Ø Gold opened unchanged at
1657.25/1658.25. Gradually rising on light buying after neutral jobs data, the
metal reached an intraday high of 1663.50/1664.50 early morning. Quick profit
taking after equities opened sharply lower and continued downward, took gold to
its intraday low of 1645/1646 mid session. Struggling to regain lost ground as
equities stabilized, the metal eventually ended the session at
1652.75/1653.75.
Ø
Silver opened
slightly higher at 31.89/31.94. An early morning gain to 32.08/32.13 was quickly
erased as crude and then base metals turned sharply lower. Silver eventually
reached an intraday low of 31.63/31.68 mid morning at which point base metals
began to recover bringing renewed buying interest in silver. The metal
eventually ended the session at 31.97/32.02.
Technical Commentary
Ø Gold closed lower today at 1653,
the 3rd consecutive down session and close to our 1656 support level (the 50%
Fibonacci retracement of the December to February uptrend). On the candlestick
charts, we have the setup for a rising three methods, which is a tall white (up)
candlefollowed by three small black real bodies within the range of the white
candle. Confirmation would come from a tall white candle tomorrow which closes
above 1690, which would be bullish. For now, the posture remains neutral with
support at 1628, the last low.
Ø Silver formed a doji in the
candlestick charts, closing close to unchanged at 32.02. A doji is a warning of
a trend change, though not necessarily a reversal. Support is at 31.81, the 50%
Fibonacci retracement of the December to February uptrend, followed by the last
low around 31.11. Resistance is at the 38.2% Fibonacci level at 33.15. The
Gold-Silver ratio is trading lower today at 51.64. The target remains52.97, the
50% retracement level of the drop from December to
February.
Technical levels for 30th Mar, 2012:
Metal
|
Support
($/oz)
|
Resistance
($/oz)
|
Gold
|
1,640.75
|
1,679.70
|
Silver
|
31.594
|
33.732
|
Economic
Calendar:
Date
|
Economic
Indicator
|
Country
|
Actual
|
Forecast
|
Previous
|
Effect
& Remarks
|
30th
Mar
|
Chicago
PMI
|
USD
|
Pending at
9:45am
|
63.2
|
64.0
|
If Actual > Forecast = Good for currency. Level of a diffusion
index based on surveyed purchasing managers in the Chicago
area.
|
30th
Mar
|
Revised UoM
Consumer Sentiment
|
USD
|
Pending at
9:55am
|
74.9
|
74.3
|
If
Actual > Forecast =
Good for currency. Level of a composite index based on surveyed
consumers.
|
29th
Mar
|
Unemployment
Claims
|
USD
|
359
|
351
|
348
|
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.
|
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.
Ø
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