gold_silver_market: Market Commentary

Ø MEM METALS: June gold futures closed down $27.50 an ounce at $1,397.00 today. Prices closed nearer the session low and hit a fresh three-week low today. The key outside markets were again in a bearish posture for the gold market today as the U.S. dollar index was higher and crude oil prices were weaker. The gold bears are in near-term technical control and gained some downside momentum with today's close below the key psychological level of $1,400.00.

Ø July silver futures closed down $0.699 an ounce at $22.68 today. Prices closed nearer the session low, hit a fresh three-week low and closed at a fresh 31-month low close. The key outside markets were bearish for silver again today as the U.S. dollar index was higher and crude oil prices were weaker. Silver bears are in firm overall technical control. Prices are in a seven-month-old downtrend on the daily bar chart.

Technical levels for 16^th May, 2013:

Metal	Support ($/oz)	Resistance ($/oz)
Gold	1,374.75	1,429.54
Silver	22.408	23.440

Intraday Levels and view for Gold:

Sell positions @ $1406 with 1^st target @1485 & 2^nd target @ 1365 stop at 1418. The upside penetration of 1418 will call for a rebound towards 1431 & 1449.

Intraday Levels and view for Silver:

Buy positions @ $22.59 with 1^st target @ 23 & 2^nd target @ 23.15 Stop at 22.45. The downside penetration of 22.45 will call for 22 & 21.8.

Economic Calendar:

Date		Economic Indicator	Country	Actual	Forecast		Previous	Effect & Remarks
16^th May	Unemployment Claims		US	Pending at 7:00pm	332K	323K		If Actual < Forecast = Good for currency. The number of individuals who filed for unemployment insurance for the first time during the past week
16^th May	Philly Fed Manufacturing Index		US	Pending at 8:30pm	2.5	1.3		If Actual > Forecast = Good for currency. Level of a diffusion index based on surveyed manufacturers in Philadelphia
15^th May	PPI m/m		US	-0.7%	-0.6%	-0.6%		As Actual < Forecast =Not Good for currency. Change in the price of finished goods and services sold by producers have decreased.

Thursday, 16 May 2013

Market Commentary

If Actual < Forecast = Good for currency. The number of individuals who filed for unemployment insurance for the first time during the past week

If Actual > Forecast = Good for currency. Level of a diffusion index based on surveyed manufacturers in Philadelphia

As Actual < Forecast =Not Good for currency. Change in the price of finished goods and services sold by producers have decreased.

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