NEWS RADARGold futures jumped to a one-week high Tuesday as investors steppedin after the Federal Reserve chief indicated the central banks bond-buying program would continue.The most actively traded contract, forApril delivery, rose 28.90, or 1.8%, to settle at $1,615.50 a troy ounceon the Comex division of the New York Mercantile Exchange, thehighest ending price since Feb. 14.In remarks to Congress, BenBernanke signaled that the Fed would continue its bond-buyingprograms, arguing that the benefits of the policies outweighed therisks. Gold tends to benefit from such easy-money policies, as investorsseek the metal as a hedge against the inflation that may follow theincreased liquidity in the financial system.Gold had slumped to a seven-month low last week as investors cashed out on speculation that theFed would cut short its easing effort."It was more than TIPS hunting," George Gero, a vice president and TRADING bargain EXPERT OPINIONprecious metals strategist with RBC Capital Markets, said of golds rise. SELL GOLD AROUND 1583 GOLD LOOKS BEARISHInvestors, he said in a note, were closing out bets on lower prices on SILVER LOOKSthe view that Mr. Bernankes comments pointed toward BEARISH and TGS 1577/1571 SL 1589 low rates SELL SILVER AROUND 28.75 CRUDE OIL LOOKS BEARISHstimulus until the labor market improves. But traders viewed Mr.Bernankes testimony 28.95 COPPER LOOKS BEARISH TGS 28.55/28.35 SL on Tuesday as an indication that a course change SELL COPPER AROUND NGAS LOOKS BEARISHfrom the Fed isnt imminent, said Kurt Pfafflin, a senior broker withDaniels Trading 3.5380/3.5180"Weve got an LEAD LOOKS BEARISH this is a 3.5580 TGS in Chicago. oversold market, andrelief SL 3.5780 rally." NICKEL LOOKS BEARISH SELL CRUDE BELOW 92.40 ALUMINIUM LOOKS BEARSIH TGS 92.20/92.00 SL 92.60 ZINC LOOKS BEARISHGold had traded as low as $1,583.70 a troy ounce ahead of thetestimony.
GOLD HOURLY CHARTS1 S2 R1 R21582 1576 1594 1600 GOLD LOOKS BEARISH SELL AROUND 1604.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1598.00 LEVEL AND MAINTAINING SL OF 1610.60
SILVER HOURLY CHART S1 S2 R1 R228.68 28.48 29.08 29.28 SILVER LOOKS BEARISH SELL AROUND 28.95 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 28.75 LEVEL AND MAINTAINING SL OF 29.15
COPPER HOURLY CHART S1 S2 R1 R23.5440 3.5240 3.5840 3.6040 COPPER LOOKS BEARISH SELL BELOW 3.5525 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.5325 LEVEL AND MAINTAINING SL OF 3.5725 0
CRUDE OIL HOURLY CHART S1 S2 R1 R294.50 94.30 94.90 95.10 CRUDE LOOKS BEARISH SELL AROUND 94.50 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 94.10 LEVEL AND MAINTAINING SL OF 94.90
MARKET STATISTICS OPEN HIGH LOW CLOSE GOLD 1613.68 1614.58 1592.16 1596.43 SILVER 29.37 29.40 28.83 28.98 CRUDE 92.69 93.35 92.17 92.81 COPPER 3.5705 3.5758 3.5415 3.5540 NGAS 3.445 3.549 3.403 3.414ALUMINIUM 2027.13 2033.26 2006.88 2017.76 LEAD 2310.75 2325.25 2301.75 2311.00 NICKEL 16710.50 16730.00 16663.00 16732.00 ECONOMIC CALENDAR DATE CURRENCY FORECAST PREVIOUS Mar 1 GBP Manufacturing PMI 51.0 50.8 Mar 1 USD ISM Manufacturing PMI 52.7 53.1
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