REPORT 17TH MAY 2013
Gold falls on stronger dollar, heads for worst week in a month. Gold fell for a seventh straight session on Friday as the dollar strengthened and investors cut exposure to the metal, sending holdings in exchange-traded funds to their lowest in four years. Gold has lost nearly 6 percent of its value in the six sessions through Thursday as stocks gained on the back of strong U.S. economic data, and on fears the Federal Reserve could end its bullion-friendly bond buying program. Spot gold was down 0.53 percent at $1,378.41 an ounce, having fallen to a four-week low of $1,369.29 on Thursday as renewed liquidation in gold ETFs and a recent drop below the $1,400-per-ounce level spooked investors.
Expect base metals to move down. COMEX copper for May delivery closed at USD 326.50 a tonne, down by USD 2.30, or 0.70 percent. Copper prices were down as a slowdown in euro zone economy and poor US industrial production hurt prices. A build up in copper inventories at LME warehouses and a stronger dollar pushed prices further down. Base Metals are expected to move down as a slew of weak economic data from China and rising supplies are likely to put pressure on base metals. US housing data expected slightly positive today could limit the downside.
GOLD HOURLY CHART
GOLD LOOKS BEARISH SELL BELOW 1377.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1365.00 LEVEL AND MAINTAINING SL OF 1385.00
SILVER HOURLY CHART
SILVER LOOKS BEARISH SELL BELOW 22.45 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 22.25 LEVEL AND MAINTAINING SL OF 22.65
COPPER HOURLY CHART
COPPER LOOKS BULLISH BUY ABOVE 3.3120 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.3300 LEVEL AND MAINTAINING SL OF 3.3000 3
CRUDE OIL HOURLY CHART
CRUDE LOOKS BULLISH BUY AROUND 95.40 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 96.70 LEVEL AND MAINTAINING SL OF 94.80
MARKET STATISTICS OPEN
ALUMINIUM 1851.01 LEAD NICKEL
14965.00 14982.00 14811.00 14883.00
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