U.S. gold futures settled up 1 percent yesterday, rebounding from the previous session's decline on worries over massive liquidity injections by central banks and the expectation of more uptrend in precious metals in light of major brokerage upgraded its price forecast.
Gold prices rose yesterday despite strong dollar as Passage of President Barack Obama's $825 billion proposed economic stimulus package would likely be inflationary.
According to the report from UBS, Gold investment demand will double in 2009 compared to 2007, and gold prices will average $1,000 an ounce in 2009.
The U.S. Census Bureau said that construction spending was at an annual rate of $1.054 trillion in December, down 1.4% from November's pace. For all of 2008, construction spending totaled $1.079 trillion, down 5.1% from a year ago.
International spot gold traded in the range $ 908.70- $ 894.50a Troy Ounce and last quoted at $905.40
Weekly Outlook (DG. OCT.)
$933 is the major resistances .If sustain above that level, expect more uptrend. Resistances are $954, $968, $988. Supports are at $909, $899, $881 and $862.
Last day DGCX Gold APR. Traded in the range $910.30-$896.60and closed at $ 905.40
TECHNICAL OUTLOOK (Intra-day)
GOLD (APR) - Bullish above $ 899bearish below $ 894
MCXARUN
9994500540
Thursday, February 5, 2009
DGCX Crude Outlook 5th Feb, 09
U.S. crude oil futures closed lower yesterday as the inventory data and economic concerns.
The U.S. Department of Energy said that crude oil stocks were up 7.2 million barrels to 346.1 million barrels and 700,000 barrels were added to the Strategic Petroleum Reserve. Supplies of gasoline were up 300,000 barrels while heating oil supplies were up 1.4 million barrels.
The DOE also said that refinery use increased from 82.5% to 83.5% of capacity last week. Over the past four weeks, gasoline demand was down 0.5% from a year ago while distillate demand was down 3.7% from a year ago.
On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.
Weekly Crude Oil (DWTI January.)
48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00
DWTI (MAR) traded in the range $41.40 - $39.95and closed at $40.32
TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.60bearish below $40.00
MCXARUN
9994500540
The U.S. Department of Energy said that crude oil stocks were up 7.2 million barrels to 346.1 million barrels and 700,000 barrels were added to the Strategic Petroleum Reserve. Supplies of gasoline were up 300,000 barrels while heating oil supplies were up 1.4 million barrels.
The DOE also said that refinery use increased from 82.5% to 83.5% of capacity last week. Over the past four weeks, gasoline demand was down 0.5% from a year ago while distillate demand was down 3.7% from a year ago.
On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.
Weekly Crude Oil (DWTI January.)
48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00
DWTI (MAR) traded in the range $41.40 - $39.95and closed at $40.32
TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.60bearish below $40.00
MCXARUN
9994500540
safe trade calls
GOLD
Continue to view as long Support of 13925 & 13740 uptrend seen continue. for the day buy abv 14175 S/L 14145 and T/p 14230-240/sustain abv towards 14350-425 OR buy ard 13860-865 S/L 13850 and T/p 13925-14000, anytime sustain close above 14450 seen new uprally for medium term (any time close above 14450 bullish while close below 13740/13350/13025/12750 bearish for medium term)
SILVER
Continue to view as long Support of 19550/19400 & 18900 uptrend seen continue. we book profit on buy abv 19800, fresh buy only abv 19900 S/L 19810 and T/p 20025-50/sustain close above test 20350 atleast/towards 20800 in coming days OR buy ard 19420-430 S/L 19400 and T/p 19550-19650 (any time close below 18900-525/18000/ 17375/16925/16100/15775 bearish rally while close above 20050/20975/21725 bullish for medium term)
CRUDE
PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=2050 AS DAYS HIGH WAS 2049. Continue to view as long Resistance of 2050-60 & 2130 down trend seen continue. for the day sell below 1975 S/L 1990 and T/p 1965-50/1925/sustain close below 1925 potential towards 1780-1580 in coming days OR sell ard 2055-60 S/L 2065 and T/p 2040-2020 (now crude need to close above 2130/2320/2650-75/2950 for bullish rally while close below 1925 bearish for medium term)
COPPER
we book profit on sell last, for the day sell only below 163 S/L 165 and T/p 161-158 OR sell ard 169.4-169.6 S/L 170 and T/p 167-165 (upside strong rally only on close above 174-175/183.5/ 191.5/197.5/204.5/219/238/271 while close below 150.5/144/138.5 bearish for medium term)
MCXARUN
9994500540
Continue to view as long Support of 13925 & 13740 uptrend seen continue. for the day buy abv 14175 S/L 14145 and T/p 14230-240/sustain abv towards 14350-425 OR buy ard 13860-865 S/L 13850 and T/p 13925-14000, anytime sustain close above 14450 seen new uprally for medium term (any time close above 14450 bullish while close below 13740/13350/13025/12750 bearish for medium term)
SILVER
Continue to view as long Support of 19550/19400 & 18900 uptrend seen continue. we book profit on buy abv 19800, fresh buy only abv 19900 S/L 19810 and T/p 20025-50/sustain close above test 20350 atleast/towards 20800 in coming days OR buy ard 19420-430 S/L 19400 and T/p 19550-19650 (any time close below 18900-525/18000/ 17375/16925/16100/15775 bearish rally while close above 20050/20975/21725 bullish for medium term)
CRUDE
PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=2050 AS DAYS HIGH WAS 2049. Continue to view as long Resistance of 2050-60 & 2130 down trend seen continue. for the day sell below 1975 S/L 1990 and T/p 1965-50/1925/sustain close below 1925 potential towards 1780-1580 in coming days OR sell ard 2055-60 S/L 2065 and T/p 2040-2020 (now crude need to close above 2130/2320/2650-75/2950 for bullish rally while close below 1925 bearish for medium term)
COPPER
we book profit on sell last, for the day sell only below 163 S/L 165 and T/p 161-158 OR sell ard 169.4-169.6 S/L 170 and T/p 167-165 (upside strong rally only on close above 174-175/183.5/ 191.5/197.5/204.5/219/238/271 while close below 150.5/144/138.5 bearish for medium term)
MCXARUN
9994500540
Wednesday, February 4, 2009
Global Recap – 3rd Feb, 09
Gold's turned below $900 as underlying fundamentals are weak according to the world's largest gold producer, along with Russia the states reporting rising production while jewellery demand is soft. China's production hit a record 282 tonnes in 2008, the China Gold Association said, up 4.3% from 2007. High prices are scaring off jewellery buyers, who account for almost 70% of global demand for gold. The volume of gold jewellery sales in Abu Dhabi fell 70% in January due to rising prices.
OPEC will discuss a further supply cut of about 1 million barrels per day (bpd) when it meets in March if oil prices remain low, an OPEC source told Reuters. The Organization of the Petroleum Exporting Countries meets on March 15 in Vienna. Despite OPEC agreeing since September to reduce supply by a total of 4.2 million bpd, oil prices remain around $41 a barrel, a level that officials from the group say is too low. Pending sales of existing U.S. homes rebounded as buyers waded back into the market to take advantage of lower prices and mortgage interest rates.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in December, surged 6.3% to 87.7, rising for the first time since August. Compared with the same period a year-ago, pending homes sale were up 2.1% in December. Last week, the NAR reported an unexpected rise in existing home sales in December, driven mainly by distressed sales, with prices falling from a year earlier by the biggest margin in over 40 years. Stability in the housing market is critical to the U.S. economy's recovery. The economy slipped into recession in December 2007. Falling house prices, coupled with the stock market collapse and tight access to credit, have hit consumer spending, which accounts for about two thirds of U.S. economic activity.
Copper rose on optimism over U.S. home-sales data, but rising inventories capped greater gains. Pending sales of existing U.S. homes rebounded in December, data showed as buyers waded back into the market to take advantage of lower prices and mortgage interest rates. The Institute for Supply Management's index of U.S. factory activity rose to 35.6 in January from a near three-decade low of 32.9 in December, above expectations, but still showing the sector shrinking. Weak demand prospects were reflected in the rise in inventories. Copper inventories on the LME rose 4,100 tonnes to 495,300 tonnes, the highest since late 2003, while aluminum stocks grew 28,300 tonnes to a record of around 2.84 million tonnes.
MCXARUN
9994500540
OPEC will discuss a further supply cut of about 1 million barrels per day (bpd) when it meets in March if oil prices remain low, an OPEC source told Reuters. The Organization of the Petroleum Exporting Countries meets on March 15 in Vienna. Despite OPEC agreeing since September to reduce supply by a total of 4.2 million bpd, oil prices remain around $41 a barrel, a level that officials from the group say is too low. Pending sales of existing U.S. homes rebounded as buyers waded back into the market to take advantage of lower prices and mortgage interest rates.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in December, surged 6.3% to 87.7, rising for the first time since August. Compared with the same period a year-ago, pending homes sale were up 2.1% in December. Last week, the NAR reported an unexpected rise in existing home sales in December, driven mainly by distressed sales, with prices falling from a year earlier by the biggest margin in over 40 years. Stability in the housing market is critical to the U.S. economy's recovery. The economy slipped into recession in December 2007. Falling house prices, coupled with the stock market collapse and tight access to credit, have hit consumer spending, which accounts for about two thirds of U.S. economic activity.
Copper rose on optimism over U.S. home-sales data, but rising inventories capped greater gains. Pending sales of existing U.S. homes rebounded in December, data showed as buyers waded back into the market to take advantage of lower prices and mortgage interest rates. The Institute for Supply Management's index of U.S. factory activity rose to 35.6 in January from a near three-decade low of 32.9 in December, above expectations, but still showing the sector shrinking. Weak demand prospects were reflected in the rise in inventories. Copper inventories on the LME rose 4,100 tonnes to 495,300 tonnes, the highest since late 2003, while aluminum stocks grew 28,300 tonnes to a record of around 2.84 million tonnes.
MCXARUN
9994500540
Tuesday, February 3, 2009
DGCX Crude Outlook 3rd Feb, 09
U.S. crude oil futures closed lower almost 4 percent yesterday as economic concerns and an extension of talks easing the immediate threat of a strike by U.S. refinery workers pressured the oil futures complex.
Weakness in heating oil also added pressure on crude oil prices. NYMEX March heating oil settled down 9.16 cents, or 6.39 percent, at $1.3424 a gallon, after trading from $1.3412 to $1.44.
On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.
Weekly Crude Oil (DWTI January.)
48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00
TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.28bearish below $39.80
MCXARUN
9994500540
Weakness in heating oil also added pressure on crude oil prices. NYMEX March heating oil settled down 9.16 cents, or 6.39 percent, at $1.3424 a gallon, after trading from $1.3412 to $1.44.
On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.
Weekly Crude Oil (DWTI January.)
48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00
TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.28bearish below $39.80
MCXARUN
9994500540
DGCX Gold Outlook 3rd Feb, 09
U.S. gold futures settled more than 2 percent lower yesterday, holding just above $900 an ounce on a combination contract rollover, technical selling and signs of weak jewelry demand.
At the same time, world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its bullion holdings held steady at record 843.59 tonnes as of Jan. 30
The U.S. Census Bureau said that construction spending was at an annual rate of $1.054 trillion in December, down 1.4% from November's pace. For all of 2008, construction spending totaled $1.079 trillion, down 5.1% from a year ago.
The Institute of Supply Management's index of manufacturing increased from 32.9 to 35.6 in January, better than expected, but still a sign of contraction
International spot gold traded in the range $ 928.20- $ 900.70a Troy Ounce and last quoted at $901.25
Weekly Outlook (DG. OCT.)
$933 is the major resistances .If sustain above that level, expect more uptrend. Resistances are $954, $968, $988. Supports are at $909, $899, $881 and $862.
Last day DGCX Gold APR. Traded in the range $930.8-$903.10and closed at $ 927.90
TECHNICAL OUTLOOK (Intra-day)
GOLD (APR) - Bullish above $ 908 bearish below $ 902
MCXARUN
9994500540
At the same time, world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its bullion holdings held steady at record 843.59 tonnes as of Jan. 30
The U.S. Census Bureau said that construction spending was at an annual rate of $1.054 trillion in December, down 1.4% from November's pace. For all of 2008, construction spending totaled $1.079 trillion, down 5.1% from a year ago.
The Institute of Supply Management's index of manufacturing increased from 32.9 to 35.6 in January, better than expected, but still a sign of contraction
International spot gold traded in the range $ 928.20- $ 900.70a Troy Ounce and last quoted at $901.25
Weekly Outlook (DG. OCT.)
$933 is the major resistances .If sustain above that level, expect more uptrend. Resistances are $954, $968, $988. Supports are at $909, $899, $881 and $862.
Last day DGCX Gold APR. Traded in the range $930.8-$903.10and closed at $ 927.90
TECHNICAL OUTLOOK (Intra-day)
GOLD (APR) - Bullish above $ 908 bearish below $ 902
MCXARUN
9994500540
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