Friday, 30 December 2011
gold
Rising geopolitical tensions after threats by Iran to
block the Strait of Hormuz, a key oil trade route, should ultimately be
gold-positive, despite having failed to spur a lift in prices so far, says HSBC
analyst James Steel. While the news has been overshadowed by end-of-year
book-squaring and liquidity fears, market participants say tensions in the
oil-producing region have helped put a floor under crude prices, with which
gold shares a positive correlation. And the developments should be "positive
longer term," Steel says. Gold is traditionally viewed as a sound alternative
store of value in times of economic and political uncertainty. Spot gold +1.8%
at $1,572.20/oz.
gold
Gold should continue outperforming platinum group
metals, at least in 1H 2012, when ratio plays could pay off, says VTB Capital
analyst Andrey Kryuchenkov. He says platinum and palladium, which have slumped
amid growing economic concerns over growth rates into 2012 and the lingering
euro-zone debt crisis, are likely to struggle to gain traction again next year
as risk aversion increases in the broader markets. "2012 is to be overshadowed
by ongoing macro jitters and slowing global growth, with commodity baskets and
synthetic long funds likely to underperform," he adds. PGMs are widely used in
the automotive sector, and for other industrial and chemical applications. Spot
platinum, which has fallen 22% year-to-date, recently traded up $7.05 at
$1,374.05/oz.
metals, at least in 1H 2012, when ratio plays could pay off, says VTB Capital
analyst Andrey Kryuchenkov. He says platinum and palladium, which have slumped
amid growing economic concerns over growth rates into 2012 and the lingering
euro-zone debt crisis, are likely to struggle to gain traction again next year
as risk aversion increases in the broader markets. "2012 is to be overshadowed
by ongoing macro jitters and slowing global growth, with commodity baskets and
synthetic long funds likely to underperform," he adds. PGMs are widely used in
the automotive sector, and for other industrial and chemical applications. Spot
platinum, which has fallen 22% year-to-date, recently traded up $7.05 at
$1,374.05/oz.
gold
Investors should remain long gold through 2012 as
uncertainty weighs on the broader markets and loose monetary policy secures
gold's role as an alternative store of value, says VTB Capital analyst Andrey
Kryuchenkov. He forecasts a retest of the market's all-time high of
$1,920.04/oz early in the new year. Longer term players and physical buyers are
likely to return in 1Q, while the metal's recent correction may encourage
others back to the market, he says. Strong ETF and central bank demand will
also be positive for prices, he adds. "There is little alternative to gold in
times of economic uncertainty, despite the recent rush for the dollar. Gold
stands on its own in terms of safe haven buying and bullion allocations are
only likely to gain with currency protectionism still at large." Kryuchenkov
forecasts an average just below $2,000/oz next year. Spot gold recently traded
+$17.50 at $1,562/oz.
SILVER (Spot) intraday:
BUY @ 27.17, Stop at 26.70 with 27.82 & 28.38 as next targets.
The downside breakout of 26.70 will call for 26.18 & 25.82.
GOLD (Spot) intraday:
BUY @ 1552 / 1545, Stop at 1518 with 1559 & 1571 in sight.
The downside breakout of 1518 will open the way to 1511 & 1482
Market Commentary:
Ø A strong dollar overnight had gold open lower at 1536.75/1537.75. Reaching an intraday low of 1525.25/1526.25 ahead of equities open, the metal reversed its early losses on renewed buying interest as equities gained. Strong bids took the metal to its intraday high of 1541.50/1542.50 just before closing the day at 1539/1540.
Ø Depressed base metals overnight had silver open lower at 26.59/26.64.Slipping to an intraday low of 26.34/26.39 early morning as crude declined, silver re-gained upward momentum as bids came back into the market as equities and base metals rallied. Silver eventually reached an intraday high of 27.35/27.40 shortly before ending the session at 27.33/27.38.
Technical Commentary:
Ø Spot gold closed lower today at 1539/40 after breaking the September 26th lows today on an intraday basis. Gold also breached, and closed below, the uptrend established off the July 30/10 intermediate low. The longer-term uptrend off the October 2008 low remains intact but was breached on an intraday basis and is likely to be re-tested and breached in the short term. Support from this trendline sits at 1538, followed by key Fibonacci support at 1448 (the 38.2% retracement of the 3-year uptrend). Resistance sits at the December 16th highs around 1715.
Ø Silver made a fresh intraday low but managed to close higher at 27.33/38, forming a hammer in the candlestick charts. While this can be a reversal warning after a pronounced downtrend, we would need a higher close tomorrow to confirm a short-term reversal. Silver managed to hold the September low in the low 26's and this continues to provide support. Resistance sits at 28.81, around yesterday's high. The Gold-Silver ratio rallied intraday to a fresh high of 58.26, but closed lower at
Technical levels for 30th Dec, 2011:
Metal | Support ($/oz) | Resistance ($/oz) |
Gold | 1,514.89 | 1,590.57 |
Silver | 26.136 | 28.788 |
Economic Calendar:
Date | Economic Indicator | Country | Actual | Forecast | Previous | Effect & Remarks |
29th Dec | Unemployment Claims | USD | 381 | 372 | 364 | As Actual > Forecast =Not Good for currency. The number of individuals who filed for unemployment insurance for the first time during the past week has Increased. |
29th Dec | Pending Home Sales m/m | USD | 7.3% | 1.7% | 10.4% | As Actual > Forecast = Good for currency. Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction has Increased. |
Disclaimer:
This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of RiddiSiddhi Bullions Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of RSBL cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from RSBL that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.
Thursday, 29 December 2011
MARKET TALK:
Precious metals remain vulnerable to further long
liquidation as the year-end approaches, particularly given cash liquidity
concerns are high on the agenda, says FastMarkets.com analyst James Moore.
Silver could be subject to greater pressure given its ratio versus gold has
broken above trendline resistance, he says. "But it is worth remembering that,
despite the recent correction, gold is still on course to post its eleventh
consecutive year-on-year gain, and that given the ongoing debt problems facing
many economies, record low interest rates and the highs in gold this year,
those with a longer-term outlook could view current levels as a buying
opportunity," Moore adds.
Thursday, 22 December 2011
SILVER
At least to start today, March silver is outperforming gold and to extend that performance probably requires ongoing gains in US equities and perhaps even something positive from the US scheduled data front. In fact, with silver and copper managing higher initial trade action today, that would seem to distinguish the metals complex into precious and industrial metals components. As in the gold market, there are fears that the year end will see some investment money shifted out of silver, as managers move money to what they feel will be more lucrative instruments. It is also possible that some flight to quality investors in silver have become disenchanted as a result of 2011 weakness in silver prices, especially in the face of distinct flight to quality events. In other words, some silver investors are looking for a hedge against disaster and silver has largely shifted into a physical commodity market in need of better times and stronger growth. In short, silver is likely to track closely with equities and the silver trade is likely to take a lot of direction from a very active flow of US scheduled data this morning. The bulls have to hope that one or two US numbers is strong enough, to at least partially rekindle economic optimism. Comex Silver Stocks were 112.847 million ounces down 49,456 ounces. Stocks have increased 12 of the last 20 days. The silver market should have fairly solid support just under the market at $29.24 and then again down at $29.01. We get the sense that the silver market has to see very positive scheduled data this morning just to claw out minor gains on the charts today. In the event that any of the key US numbers are patently weak, that could throw silver back into sync with gold and platinum. To shift the bull camp into clear cut control probably requires a rise back above $29.63 in the March contract in the wake of the 7:30 US numbers.
OUTSIDE MARKET DEVELOPMENTS:
Equity markets in Asia were mostly weaker overnight but that action was reportedly forged on extremely thin trade action. Stocks in Europe were showing modest gains to start the Thursday trade. Early indications are that the US markets will also open with minimal gains later on today. The US Dollar was weaker against most of the major currencies to start today but it was losing some ground against the Canadian and Australian dollars. In the overnight action, the markets saw evidence of the largest UK current account deficit ever and it also saw news that Italy's new leader is set to face a vote on the latest austerity plan. There was also news that Lufthansa was selling its bmi unit to British Airways, while Toyota predicted the prospect of record sales figures for 2012. The scheduled data flow from the US today brings forth weekly claims figures, a 3rd quarter GDP reading, corporate profits, a Chicago Fed National activity index, a couple of private sentiment readings, Leading indicators and a reading on mass layoffs. In other words, an extremely active flow of US data will be seen today and that could put the status of the US economy back on display again.
Apparently the gold trade isn't as upbeat toward world conditions this morning as are most global equity markets. Unfortunately for the bull camp in gold, the latest EU maneuver utilizing 3 year instruments produced only fleeting confidence in the ability to aggressive tamp down the Euro zone debt threat. Gold might have been undermined by comments overnight from Japanese official, who suggested that the biggest threat to the Japanese economy was the Euro zone crisis, as Japan has significant deflationary problems and the residual drag from natural disasters, but yet its officials still fear the Euro zone crisis the most! Tempering the slide in gold is generally higher global equity market action and a minimal slide in the dollar. Since the Euro zone news wire early today was mostly quiet, the gold market is likely to take a little more direction from an extremely active flow of US data. More than likely gold will take the most direction from the US GDP revision and perhaps from the US weekly claims report. Gold might also be seeing some fresh pressure from talk that specific precious metals markets might see some money rotate away in the New Year. Some traders suggest that the aggressive declines in gold prices in September and December have soured some managers, who were dismayed that gold has started to decline in obvious safe haven environments. It is also possible that gold is at least partially undermined as a result of fresh Fitch ratings warnings toward the US. At least into the start of the Thursday US gold trade, the market looks to track like a physical commodity market in need of growth assurances from the US data front. Comex Gold Stocks were 11.227 million ounces down 203,742 ounces. Comex Gold stocks are at the lowest in the past 10 readings. Gold prices start the session today vulnerable to corrective action, especially with the February gold contract at times overnight sitting as much as $39 an ounce below yesterday's highs. Unfortunately for the bull camp in gold, the clear cut risk-on vibe in place early yesterday morning was lost rather quickly and that seems to have killed the prospect of a strong holiday inspired run up in equities and physical commodity markets. In short, the gold bulls probably need very strong scheduled US data, just to jolt the market out of a slight liquidation tilt. Initial support in February gold is seen at $1,607.70 to start today, but more significant support is seen down at $1,604.40. In conclusion, the numbers have to be surprisingly strong to shift the bull camp back into control.
Apparently the gold trade isn't as upbeat toward world conditions this morning as are most global equity markets. Unfortunately for the bull camp in gold, the latest EU maneuver utilizing 3 year instruments produced only fleeting confidence in the ability to aggressive tamp down the Euro zone debt threat. Gold might have been undermined by comments overnight from Japanese official, who suggested that the biggest threat to the Japanese economy was the Euro zone crisis, as Japan has significant deflationary problems and the residual drag from natural disasters, but yet its officials still fear the Euro zone crisis the most! Tempering the slide in gold is generally higher global equity market action and a minimal slide in the dollar. Since the Euro zone news wire early today was mostly quiet, the gold market is likely to take a little more direction from an extremely active flow of US data. More than likely gold will take the most direction from the US GDP revision and perhaps from the US weekly claims report. Gold might also be seeing some fresh pressure from talk that specific precious metals markets might see some money rotate away in the New Year. Some traders suggest that the aggressive declines in gold prices in September and December have soured some managers, who were dismayed that gold has started to decline in obvious safe haven environments. It is also possible that gold is at least partially undermined as a result of fresh Fitch ratings warnings toward the US. At least into the start of the Thursday US gold trade, the market looks to track like a physical commodity market in need of growth assurances from the US data front. Comex Gold Stocks were 11.227 million ounces down 203,742 ounces. Comex Gold stocks are at the lowest in the past 10 readings. Gold prices start the session today vulnerable to corrective action, especially with the February gold contract at times overnight sitting as much as $39 an ounce below yesterday's highs. Unfortunately for the bull camp in gold, the clear cut risk-on vibe in place early yesterday morning was lost rather quickly and that seems to have killed the prospect of a strong holiday inspired run up in equities and physical commodity markets. In short, the gold bulls probably need very strong scheduled US data, just to jolt the market out of a slight liquidation tilt. Initial support in February gold is seen at $1,607.70 to start today, but more significant support is seen down at $1,604.40. In conclusion, the numbers have to be surprisingly strong to shift the bull camp back into control.
MCX GOLD INTRADAY :
Action1: SELL (27770-27810) with stop (27925/27940) for tgt=27648,27525*
MCX SILVER INTRADAY :
Action1: SELL (52920-53070) with stop (53380/53470) for tgt= 52605,52330
FEB GOLD
Resist: 1629.20-1639.40
Supprt: 1591.80-1582.50
1* The downside objectives for this formation range from 1481.50 to 1445.90 with a close over 1688.70 needed to negate a bear trading stance.
2* Market is within proximity of this week's projected resistance range of 1663.30-1624.60, which may provide a likely zone for topping action or setbacks.
3* Yesterday's penetration of resistance range levels gives a statistical bias for rallies today-tomorrow.
Market Commentary:
Ø Gold eased overnight, opening at 1611.00/1612.00, before improving on dollar weakness. Selling as equities and the EUR turned took the metal to an intraday low of 1606.00/1607.00.Traded inline with equities for the rest of the session, reaching an intraday high of 1618.00/1619.00 before concluding the day at 1611.00/1612.00.
Ø Silver slipped overnight, commencing at 29.25/29.30 before bouncing to an intraday high of 29.56/29.61. Range trading for most of the rest of `the session until selling interest at the end of the day took us to a close of 29.22/29.27.
Technical Commentary:
Ø Gold rallied above the 200-day moving average today, but was rejected and closed down slightly lower at 1611/1612. The failure above the 200 dma is a bearish development which will weigh on gold in the near term. Also, the rally off the December 15th low has lacked momentum – we have formed 3 doji's in the candlestick charts in the past 5 trading sessions. The 200-dma is now at 1623 and continues to provide resistance. Support sits at the December 15th low at 1560 followed by key support at the September 26th low of 1532.
Ø Silver closed lower today at 29.22/27. Silver has been in a sideways trend since the steep sell-off on December 14th, and has met strong resistance at 29.74, the 61.8% Fibonacci retracement of the Sept-Oct uptrend. Key support sits at the December 15th low around 28.13. The Gold-Silver ratio continues to grind higher at 55.09, after its breakout from a large triangle. It traded down through the breakout level intraday, was rejected, and closed higher, a bullish signal.
Technical levels for 22th Dec, 2011:
| Metal | Support ($/oz) | Resistance ($/oz) |
| Gold | 1,597.41 | 1,635.79 |
| Silver | 28.818 | 29.898 |
| | | |
Economic Calendar:
| Date | Economic Indicator | Country | Actual | Forecast | Previous | Effect & Remarks |
| 22th Dec | Unemployment Claims | USD | Pending at 7:00pm | 376 | 366 | If Actual < Forecast = Good for currency. The number of individuals who filed for unemployment insurance for the first time during the past week. |
| 21th Dec | Existing Home Sales | USD | 4.42 | 5.04 | 4.97 | As Actual < Forecast =Not Good for currency. Annualized number of residential buildings that were sold during the previous month, excluding new construction has Decreased. |
Disclaimer:
This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of RiddiSiddhi Bullions Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of RSBL cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from RSBL that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.
MAR SILVER
Resist: 29.78-29.92
Supprt: 28.55-28.38
1* Yesterday's close has penetrated below a key (29.27) support point, implying a trend turn and follow-through moves in coming days.
2* Market is within proximity of this week's projected resistance range of 30.88-29.31, which may provide a likely zone for topping action or setbacks.
Wednesday, 21 December 2011
gold
Spot gold is higher in Europe, in line with solid gains
in the euro. The yellow metal is back above its 200-day moving average of
$1,620/oz, a key level above which short covering is likely to have been
triggered, escalating the move higher. Analysts remain wary of turning bullish
for the short term just yet, however. According to FuturesTechs,
closely-correlated Comex gold must retake its 155-day moving average at
$1,664/oz before its technical picture looks bullish once more. Spot gold +1.0%
at $1,631.20/oz.
in the euro. The yellow metal is back above its 200-day moving average of
$1,620/oz, a key level above which short covering is likely to have been
triggered, escalating the move higher. Analysts remain wary of turning bullish
for the short term just yet, however. According to FuturesTechs,
closely-correlated Comex gold must retake its 155-day moving average at
$1,664/oz before its technical picture looks bullish once more. Spot gold +1.0%
at $1,631.20/oz.
OUTSIDE MARKET DEVELOPMENTS:
Equity markets in Asia were mostly higher today. Stocks in Europe also showed some strength to start the Tuesday trade. Early indications are that the US markets will open with moderate gains later on today. The US Dollar was slightly weaker against most of the major currencies to start this morning, but it was also making some gains against the Aussie. In the overnight action, the markets saw a slight rise in a German Ifo business climate index and the trade also saw some positive comments toward that economy in the wake of that release. US economic data to be released this morning includes Housing starts and permits, two private chain store sales reports and a 5 Year note auction.
The gold market this morning is catching a slight lift from a partial risk on vibe, that in turn was the result of favorable Asian equity market action and or a better than expected German Ifo business index reading. The bull camp is suggesting that a return to the even number $1,600 level is a moral victory, while the bear camp might suggest that the situation in the euro zone still hasn't come under firm control. The bear camp in gold might be hopeful of some soft US housing figures, as that could suggest a key sector of the US economy remains in trouble and that in turn could make it difficult for the US economy to continue to weather an ongoing Euro zone crisis. However, it is possible that some traders are attempting to fan talk of a Santa Claus rally, especially in the wake of the international equity market recovery overnight. On the other hand, currency market action this morning is only partially supportive of gold and other physical commodity markets and the trade will need to get beyond the European equity market close, in order to keep the currency influence on gold positive. While the trade might begin to thin because of the upcoming holiday, seeing a fairly active US economic report slate through the end of this week, might keep the trade in gold rather active. At least to start today there is a partial risk on vibe in place, especially with equities also trading higher and therefore gold might even be able to overcome some slack US housing figures later this morning. Comex Gold Stocks were 11.431 million ounces up 41,208 ounces. Comex Gold stocks are at their highest levels in the past 10. While February gold this morning initially failed to claw out a higher high for the move, gold prices were holding above $1,600 and if they garner a positive vibe off the scheduled US data that news could push February gold prices up to another new high for the move. With an EU official overnight suggesting that a breakup of the Euro zone was "unthinkable", he probably serves to keep that potential outcome in the mind of the markets. In other words, even though there is relative calm in the Euro zone situation to start this morning, fears of a bad outcome remain in place and that probably serves to keep some would-be gold buyers on the bench. At least in the near term, the bull camp will need positive scheduled data and as little dialogue as possible from the Euro zone. Critical support in February gold is seen at $1,603 and then again down at $1,597. Initial resistance today is seen at $1,611.50 and then again up at $1,615.
The gold market this morning is catching a slight lift from a partial risk on vibe, that in turn was the result of favorable Asian equity market action and or a better than expected German Ifo business index reading. The bull camp is suggesting that a return to the even number $1,600 level is a moral victory, while the bear camp might suggest that the situation in the euro zone still hasn't come under firm control. The bear camp in gold might be hopeful of some soft US housing figures, as that could suggest a key sector of the US economy remains in trouble and that in turn could make it difficult for the US economy to continue to weather an ongoing Euro zone crisis. However, it is possible that some traders are attempting to fan talk of a Santa Claus rally, especially in the wake of the international equity market recovery overnight. On the other hand, currency market action this morning is only partially supportive of gold and other physical commodity markets and the trade will need to get beyond the European equity market close, in order to keep the currency influence on gold positive. While the trade might begin to thin because of the upcoming holiday, seeing a fairly active US economic report slate through the end of this week, might keep the trade in gold rather active. At least to start today there is a partial risk on vibe in place, especially with equities also trading higher and therefore gold might even be able to overcome some slack US housing figures later this morning. Comex Gold Stocks were 11.431 million ounces up 41,208 ounces. Comex Gold stocks are at their highest levels in the past 10. While February gold this morning initially failed to claw out a higher high for the move, gold prices were holding above $1,600 and if they garner a positive vibe off the scheduled US data that news could push February gold prices up to another new high for the move. With an EU official overnight suggesting that a breakup of the Euro zone was "unthinkable", he probably serves to keep that potential outcome in the mind of the markets. In other words, even though there is relative calm in the Euro zone situation to start this morning, fears of a bad outcome remain in place and that probably serves to keep some would-be gold buyers on the bench. At least in the near term, the bull camp will need positive scheduled data and as little dialogue as possible from the Euro zone. Critical support in February gold is seen at $1,603 and then again down at $1,597. Initial resistance today is seen at $1,611.50 and then again up at $1,615.
MCX GOLD INTRADAY :
Action1: SELL (28035-28070) with stop (28180) for tgt=27912,27777*
MCX SILVER INTRADAY :
Action1: SELL (53920-53970) with stop (54380/54445) for tgt= 53430,53030
Market Commentary:
Ø Gold improved overnight, opening at 1603.00/1604.00, before climbing to an intraday high of 1618.00/1619.00 as investors moved into risk on the back of a weaker dollar and better than expected housing data. The metal stayed within a tight range for the remainder of the session, concluding the day at 1615.25/1616.25.
Ø Taking cue from gold, silver enhanced overnight, commencing at 29.28/29.33 before rising alongside equities and base metals. Range trading for most of the rest of the session until fund interest took the metal to an intraday high of 29.59/29.64 just prior to concluding the session at 29.51/29.56.
Technical Commentary:
Ø Gold closed higher today at 1615/16, still consolidating the losses from December 14th. The 200 day moving average at 1622 provided resistance. The next resistance sits at 1642, the high from Dec 14th. Support sits at the December 14th low at 1563 followed by key support at the September 26th low of 1532.
Ø Silver regained a good part of yesterday's losses, closing higher at 29.51/56. Resistance sits at 29.74, the 61.8% Fibonacci retracement of the Sept-Oct uptrend. Key support sits at the December 15th low around 28.13. The Gold-Silver ratio is trading lower today at 54.74. Support sits at 54.11, the 61.8% Fibonacci retracement of the collapse down from 68.69 in August 2010 to 30.51 in April 2011.
Technical levels for 21st Dec, 2011:
Metal | Support ($/oz) | Resistance ($/oz) |
Gold | 1,597.32 | 1,635.05 |
Silver | 28.897 | 29.992 |
Economic Calendar:
Date | Economic Indicator | Country | Actual | Forecast | Previous | Effect & Remarks |
21th Dec | Existing Home Sales | USD | Pending at 8:30pm | 5.04 | 4.97 | If Actual > Forecast = Good for currency. Annualized number of residential buildings that were sold during the previous month, excluding new construction. |
20th Dec | Building Permits | USD | 0.68 | 0.63 | 0.64 | As Actual > Forecast = Good for currency. Annualized number of new residential building permits issued during the previous month has Increased. |
Disclaimer:
This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of RiddiSiddhi Bullions Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of RSBL cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from RSBL that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.
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