised 0.3 percent, the Office for National Statistics said yesterday. The median forecast of 24 economists in a Bloomberg News survey was for an increase of 0.5 percent.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
Impact of weak EURUSD is seen in EURINR also. Buy can be considered of supports.
Buy near 72.20 SL 71.80 TGT 72.20/72.40/72.60 OR Sell near 72.60 SL 72.80 TGT 72.45/72.20
GBPINR FEB 2013
The pair has shown strong recovery from lower levels.
Buy near 83.98 SL 83.80 TGT 84.25/84.40
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
Foreign Demand for U.S. Assets Rises on Global Slowdown
International purchases of U.S. stocks, bonds and other financial assets rose more than forecast in December as investors sought shelter from slowing global growth.
Net buying of long-term financial assets totaled $64.2 billion during the month, up from net purchases of $52.4 billion in November, the Treasury Department said today in Washington. Economists surveyed by Bloomberg projected net buying of $35 billion of long-term assets, according to the median estimate.
The significant increase in December is a reflection of the heightened concern among global investors about the U.S. economy being pushed into a recession by the fiscal cliff,” Millan Mulraine, senior U.S. strategist for TD Securities Inc. in New York, said after the report was released. “Investors who feared the adverse impact of a U.S. economic slowdown on global activity fled to the safe haven of Treasuries.”
In December, President Barack Obama and Republicans in Congress were at a standoff over tax increases and spending cuts that threatened growth in the world’s biggest economy. The U.S. House of Representatives on Jan. 1 passed legislation that avoided what had been called the “fiscal cliff.”
Pound Declines as King Says Inflation to Stay Above 2%
The pound had its biggest weekly drop against the dollar since June after Bank of England Governor Mervyn King said inflation will stay above the Bank’s 2 percent target for the next two years even with weak growth.
The pound declined against all of its 16 major peers this week as the Confederation of British Industry, the U.K.’s biggest business lobby group, lowered its 2013 growth projection to 1 percent from 1.4 percent. King said on Feb. 13 that the economy faces “big challenges” and there were “limits” to what policy makers could achieve. Gilts fell, with the 10-year yield climbing to the highest level since April.
The pound dropped 1.8 percent last week to $1.5521 at 5:10 p.m. in London yesterday, the steepest decline since the period ended June 1. It fell to $1.5462, the lowest since July 25. Sterling depreciated 1.8 percent from Feb. 8 to 86.06 pence per euro. That’s the fifth weekly drop against the single currency in seven.
Data last week added to evidence that the U.K. economic expansion is slowing. Retail sales unexpectedly fell in January for a second consecutive month. Sales including fuel declined 0.6 percent from December, when they dropped a revised 0.3 percent, the Office for National Statistics said yesterday. The median forecast of 24 economists in a Bloomberg News survey was for an increase of 0.5 percent.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
Impact of weak EURUSD is seen in EURINR also. Buy can be considered of supports.
Buy near 72.20 SL 71.80 TGT 72.20/72.40/72.60 OR Sell near 72.60 SL 72.80 TGT 72.45/72.20
GBPINR FEB 2013
The pair has shown strong recovery from lower levels.
Buy near 83.98 SL 83.80 TGT 84.25/84.40
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
Market Commentary
Market Commentary
Oil Drops on U.S. Industrial Output, Euro-Area Exports.
West Texas Intermediate oil fell after U.S. industrial production unexpectedly shrank and euro- area exports declined the most in five months, raising concern that fuel demand may weaken. Futures pared the week’s gain as January factory output slipped while euro-area exports dropped in December. Oil extended the intraday low in late afternoon as equities fell on news that Wal-Mart Stores Inc. had the worst sales start to a month in seven years. The shares reached a four-month high of $98.24 on Jan. 30. The year-to-date low is $91.52. “Industrial production shrank and the European data is keeping pressure on the oil market,” said Bill Baruch, a senior market strategist at Iitrader.com in Chicago. “Crude hit the wall around $98. That’s a major resistance level and a line in the sand that everybody is looking at.” Crude for March delivery slid $1.45, or 1.5 percent, to settle at $95.86 a barrel on the New York Mercantile Exchange. Trading was 33 percent above the 100-day average for the time of day at 3:26 p.m., after rising to above 100 percent of the average in early trading. Prices rose 14 cents this week, the ninth advance in 10 weeks. Brent for April fell 34 cents, or 0.3 percent, to settle at $117.66 a barrel on the London-based ICE Futures Europe exchange. Trading was 9.4 percent below the 100-day average. The European benchmark grade was at a premium of $21.25 a barrel to WTI futures for the same month. The difference was $20.10 yesterday, the narrowest since Feb. 5.
Gold Bears Braced for U.S. to China Growth Recovery.
Gold traders are the most bearish in more than a year on mounting speculation that improving economic growth from the U.S. to China will curb demand for this year’s worst-performing precious metal. Twenty analysts surveyed by Bloomberg this week expect prices to fall next week, while 11 were bullish and three were neutral, making the proportion of bears the highest since Dec. 30, 2011. Hedge funds cut bets on higher prices by 56 percent since October and are approaching their least bullish stance on gold since August, government data show. The metal fell to a five-month low today, and billionaire investors George Soros and Louis Moore Bacon reported yesterday that they had reduced stakes in exchange-traded products backed by gold. First-time jobless claims in the U.S. decreased more than estimated last week, while a Chinese government-backed survey showed manufacturing expanded in January. Growth will accelerate in the world’s two largest economies in coming quarters, according to more than 100 economists surveyed by Bloomberg. Investors cut record bullion holdings in exchange-traded products this year and added to funds backed by other precious metals that are used more in industry. Gold prices that rallied the past 12 years will probably peak in 2013, or already have, according to Goldman Sachs Group Inc. and Credit Suisse Group AG.
Copper Retreats as Slowing Industrial Production May Curb Demand.
Copper fell on speculation that slowing industrial production from Europe to the U.S. may curb demand and as inventories tracked by the London Metal Exchange reached the highest level since November 2011. Copper for three-month delivery fell as much as 0.2 percent to $8,280 a metric ton on the LME and traded at $8,286. The metal for delivery in March gained 0.2 percent to $3.765 a pound on the Comex in New York. Markets in China, the biggest consumer, are closed this week for the Lunar New Year holiday. Industrial production in France, Europe’s second-largest economy, probably declined 0.2 percent in December from the previous month, when itrose 0.5 percent, according to the median estimate of economists surveyed by Bloomberg before data today. Industrial production in the U.S. may have risen 0.2 percent in January from a 0.3 percent gain in a month earlier, data may show this week.
Oil Drops on U.S. Industrial Output, Euro-Area Exports.
West Texas Intermediate oil fell after U.S. industrial production unexpectedly shrank and euro- area exports declined the most in five months, raising concern that fuel demand may weaken. Futures pared the week’s gain as January factory output slipped while euro-area exports dropped in December. Oil extended the intraday low in late afternoon as equities fell on news that Wal-Mart Stores Inc. had the worst sales start to a month in seven years. The shares reached a four-month high of $98.24 on Jan. 30. The year-to-date low is $91.52. “Industrial production shrank and the European data is keeping pressure on the oil market,” said Bill Baruch, a senior market strategist at Iitrader.com in Chicago. “Crude hit the wall around $98. That’s a major resistance level and a line in the sand that everybody is looking at.” Crude for March delivery slid $1.45, or 1.5 percent, to settle at $95.86 a barrel on the New York Mercantile Exchange. Trading was 33 percent above the 100-day average for the time of day at 3:26 p.m., after rising to above 100 percent of the average in early trading. Prices rose 14 cents this week, the ninth advance in 10 weeks. Brent for April fell 34 cents, or 0.3 percent, to settle at $117.66 a barrel on the London-based ICE Futures Europe exchange. Trading was 9.4 percent below the 100-day average. The European benchmark grade was at a premium of $21.25 a barrel to WTI futures for the same month. The difference was $20.10 yesterday, the narrowest since Feb. 5.
Gold Bears Braced for U.S. to China Growth Recovery.
Gold traders are the most bearish in more than a year on mounting speculation that improving economic growth from the U.S. to China will curb demand for this year’s worst-performing precious metal. Twenty analysts surveyed by Bloomberg this week expect prices to fall next week, while 11 were bullish and three were neutral, making the proportion of bears the highest since Dec. 30, 2011. Hedge funds cut bets on higher prices by 56 percent since October and are approaching their least bullish stance on gold since August, government data show. The metal fell to a five-month low today, and billionaire investors George Soros and Louis Moore Bacon reported yesterday that they had reduced stakes in exchange-traded products backed by gold. First-time jobless claims in the U.S. decreased more than estimated last week, while a Chinese government-backed survey showed manufacturing expanded in January. Growth will accelerate in the world’s two largest economies in coming quarters, according to more than 100 economists surveyed by Bloomberg. Investors cut record bullion holdings in exchange-traded products this year and added to funds backed by other precious metals that are used more in industry. Gold prices that rallied the past 12 years will probably peak in 2013, or already have, according to Goldman Sachs Group Inc. and Credit Suisse Group AG.
Copper Retreats as Slowing Industrial Production May Curb Demand.
Copper fell on speculation that slowing industrial production from Europe to the U.S. may curb demand and as inventories tracked by the London Metal Exchange reached the highest level since November 2011. Copper for three-month delivery fell as much as 0.2 percent to $8,280 a metric ton on the LME and traded at $8,286. The metal for delivery in March gained 0.2 percent to $3.765 a pound on the Comex in New York. Markets in China, the biggest consumer, are closed this week for the Lunar New Year holiday. Industrial production in France, Europe’s second-largest economy, probably declined 0.2 percent in December from the previous month, when itrose 0.5 percent, according to the median estimate of economists surveyed by Bloomberg before data today. Industrial production in the U.S. may have risen 0.2 percent in January from a 0.3 percent gain in a month earlier, data may show this week.
commodities view for today
Aluminium>>>>>Buy on dips near 114.8 SL 114 TGT 115.8/116.9
Copper >>>>>>>Buy near 446.3 SL 443.2 TGT 448/451 OR Sell near 453.8 SL 457 TGT 541/446.3
Lead >>>>>>>>>The Metal looks stretched, it May see correction near 134.
Nickel>>>>>>>>Buy near 988 SL 979 TGT 997/1010 OR Sell near 1010 SL 1020 TGT 995
Zinc >>>>>>>>Buy near 116.7 SL 115.9 TGT 118.3/119.7
Crude>>>>>>> Sell near 5257 SL 5283 TGT 5190/5166 OR Buy near 5166 SL 5139 TGT 5195/5257
Natural Gas>>>>NG has resistance 174-176.3, it may see pressure in this range
Copper >>>>>>>Buy near 446.3 SL 443.2 TGT 448/451 OR Sell near 453.8 SL 457 TGT 541/446.3
Lead >>>>>>>>>The Metal looks stretched, it May see correction near 134.
Nickel>>>>>>>>Buy near 988 SL 979 TGT 997/1010 OR Sell near 1010 SL 1020 TGT 995
Zinc >>>>>>>>Buy near 116.7 SL 115.9 TGT 118.3/119.7
Crude>>>>>>> Sell near 5257 SL 5283 TGT 5190/5166 OR Buy near 5166 SL 5139 TGT 5195/5257
Natural Gas>>>>NG has resistance 174-176.3, it may see pressure in this range
Gold and Silver view for Today
Gold can sees strong support near 30,000. On upside 30325-30400 selling can resume.
Silver is in Weak trend. It may Find strong bounce from Sub-56000 Levels.
Silver is in Weak trend. It may Find strong bounce from Sub-56000 Levels.
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