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COMEX Daily Technical Analysis

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Publish date: Mon, 19 May 2014, 05:38 PM
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GOLD
Spot gold prices started the week on a positive note and rose to three week high on escalating tensions in Ukraine and a break above the key $1300 mark. However, rising US equities with S&P moving within 1percent of its record high last week capped sharp gains in the metal.
Forecast
On an intraday basis, gold prices can trade on a mixed note and can take an up-move.
SILVER
Silver tried to rally during the course of the week, but gave up most of the gains by the time we closed on Friday. We see the $20.00 level as massively resistive now, as the market has formed a shooting star. However, we have also formed a couple of hammers in this general vicinity, so the end of the day it's probably going to be consolidation going forward.
Forecast
On an intraday basis, we expect silver prices to trade on a mixed note as the economic data released from the US is painting bright picture about the economy.
While on the other hand, improving trend in SPDR holdings along with weakness in the DX will cushion sharp downside or even reversal in prices.
CRUDE
Crude oil prices for June expiry contract at NYMEX managed a strong performance past week. WTI prices registered gains of around 1. 5% to $101.75 per barrel for the last week In the other major global benchmark, the ICE Brent saw a near similar performance with the commodity inching higher by 1.75% to near $110 per barrel level.
Forecast
Brent rising in the recent past rapidly possibly due to Libya tension while WTI grade is managing higher. For the day we expect both the oil grades may trade higher so we suggest buying from lower levels.
TODAY'S DAY RANGE
COMMODITY S1 S2 R1 R2
GOLD 1290 1280 1300 1308
SILVER 19.00 18.50 20.00 20.50
CRUDE 101 100.80 102 102.80
DAY'S HIGHLIGHT
  • US Building Permits increased to 1.08 million in the last month.
  • LME Copper inventories plunged by whopping 10.5 percent last week.
  • Euro Zone Trade Balance was at surplus of 15.2 bn Euros in Q1 2014.
  • Improving US economic data exerts downside pressure on gold prices.
  • US Prelim UoM Consumer Sentiment declined to 81.8-mark in May.
Data Update for 19th May 2014
Time Currency Impact Particular Actual Forecast Previous
4:15am NZD

PPI Input q/q 1.00% 0.50% -0.70%


NZD

PPI Output q/q 0.90% 0.40% -0.40%
4:31am GBP

Rightmove HPI m/m 3.60%

2.60%
5:20am JPY

Core Machinery Orders m/m 19.10% 6.10% -4.60%
12:30pm EUR High German Buba President Weidmann Speaks





Tentative EUR

German Buba Monthly Report





All Day CAD

Bank Holiday





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