13 May 2014

Gold , Silver & Crude Commodity Daily Technical Analysis


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
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
Time Currency Particular Impact Actual Forecast Previous
4:15am NZD FPI m/m

0.60%

-0.30%
4:31am GBP BRC Retail Sales Monitor y/y

4.20%

-1.70%
5:20am JPY M2 Money Stock y/y

3.40% 3.40% 3.60%
7:00am AUD HPI q/q

1.70% 3.00% 3.80%


AUD Home Loans m/m

-0.90% -0.10% 2.30%
9:15am JPY 30-y Bond Auction

1.71|4.6

1.70|2.9
11:00am CNY Industrial Production y/y HIGH

8.90% 8.80%


CNY Fixed Asset Investment ytd/y



17.70% 17.60%


CNY Retail Sales y/y



12.20% 12.20%
11:30am EUR German WPI m/m



0.10% 0.00%
1:40pm GBP MPC Member Cunliffe Speaks







2:30pm EUR German ZEW Economic Sentiment HIGH

41.3 43.2


EUR ZEW Economic Sentiment



63.5 61.2
Tentative AUD Annual Budget Release HIGH





5:00pm USD NFIB Small Business Index



94.6 93.4
6:00pm USD Core Retail Sales m/m HIGH

0.60% 0.70%


USD Retail Sales m/m HIGH

0.50% 1.20%


USD Import Prices m/m



0.40% 0.60%
7:30pm USD Business Inventories m/m



0.40% 0.40%
8:00pm CAD BOC Review







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