Market Commentary:
Ø Gold opened a little higher at 1749.50/1750.50. Gaining to an intraday high of 1752/1753 mid day, poor jobs data coupled with declining equities had gold give up its early gains to reach an intraday low of 1733.50/1734.50 late in the session. Recovering slightly, gold closed at 1736.25/1737.25.
Ø Silver opened higher at 33.20/33.25 with it gaining to an intraday high of 33.41/33.46 on stronger manufacturing data. Profit taking as commodities gave up early gains had silver reach an intraday low of -2 -1 0 1 2 3 4 32.55/32.60 late in the session. Silver ended the day at 32.64/32.69.
Technical Commentary:
Ø Gold closed slightly lower today at 1736/37, consolidating yesterday's solid gains. Short term, intermediate term, and long-term technicals are now bullish. Support sits at the intraday lows in the 1734 area, and resistance at the November 17th high of 1767. We would like to see a weekly close tomorrow above the last weekly close at 1683 to confirm the uptrend.
Ø Silver formed a doji in the daily candlestick charts today, closing unchanged at 32.64/69 after yesterday's rally. Support sits at the 38.2% retracement of the Sept-October move, at 32.00. Resistance sits at the November 17th high around 33.99. The Gold-Silver ratio is closing unchanged at 53.18.
Technical levels for 2nd Dec 2011:
| Metal | Support($/oz) | Resistance ($/oz) |
| Gold | 1,736.81 | 1,753.09 |
| Silver | 32.409 | 33.272 |
Economic Calendar:
| Date | Economic Indicator | Country | Actual | Forecast | Previous | Effect & Remarks |
| 2nd Dec | Unemployment Rate | USD | Pending at 7:00pm | 9.0% | 9.0% | If Actual < Forecast = Good for currency. Percentage of the total work force that is unemployed and actively seeking employment during the previous month. |
| 2nd Dec | Non-Farm Employment Change | USD | Pending at 7:00pm | 120 | 80 | If Actual > Forecast = Good for currency. Change in the number of employed people during the previous month, excluding the farming industry. |
| 1st Dec | Unemployment Claims | USD | 402 | 390 | 393 | 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 Decreased. |
| 1st Dec | ISM Manufacturing PMI | USD | 52.7 | 51.6 | 50.8 | As Actual > Forecast = Good for currency. Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry 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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