Tuesday, 4 September 2012

Market Commentary



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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