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Posted by Finotec on Wednesday March 10, 2010 4:29 am
Gold fell on Tuesday as a resurgent dollar amid lower risk appetite and
sovereign debt worries dented investment interest in the metal. The
metal recovered from session lows of $1,108.20 an ounce. However, as
the U.S. currency pared gains, oil prices recovered some of their
earlier losses and metal found strong buying interest at lower levels,
dealers said. Fitch Ratings said on Tuesday it still has a negative
outlook on Portugal's double-A ratings and was studying the details of
the country's new austerity measures. Gold is trading at $1,120 as of
21:17pm, GMT, with a bullish trend. Gold’s Pool-Position is 71% Long,
meaning that most Finotec clients are buying the precious metal.
Posted by Finotec on Wednesday March 10, 2010 4:29 am
U.S. crude oil futures ended down on Tuesday, dropping from Monday's
eight-week high, as the dollar's strength and forecasts that weekly
inventory data would show domestic crude stocks rose pressured the
market. A Reuters poll forecast that U.S. crude stocks rose 1.9million
barrels last week. Gasoline stocks were seen up 200,000 barrels and
distillate supplies down 900,000 barrels. Wall Street rose on weak
volume as a steady drumbeat of corporate news lifted specific stocks on
the anniversary of the market hitting 12-year closing lows. Crude is
trading at $81.45 as of 21:30pm, GMT, with a bearish trend. Crude’s
Pool-position is 23% Long, meaning that most Finotec clients are
selling the commodity.
Posted by CFDTrading on Tuesday March 09, 2010 8:00 am
Commodities – Energy
Crude Oil May Extend Losses on Fading Risk Appetite
Crude Oil (WTI) $81.03 -$0.84 -1.03%
Prices have pulled back from resistance at $82.23 to find support above
the previously broken upper boundary of a Rising Wedge formation (now
at $81.26). The US economic calendar is fairly light once again, with
only the Department of Energy set to release their short-term crude
outlook figures while the American Petroleum Institute publishes weekly
inventory data. On balance, risk sentiment may prove to be the guiding
catalyst once again. Indeed, the percent-change correlation between the
price of the WTI contract and the MSCI World Stock Index remains
elevated at 0.76. European shares are trading lower and US index
futures are firmly in negative territory, making such an outcome
supportive of a bearish scenario. A break below current support will
expose the $80 figure.
Commodities – Metals
Gold, Silver to Decline on Firming US Yields Outlook
Gold $1120.08 -$3.48 -0.31%
Gold turned lower from support-turned-resistance at a rising trend line
established from the swing bottom in early February, finding support at
$1118.60. The outlook for US interest rates appears to have taken over
as the primary near-term catalyst. Indeed, the 20-day correlation of
gold with the spread between the yields on 12-month and 1-month
Treasury notes now stands at -0.60, suggesting continued selling is
ahead of the market’s perception of the Fed continues to adjust toward
a more hawkish posture than previously expected. A push below current
support exposes the $1100.00 figure.
Silver $17.09 -$0.16 -0.90%
As with gold, US interest rate expectations appear to be the primary
driver of price action in the near term. Indeed, the silver’s inverse
correlation with the spread between 12-month and 1-month Treasury
yields stands at -0.69, a reading even higher than the precious metal’s
more expensive counterpart. Technically, a Bearish Engulfing
candlestick formation below resistance at a rising trend line
connecting major swing highs from early February has marked the
beginning of a move lower, with a break of initial support at $16.80
exposing the $16.00 figure.
Posted by Finotec on Tuesday March 09, 2010 3:20 am
Gold’s Pool-Position is 34% Long, meaning that most Finotec clients are selling the precious metal.
Gold fell in Europe on Monday as the market's failure to hold key
psychological support just above $1,130 an ounce disappointed
investors, prompting further selling of the precious metal. "(Gold) has
been threatening this since the end of last week," said Simon Weeks,
head of precious metals at the Bank of Nova Scotia."It ran out of steam
on currencies, and in a thin market with bullish comments about growth
around, gold is feeling a bit heavy. I expect it to come back to the
100 day moving average around $1,112." The precious metal rose in
earlier trade after last week's above-forecast U.S. jobs data boosted
hopes for an economic recovery and increased investors' willingness to
take on risk. Gold is trading at $1,121 as of 21:10pm, GMT, with a
bearish trend. Gold’s Pool-Position is 34% Long, meaning that most
Finotec clients are selling the precious metal.
Posted by Finotec on Tuesday March 09, 2010 3:20 am
Crude’s Pool-position is 35% Long, meaning that most Finotec clients are selling the commodity.
Crude oil steadied along with equities as energy traders looked to
stocks for signals of the strength of an economic recovery and fuel
demand. Prices will probably fall to $60 a barrel during the fourth
quarter of the year, Adam Sieminski, the chief energy economist at
Deutsche Bank AG in Washington, said on Bloomberg Television. “The
second half of the year could be weak because inventories are high,
demand is still relatively weak, there’s plenty of supply and lots of
OPEC spare capacity.” Crude Oil is trading at $81.70 as of 21:17pm,
GMT, with a bearish trend. Crude’s Pool-position is 35% Long, meaning
that most Finotec clients are selling the commodity.
Posted by Finotec on Friday March 05, 2010 5:40 am
Gold fell on Thursday as investors’ unwound positions added earlier
this week due to a euro rally and currency volatility amid a Greek debt
crisis. Some bullion traders also took profits ahead of a closely
watched U.S. jobs report on Friday. However, strong investment demand
in exchange traded funds should provide underlying support for gold
prices, analysts said. Speaking at a press conference after the ECB
opted to leave rates at a record low 1.0 percent, the bank's president
Jean Claude Trichet was seen to reiterate that no hike in euro zone
rates is imminent. Gold is trading at $1,131 as of 21:21pm, GMT, with a
bearish trend. Gold’s Pool-Position is 43% Long, meaning that most
Finotec clients are selling the precious metal.
Posted by Finotec on Friday March 05, 2010 5:39 am
Oil fell nearly 1 percent toward $80 a barrel on Thursday as the
greenback strengthened and some weak economic data soured sentiment.
The euro fell versus the dollar on Thursday as comments by the European
Central Bank reinforced the view interest rates in the region will
remain low in the foreseeable future. "The market was not responding
well to the positive economic reports. Now home sales data is weighing.
Once again the market is in $80/$81 range and can't sustain a rally,"
said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New
York. Crude oil is trading at $80.47 as of 21:39pm, GMT, with a bearish
trend. Crude Pool-Position is 21% Long, meaning that most Finotec
clients are selling the commodity.
Posted by Finotec on Thursday March 04, 2010 8:27 am
Gold, trading near a six-week high, may climb toward $1,162 an ounce
should prices hold above $1,135, according to technical analysis by
Commerzbank AG. “The fact that last week’s correctly anticipated fall
only took the gold price to $1,088 before giving way to another leg up
shows underlying strength,”Axel Rudolph, a technical strategist in
London, said in the report. “This is why we will become short-term
bullish if, and only if, the $1,135.50, 50 percent Fibonacci
retracement is overcome.” Gold is trading at $1,139 as of 21:25pm, GMT,
with a bullish trend. Gold’s Pool-Position is 62% Long, meaning that
most Finotec clients are buying the precious metal.
Posted by Finotec on Thursday March 04, 2010 8:27 am
U.S. crude oil stockpiles rose more than forecast last week as imports
were still rising while distillate fuel inventories fell, U.S. Energy
Information Administration data showed on Wednesday. Commercial crude
oil stockpiles in the United States increased by 4.1 million barrels to
341.6 million barrels in the week ended Feb. 26, EIA reported. Industry
group data on Tuesday also showed a larger-than-forecast rise.
According to data from the American Petroleum Institute on Tuesday,
crude inventories in the world's biggest oil consumer rose by 2.7
million barrels last week. Crude oil is trading at $80.90 as of
21:40pm, GMT, with a bearish trend.
Posted by Finotec on Wednesday March 03, 2010 5:00 am
Gold rose on Tuesday as the euro turned higher against the greenback
amid expectations Greece will announce new austerity measures, with
currency market volatility lending support to bullion as an alternative
asset. Fears over the fiscal health of some euro zone economies have
weighed heavily on the euro so far this year, knocking it down by
nearly 5.5 percent against the dollar. The European Union on Monday
urged Greece to agree additional austerity measures within days to
tackle its fiscal crisis. Greek officials said a cabinet meeting on the
economy will take place on Wednesday. Gold is trading at $1,133 as of
21:08pm, GMT, with a bearish trend. Gold’s Pool-position is 34% Long,
meaning that most Finotec clients are selling the precious metal.
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