Singapore Stock Exchange
Gold , Silver & Crude Commodity Daily Technical Analysis
Alex Gray
Publish date: Tue, 13 May 2014, 03:02 PM
Alex Gray
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GOLD
Gold price rose yesterday from the opening of session as the tension in Ukraine increase but can't see the buying after few hours of US opening as the poor Physical Demand in the commodity pull back the price, technically gold is near to a critical retracement zone which should determine whether the market forms a potentially bullish secondary higher bottom or attempts to take out the last swing bottom.
Forecast
Forecast
Gold is expected to trade in range of 1300 to 1280
SILVER
Silver got the supportive clue form the value of Gold and it also took the up-move and rose 2.1 % Currently Silver is trading in a very tight range of 19.65 to 19.00 and is not breaking this level, volatility in the market is only supportive to make trade in silver.
Forecast
Silver prices are expected to trade weaker in a range of 18.70 to 19.90
CRUDE
Crude oil prices moved up by 0.60% on Monday after European union warned of further sanctions and Russia threatened to disrupt gas supplies. Talks between Iran and the International Atomic Energy Agency ended inconclusively on Monday with no clear indication whether progress on an agreement over Tehran's nuclear programme had been achieved.
Forecast
Crude is expected to trade sideway for today's session in a range of 100.50 to 99
TODAY'S DAY RANGE
| COMMODITY | S1 | S2 | R1 | R2 |
| GOLD | 1285 | 1275 | 1300 | 1314 |
| SILVER | 19.20 | 18.50 | 19.80 | 20.50 |
| CRUDE | 99.20 | 98.50 | 100.70 | 101.50 |
DAY'S HIGHLIGHT
- As China is the biggest economy for the Industrial Production so Chinese data can have a broad impact on the currency markets due to China's influence on the global economy and investor sentiment.
- Australia is about to release the Annual Budget that will be including expected spending and income levels, borrowing levels, financial objectives, and planned investments.
- European Union foreign ministers indicated any disruption of elections in Ukraine on May 25 could trigger new economic sanctions against Russia.
Data Update for 13th May 2014
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