Ø
With
New York closed there wasn’t much going on in precious metals
yesterday
Ø
Late
buying continued into Asia and Gold fell only short of the 1700 mark on the
December future.
Ø
The Euro was strong following reports from ECB President Draghi, who
told the EU Parliament that ECB purchases of sovereign bonds with up to 3-year
maturities would not be considered to be state aid.
Ø
Silver
seems also unstoppable and next major resistance should be expected between
33.00 and 33.12.
Technical levels for 4th Sep,
2012:
Metal
|
Support ($/oz)
|
Resistance ($/oz)
|
Gold
|
1675,1666,1658
|
1700,1705,1711
|
Silver
|
31.25,30.50,30.30
|
32.30,32.80,33.00
|
Economic
Calendar:
Date
|
Economic
Indicator
|
Country
|
Actual
|
Forecast
|
Previous
|
Effect
& Remarks
| ||
4th
Sep
|
ISM
Manufacturing PMI
|
US
|
Pending at 7:30pm
|
50.0
|
49.8
|
If Actual > Forecast = Good for currency. Level of a diffusion
index based on surveyed purchasing managers in the manufacturing
industry.
| ||
3rd
Sep
|
ECB President
Draghi Speaks
|
EU
|
NA
|
NA
|
NA
|
Draghi Told EU Parliament ECB Can Buy 3yr Bonds. European Union
lawmakers risked a breach of confidence with the European Central Bank after
revealing details from a confidential briefing with ECB President Mario
Draghi.
| ||
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