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