Ø Taking its cue from lower equities
on worries of the global economies slowing, gold opened lower at 1626/1627.
Gains in the dollar, as investors moved to safety, had the metal quickly reach
its intraday low of 1622/1623. Buying interest ahead of the fix took gold to its
intraday high of 1632.50/1633.50. Quiet range trading for the remainder of the
session had the metal close the day at
1631.50/1632.50
Ø
Silver opened
strongly lower and on its intraday high of 30.87/30.92 on muted demand out of
China for industrials. Declining with all commodities, silver reached an
intraday low of 30.45/30.50 shortly before closing the day at
30.55/30.60
Technical
Commentary
Ø Gold is closing lower today at
current 1637. The metal earlier probed fresh multi week lows to 1623. Closest
support lies at April low 1613. It is interesting to note that the 3.5 year
bullish trend line for Gold comes at 1627 on the weekly chart. Topside
resistance is seen at 1657 from last week’s high followed by April high 1683.
The price action for Gold has been weak since reaching February high
1790.
Ø Gold is closing lower today at current 1637. The metal
earlier probed fresh multi week lows to 1623. Closest support lies at April low
1613. It is interesting to note that the 3.5 year bullish trend line for Gold
comes at 1627 on the weekly chart. Topside resistance is seen at 1657 from last
week’s high followed by April high 1683. The price action for Gold has been weak
since reaching February high 1790.
Technical levels for 24th April,
2012:
|
Metal
|
Support
($/oz)
|
Resistance
($/oz)
|
|
Gold
|
1,625.967
|
1,649.05
|
|
Silver
|
30.271
|
31.662
|
Economic
Calendar:
|
Date
|
Economic
Indicator
|
Country
|
Actual
|
Forecast
|
Previous
|
Effect
& Remarks
| ||||
|
|
24th April
|
CB Consumer
Confidence
|
USD
|
Pending at 7:30pm
|
69.9
|
70.2
|
If Actual
> Forecast = Good for currency. Level of a composite index based on surveyed
households.
| |||
|
|
24th April
|
New Home
Sales
|
USD
|
Pending at 7:30pm
|
321K
|
313K
|
If Actual
> Forecast = Good for currency. Annualized number of new single-family homes
that were sold during the previous month.
| |||
|
|
23th April
|
French Flash
Manufacturing PMI
|
EUR
|
47.3
|
47.3
|
46.7
|
As Actual =
Forecast =No impact for currency. Level of a diffusion index based on surveyed
purchasing managers in the manufacturing
industry.
| |||
|
|
23th April
|
German Flash
Manufacturing PMI
|
EUR
|
46.3
|
49.0
|
48.4
|
As Actual < Forecast =Not Good for currency. Level of a
diffusion index based on surveyed purchasing managers in the manufacturing
industry 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.
Ø
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