REPORT 20TH MAY 2013
Silver Plunges to Lowest Since 2010 as Gold Drops for Eighth Day Silver plunged to the lowest level since September 2010, sending its ratio to gold to the highest in 33 months, while bullion extended the longest slump in four years as investment holdings contracted and stocks rallied. Silver for immediate delivery tumbled as much as 7 percent to $20.6985 an ounce, and was at $21.345 at 11:32 a.m. in Singapore. The ratio surged to 64.89, the highest since August 2010. Gold lost as much as 1.5 percent to $1,338.85 an ounce, the lowest price since April 18, and was at $1,347.23. Gold is down for an eighth session, the worst run since March 2009.
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 1341.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1330.00 LEVEL AND MAINTAINING SL OF 1350.00
SILVER HOURLY CHART
SILVER LOOKS BEARISH SELL BELOW 21.16 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 20.80 LEVEL AND MAINTAINING SL OF 21.40
COPPER HOURLY CHART
COPPER LOOKS BULLISH BUY ABOVE 3.3210 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.3400 LEVEL AND MAINTAINING SL OF 3.3000 3
CRUDE OIL HOURLY CHART
CRUDE LOOKS BEARISH SELL AROUND 95.40 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 94.40 LEVEL AND MAINTAINING SL OF 96.40
MARKET STATISTICS OPEN
ALUMINIUM 1850.63 LEAD NICKEL
14810.00 14865.00 14767.00 14791.50
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Published on May 20, 2013
Silver plunged to the lowest level since September 2010, sending its ratio to gold to the highest in 33 months, while bullion extended the l...