Comex Report 30th Jan,2014


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Comex Report 30th Jan,2014

  1. 1. Global Research Limited COMEX Report 30th,January
  2. 2. 30th January ,2014 Global Research Limited Global Economic Data DATA PRV EXP IMPACT 7:00 P.M Advance GDP q/q 4.1% 3.3% STRONG 30.01.14 7:00 P.M Unemployment Claims 326K 331K STRONG 30.01.14 7:00 P.M Advance GDP Price Index q/q 2.0% 1.2% MEDIUM 30.01.14 8:30 P.M Pending Home Sales m/m 0.2% -0.1% STRONG DATE TIME: IST 30.01.14 Advance GDP q/q Source Bureau of Economic Analysis (latest release) Measures Annualized change in the inflation-adjusted value of all goods and services produced by the economy; Usual Effect Actual > Forecast = Good for currency; Frequency Next Release FF Notes Released quarterly, about 30 days after the quarter ends; Apr 30, 2014 While this is q/q data, it's reported in an annualized format (quarterly change x4). There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact; Why Traders Care Also Called GDP First Release, Estimated GDP; Acro Expand 2 It's the broadest measure of economic activity and the primary gauge of the economy's health; Gross Domestic Product (GDP);
  3. 3. 30th January ,2014 Global Research Limited Unemployment Claims Source Department of Labor (latest release) Measures The number of individuals who filed for unemployment insurance for the first time during the past week; Usual Effect Actual < Forecast = Good for currency; Frequency Next Release FF Notes Released weekly, 5 days after the week ends; Feb 6, 2014 This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes; Why Traders Care Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy; Also Called Jobless Claims, Initial Claims; Pending Home Sales m/m Source National Association of Realtors (latest release) Measures Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction; Usual Effect Actual > Forecast = Good for currency; Frequency Released monthly, about 28 days after the month ends; Next Release FF Notes This data is released about a week later than Existing Home Sales, but it's more forwardlooking as a contract is signed several weeks before the home is counted as sold; Why Traders Care It's a leading indicator of economic health because the sale of a home triggers a widereaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction; Also Called GDP First Release, Estimated GDP; Acro Expand 3 Feb 28, 2014 Pending Resales;
  4. 4. 29th January ,2014 Gold  Global Research Limited Gold moved higher overnight to open at 1264.00/1265.00. It touched a high of 1268.50/1269.50 generating “safe haven” interest following the ongoing financial crisis in emerging markets, particularly in Argentina, which dragged global equities lower. The metal then dropped to a low of 1261.00/1262.00 as investors geared up for the Fed's policy statement, before finally closing the session at 1262.00/1263.00. Following the close, the metal traded within range despite the Fed announcement of a further $10 billion cut to bring its monthly bond purchases down to $65 billion.  Gold traded higher today, closing at 1263. Resistance sits at 1278-79, from the 38.2% retracement of the August to December 2013 downtrend, and from Monday's high. Support is at the recent low of 1231. RSI has turned higher, and is testing resistance at 62 (currently at 60.33).  Gold gained as stock markets surrendered early gains to fall ahead of a policy statement from the Federal Reserve.  Fed said it would trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus   Silver edged higher overnight to open at 19.70/19.75. After posting a high of 19.95/20.00, it declined steadily to close at the  Silver is also trading higher at 19.59. Silver continues to be trapped within a sideways range, with the range high being 20.64, and  The gold-silver ratio is trading lower today at current 64.15. This is the first lower close after six sessions higher. Resistance is at  Silver SPDR gold trust holding gained by 2.10 tonnes i.e. 0.27% to 792.56 tonnes from 790.46 tonnes. Silver rose as ongoing turbulence in emerging markets boosted the safe haven appeal of the precious metal. session low of 19.54/19.59. the range low being 18.84. There is also a downtrend on the daily chart which comes in at 20.17. the 67.56 high. There is strong support from the daily uptrend which currently comes in at 61.38.  Prices earlier seen pressure as market sentiment improved after Turkey's central bank announced aggressive rate hikes in an effort to stem the lira's decline.  4 The U.S. Federal Reserve announced a further reduction in its bond-buying stimulus.
  5. 5. 29th January ,2014   Copper       Crude  Global Research Limited On the Comex division of the New York Mercantile Exchange, copper futures for March delivery hit a session high of USD3.268 a pound, before trimming gains to trade at USD3.262 during European morning trade, up 0.3%. The March copper contract fell to USD3.246 a pound on Tuesday, the lowest since December 9, before paring losses to settle at USD3.253 a pound, down 0.18%. Copper futures were likely to find support at USD3.246 a pound, the low from January 28 and resistance at USD3.287 a pound, the high from January 27. Appetite for riskier assets improved after Turkey's central bank announced aggressive rate hikes overnight in an effort to stem the lira's decline. Turkey's central bank raised its overnight lending rate to 12% from 7.75% and its repurchase rate to 10% from 4.5% in its first emergency meeting since 2011. The move eased concerns over emerging markets, following a broad based selloff last Friday, triggered by worries over the impact of reduction in Fed stimulus and concerns over a possible slowdown in China. Copper futures edged mildly higher on Wednesday, as global markets rebounded after an aggressive rate hike by the Turkish central bank and ahead of a policy announcement by the Federal Reserve later in the day. On Wednesday, the New York-traded oil futures hit a session low of USD97.38 a barrel and a high of USD97.59 a barrel. The March contract settled at USD97.42 a barrel. Nymex oil futures were likely to find support at USD95.22 a barrel, Monday's low, and resistance at USD97.65 a barrel, Tuesday's high.  Meanwhile on Wednesday, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 6.4 million barrels in the week ended Jan. 24, far beyond expectations for an increase of 2.3 million barrels, which sent prices falling by fanning fears the country remains awash in supply. Total U.S. crude oil inventories stood at 357.6 million barrels as of last week.  The report also showed that total motor gasoline inventories decreased by 819,000 barrels compared to forecasts for a gain of 1.1 million barrels.  NYMEX crude oil prices rose during Asian trading hours on Thursday after Federal Reserve decided to cut USD10 billion from its USD75 billion monthly bond-buying program and U.S. supply data disappointed investors.  On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD97.62 a barrel during Asian trading, up 0.26% 5
  6. 6. Global Research Limited Technical levels Support1 Support2 GOLD 1250 1239 1272 1282 SILVER 19.35 19.14 19.86 20.17 COPPER 3.2286 3.2168 3.2606 3.2808 CRUDE 96.53 95.71 97.96 98.57 Resistance1 Resistance2 Disclaimer The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most. Investment in Stocks has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above. The stock price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. CapitalVia does not purport to be an invitation or an offer to buy or sell any financial instrument. Analyst or any person related to CapitalVia might be holding positions in the stocks recommended. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as INDEX a recommendation for which either the site or its owners or anyone can be held responsible for. Contact Us ROLLOVER Our Clients (Paid Or Unpaid), Any third party or anyone else have no rights to forward or share our calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved. Contact Number: Ahmedabad: Corporate Office Address: Hotline : +91-91790-02828 Fax : +91-731-4238085 CapitalVia Global Research Limited Ebony Business Centre 703, Shikhar Complex, Nr. Vadilal House, Mithakali Six Roads, Ahmedabad - 380009 No. 99, 1st Floor, Surya Complex R. V. Road, Basavangudi Opposite Lalbagh West Gate Indore: Singapore: CapitalVia Global Research Limited No. 506 West, Corporate House 169, R. N. T. Marg, Near D. A. V. V CapitalVia Global Research Pvt. Ltd. Block 2 Balestier Road #04-665 Balestier Hill Shopping Centre You Can Send Us DD & Communication @ Postal Address: CapitalVia Global Research Limited, No. 99, 1st Floor, Surya Complex, R. V. Road, Basavanagudi, Opposite Lalbagh West Gate, Bangalore - 560004