Ø
China’s lower
import numbers for copper saw crude and other base metals lower overnight with
silver opening slightly lower at 27.41/27.46. Gaining a little to its intraday
high of 27.54/27.59 shortly after, profit taking then took the metal lower as
base metals and crude further declined. Silver reached its intraday low of
26.87/26.92 shortly before ending the session at 26.91/26.96.
Technical
Commentary
Ø
Gold closed lower today at 1579. The
downtrend from the March highs remains intact with trendline resistance at 1619.
Support is in the 1548 to 1551 area, the lows from late June.
Ø
Silver also traded lower, closing
at 26.91 and making further progress towards a test of the 26.00 support level.
There is trendline resistance from the downtrend at 28.16. The Gold-Silver ratio
is trading higher at 58.43 with strong uptrend support at
57.12.
Technical levels for 11th July,
2012:
Metal
|
Support ($/oz)
|
Resistance ($/oz)
|
Gold
|
1,556.01
|
1,589.43
|
Silver
|
26.575
|
27.305
|
Economic
Calendar:
Date
|
Economic
Indicator
|
Country
|
Actual
|
Forecast
|
Previous
|
Effect
& Remarks
| ||
11th July
|
Trade
Balance
|
US
|
Pending at
6:00pm
|
-48.5B
|
-50.1B
|
If Actual >
Forecast = Good for currency. Difference in value between imported and exported
goods and services during the reported
month.
| ||
11th July
|
FOMC Meeting
Minutes
|
US
|
Pending at
11:30pm
|
NA
|
NA
|
It's a
detailed record of the FOMC's most recent meeting, providing in-depth insights
into the economic and financial conditions that influenced their vote on where
to set interest rates
| ||
10th July
|
French
Industrial Production m/m
|
EU
|
-1.9%
|
-0.9%
|
1.5%
|
As Actual <
Forecast =Not Good for currency. Change in the total inflation-adjusted value of
output produced by manufacturers, mines, and utilities have Decreased.
| ||
10th July
|
Italian
Industrial Production m/m
|
EU
|
0.8%
|
-0.3%
|
-1.9%
|
As Actual >
Forecast = Good for currency. Change in the total inflation-adjusted value of
output produced by manufacturers, mines, and utilities have 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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