Gold closed higher today at 1274 and tried to break through resistance in the 1278/79 area. RSI is at 61.13, and is testing resistance at the previous high of 62.

1. Global Research Limited
COMEX
Report
11th February, 2014

2. 11th February,2014
Global Research Limited
Global Economic Data
DATE
TIME: IST
DATA
11.02.14
8:30 PM
8:30 PM
JOLTS Job Openings
EXP
IMPACT
-
-
STRONG
4.04M
STRONG
Fed Chair Yellen Testifies
11.02.14
PRV
4.00M
Fed Chair Yellen Testifies
FF Alert
Text of the speech due to be released 90 minutes earlier than the speaking time listed;
Description
Due to testify on the Semiannual Monetary Policy Report before the House Financial Services
Committee, in Washington DC;
Source
Federal Reserve (latest release)
Speaker
Federal Reserve Chair Janet Yellen;
Usual Effect
More hawkish than expected = Good for currency;
Next Release
Feb 13, 2014
FF Notes
The testimony usually comes in 2 parts: first she reads a prepared statement (a text version is
made available on the Fed's website at the start), then the committee will hold a question and
answer session. Since the questions are not known beforehand they can make for some
unscripted moments that lead to heavy market volatility;
Why Traders
Care
Acro Expand
2
As head of the central bank, which controls short term interest rates, she has more influence
over the nation's currency value than any other person. Traders scrutinize her public
engagements as they are often used to drop subtle clues regarding future monetary policy;
Federal Reserve (Fed);
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3. 11th February,2014
Global Research Limited
JOLTS Job Openings
Source
Measures
Usual Effect
Frequency
Bureau of Labor Statistics (latest release)
Number of job openings during the reported month, excluding the farming industry;
Actual > Forecast = Good for currency;
Released weekly, 5 days after the week ends;
Next Release
FF Notes
It's released late, but can impact the market because job openings are a leading indicator of
overall employment;
Acro Expand
3
Mar 11, 2014
Job Openings and Labor Turnover Summary (JOLTS);
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4. 11th February,2014
Gold

Global Research Limited
Gold advanced overnight to open at 1277.50/1278.50, which was also the intraday high, as investors turned cautious
amidst last week's weaker-than-expected U.S. jobs data and the ongoing financial crisis in emerging economies. The
metal then dipped to a low of 1272.50/1273.50 while the dollar remained largely unchanged. Choppy trading for the
remainder of the session led it to close at 1274.50/1275.50.

Gold closed higher today at 1274 and tried to break through resistance in the 1278/79 area. RSI is at 61.13, and is testing
resistance at the previous high of 62. This is an encouraging sign, and a break would be bullish. Support is at the most
recent low of 1238.

Gold edged higher on speculation that Fed would slow the pace of its stimulus tapering after a weak U.S. jobs report raised

China's gold consumption jumped 41 percent in 2013 to exceed 1,000 tonnes for the first time, as a sharp slide in prices

The U.S. central bank has said it aims to finish the tapering by the end of this year depending on the health of the labour
questions over the state of economic recovery.
attracted buyers for jewellery and bullion.
market.
Silver

Silver moved higher overnight to open at the session high of 20.27/20.32. It retreated to a low of 20.07/20.12 prior to concluding

Silver closed unchanged today at 20.10. Despite breaking up through a daily downtrend last week, silver is still lacking in
the session at 20.10/20.15.
momentum. RSI has moved higher to 54.90, but needs to break through resistance at 57.28, the January high. Price resistance is
at the top of the range at 20.64, with support at the low of 18.83.

The gold-silver ratio is trading higher at 63.55. After a big drop last week, it has found some support in the high 62's. There is

Silver gained as traders reassessed their expectations for how quickly Fed will roll back its stimulus program following the release
strong support from the uptrend which currently comes in at 61.70. Resistance is at the recent high of 65.37.
of mixed U.S. employment data.

Mixed U.S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve's

Data on Friday showed that the U.S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000.
monetary policy.
4
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5. 11th February,2014

Copper







Crude

Global Research Limited
The March copper contract ended Friday's session up 0.22% to settle at USD3.236 a pound.
Futures were likely to find support at USD3.191 a pound, the low from February 6 and resistance at USD3.258 a pound, the high from
January 30.
On Thursday, China will release its monthly trade data, which will be followed by inflation numbers Friday. The Asian nation is the
world's largest copper consumer, accounting for almost 40% of world consumption last year.
Meanwhile, in the U.S., data on Friday showed that the economy added 113,000 jobs in January, well below expectations for jobs
growth of 185,000, after December's lackluster gain of 75,000 jobs.
It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.
Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last
month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.
Market players now looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the week for clues
regarding the future of course of U.S. monetary policy.
Copper futures were little changed near a one-week high on Monday, as investors looked ahead to key economic data out of China later
in the week to gauge the strength of the world's second largest economy.
On Monday, the New York-traded oil futures hit a session low of USD99.89 a barrel and a high of USD100.07 a barrel. The March contract
settled at USD100.06 a barrel. Nymex oil futures were likely to find support at USD97.14 a barrel, Friday's low, and resistance at
USD100.75 a barrel, the high from Dec. 27.
 Oil prices rose on sentiments that recent blasts of cold air have hiked demand for heating fuel and other distillates, though forecasts for
moderating temperatures in the coming weeks capped gains.

Also capping gains were reports of an end to supply snags in the North Sea, while increased exports from Libya to the global market also
watered down gains.

Armed protestors have occupied oil facilities in Libya up until recently, and exports from the Middle Eastern nation are normalizing. Markets
were also eager to listen to Federal Reserve Chair Janet Yellen's testimony before Congress on Tuesday, hoping the nation's new top
economist will shed insight on the direction of the U.S. central bank's USD65 billion in monthly bond purchases.

Nymex crude oil prices fluctuated between small gains and losses on Tuesday during Asian trading hours on fears that recent blasts of
winter storms have taken their toll on heating oil stockpiles more
 than anticipated, though reports of increased supply from Libya capped the commodity's gains.
5
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6. Global Research Limited
Technical levels
Support1
Support2
GOLD
1267
1256
1284
1291
SILVER
19.95
19.64
20.43
20.58
COPPER
3.2083
3.1921
3.3468
3.2691
CRUDE
99.26
98.46
100.70
101.34
Resistance1
Resistance2
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