Singapore Stock Exchange
Gold, Silver,Copper, Crude: Comex Technical Outlook
Alex Gray
Publish date: Tue, 04 Feb 2014, 04:56 PM
Alex Gray
0 413
It is the high time to make the most of your surplus money. We offers free real time tips and recommendations for Stock Market, Forex, Commodity, Live Stock Market Data and more. invest with our tips and enjoy bigger profits on your small investment.
simply leave a contact no and email address or take a free trial now.
simply leave a contact no and email address or take a free trial now.
SILVER
The gold-silver ratio is trading close to unchanged at 64.94. It remains in a well-defined uptrend with support currently at 61.50. Resistance is at the major high of 67.56.
The ISM's manufacturing purchasing managers' index came in at 51.3 in January, down from 57.0 in December.
Silver advanced overnight to open at 19.25/19.30. It touched a low of 19.21/19.26 before climbing to a high of 19.62/19.67 and prior to concluding the session at 19.39/19.44. Free Trial
Silver closed higher today at 19.39. There is a base of support in the high 18's/low 19's, where we have traded on seven occasions since the beginning of December. There is also a strong downtrend in place on the daily chart, which currently comes in at 20.04. Silver has traded in a sideways range since early December, so we would need a breach of support at 18.83 or of resistance at 20.64 to get excited about the metal.
The gold-silver ratio is trading close to unchanged at 64.94. It remains in a well-defined uptrend with support currently at 61.50. Resistance is at the major high of 67.56. Silver gained after data showed that manufacturing activity in the U.S. deteriorated to the lowest level since June.
Caution over emerging markets, U.S. economy and Fed's move to taper its stimulus program remain crucial to the metal's moves
Holdings at ishares silver trust gained by 0.66% i.e. 65.84 tonnes to 10095.06 tonnes from 10029.22 tonnes.
Technical Levels
| S 1 | S 2 | R 1 | R 2 | |
| SILVER | 19.10 | 18.81 | 19.66 | 19.92 |
Commodity Contract S2 S1 R1 R2
GOLD
Gold moved higher overnight to open at 1247.00/1248.00. It touched a low of 1245.25/1246.25 before surging to a high of 1265.50/1266.50 as the dollar retreated while equity markets slipped following weaker-than-expected U.S. ISM data that showed a decline in manufacturing activity, which included a significant drop in new manufacturing orders, amidst continuing pressure on emerging markets. The metal then consolidated later in the afternoon to close the day at 1259.50/1260.50.
Gold closed higher today at 1260. Price action has been very lackluster, and the past two trading sessions have traded inside of Thursday's big down-day. A nice clean break through the recent high of 1279, which is also a Fibonacci retracement level (38.2% of the August to December 2013 downtrend), would improve the outlook considerably and would shift our view out of neutral. We note the MACD is on the verge of triggering a sell signal.
Gold rose as prices were supported after a worse than expected U.S. manufacturing report weighed on the dollar and global equities.
ISM said its index of national factory activity fell to its lowest level since May 2013 at 51.3 last month, from a recently revised 56.5 in December.
U.S. manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in 33 years.
Technical Levels
| S 1 | S 2 | R 1 | R 2 | |
| GOLD | 1245 | 1230 | 1270 | 1281 |
Commodity Contract S2 S1 R1 R2
COPPER
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery fell to a session low of USD3.184 a pound, the weakest since December 4, before trimming losses to trade at USD3.194 during European morning hours, down 0.1%.
The March copper contract settled down 0.91% on Friday to end at USD3.197 a pound. Copper futures were likely to find support at USD3.168 a pound, the low from December 2 and resistance at USD3.230 a pound, the high from January 31.
Copper prices have declined in each of the past eight sessions leading up to Monday, the longest losing streak since January 1996.
Data released earlier showed that China's official non-manufacturing PMI slipped to its lowest level since December 2008 in January, falling to 53.4 from 54.6 in December.
The deterioration in the services sector adds to declining manufacturing PMIs. Data released over the weekend showed that China's official manufacturing PMI fell to a six-month low of 50.5 in January from 51.0 in December.
Last week, private sector data from HSBC confirmed a contraction in China's manufacturing sector for the first time since July.
China is the world's largest copper consumer, accounting for almost 40% of world consumption last year.
Technical Levels
| S 1 | S 2 | R 1 | R 2 | |
| COPPER | 3.1715 | 3.1595 | 3.1990 | 3.2145 |
Commodity Contract S2 S1 R1 R2
CRUDE
On Monday, the New York-traded oil futures hit a session low of USD96.54 a barrel and a high of USD96.73 a barrel. The March contract settled at USD96.65 a barrel.
Nymex oil futures were likely to find support at USD95.22 a barrel, the low from Jan. 27, and resistance at USD98.58 a barrel, Thursday's high.
Oil prices suffered after the Institute for Supply Management said its widely-watch manufacturing gauge fell to a seven-month low in January, as new orders slumped.
Analysts were expecting the index to inch down to 56.4 in January.
The report added new order growth fell at its fastest rate in 33 years, with the new orders index dropping to 51.2 from 64.4 in December. The employment index fell from 55.8 in December to 52.3, the weakest since June.
New York-traded crude oil prices fluctuated between small gains and losses in Asian trading on Tuesday after U.S. manufacturing gauges missed market expectations and painted a picture of a still-weak U.S. economy that will demand less fuel and energy going forward than once anticipated..
Technical Levels
| S 1 | S 2 | R 1 | R 2 | |
| CRUDE | 95.81 | 95.20 | 97.50 | 95.56 |
Commodity Contract S2 S1 R1 R2
Global Economic Data
| TIME | DATA | PRV | EXP | IMPACT |
| 8.30P.M | Factory Orders m/m | 1.8% | -1.9% | MEDIUM |
| 8.30P.M | IBD/TIPP Economic Optimism | 45.2 | 46 | LOW |
Factory Orders m/m
| Source | Census Bureau(latest release) |
| Measures | Change in the total value of new purchase orders placed with manufacturers; |
| Usual Effect | Actual > Forecast = Good for currency; |
| Frequency | Released monthly, about 35 days after the month ends; |
| Next Release | Mar 6, 2014 |
| FF Notes | This report contains a revision of the Durable Goods Orders data released about a week earlier, and fresh data regarding non-durable goods; |
| Why Traders Care | It's a leading indicator of production - rising purchase orders signal that manufacturers will increase activity as they work to fill the orders; |
IBD/TIPP Economic Optimism
| Source | TIPP(latest release) |
| Measures | Level of a diffusion index based on surveyed consumers; |
| Usual Effect | Actual > Forecast = Good for currency; |
| Frequency | Released monthly, around the middle of the current month; |
| Next Release | Mar 4, 2014 |
| FF Notes | Above 50.0 indicates optimism, below indicates pessimism; |
| Derived Via | Survey of about 900 consumers which asks respondents to rate the relative level of economic conditions including six-month economic outlook, personal financial outlook, and confidence in federal economic policies; |
| Also Called | IBD/TIPP Consumer Confidence; |
More articles on Singapore Stock Exchange
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
New Update. Discover investment communities that resonate with your ideas
Trade Confidently & Analyze Charts Conveniently - Download VCPlus IOS & Android App Now!
Latest Videos
Apps
Top Articles
1
RHB Investment Research Reports
2
CEO Morning Brief
Singapore's Core Inflation at Weakest Pace in Almost Three Years
3
CEO Morning Brief
4
5
RHB Investment Research Reports
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
