Comex Report 21st Feb, 2014

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Comex Commodity Technical Analysis

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Comex Report 21st Feb, 2014

  1. 1. Global Research Limited COMEX Report 21st February, 2014
  2. 2. 21st February,2014 Global Research Limited Global Economic Data DATE TIME: IST 21.02.14 8:30 PM DATA Existing Home Sales PRV EXP IMPACT 4.87M 4.73M STRONG Existing Home Sales Source National Association of Realtors (latest release) Measures Annualized number of residential buildings that were sold during the previous month, excluding new construction; Usual Effect Actual > Forecast = Good for currency; Frequency Next Release FF Notes Why Traders Care Released monthly, about 20 days after the month ends; March 20, 2014 While this is monthly data, it's reported in an annualized format (monthly figure x12). Existing homes make up the majority of total sales and therefore tend to have more impact than New Home Sales; It's a leading indicator of economic health because the sale of a home triggers a wide-reaching 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 Acro Expand 2 Home Resales; Consumer Price Index (CPI), Federal Open Market Committee (FOMC) www.capitalvia.com
  3. 3. 21st February,2014 Gold  Global Research Limited Gold moved lower overnight to open at 1311.50/1312.50 following soft data out of China and France. The metal climbed to a high of 1317.50/1318.50 before dipping to a low of 1311.00/1312.00 as the dollar stabilized and U.S. equities rose following mixed U.S. economic data that showed a small drop in initial jobless claims. A weak Philly Fed number brought in fresh interest, leading the metal to a close of 1316.50/1317.50.  Gold has had a nice bounce higher today from 1308 to 1323. The overall price action appears to be a bullish wedge. The move starting February from 1239 to 1332 was very impulsive in nature; the pull back to 1308 corrective. Risk is for another run to the topside with a break of 1332 targeting last major high seen October 28th at 1361. Only a break of 1308 would yield a deeper correction to 1297 (23.6% of the 1185 to 1332 calendar year up move).  Gold slipped as the dollar firmed after minutes from a U.S. Federal Reserve policy meeting indicated support for continued tapering of its stimulus  Prices benefited after data showed factory activity in China fell to a seven-month low and a closely watched gauge of U.S. manufacturing sector fell sharply.  India's plan to keep tax on gold imports at current levels could underpin sentiment in the physical market as it will lead to more smuggling. Silver  Silver retreated overnight to open at the session low of 21.60/21.65. Shortly after open, it posted a high of 21.76/21.81 before  Silver moved back higher today to the upper end of our onemonth range. The metal seems to have found support at the 23.6% Fibo closing the day at 21.65/21.70. at 21.28. Resistance is seen at 21.98, which is lastweek's high and the 50% retracement level of the last down leg from 25.09 to 18.51. While the metal holds above 21.28 we see risk of another leg higher to the 61.8% retracement level at 22.70.  The gold-silver ratio remains heavy at current 60.63. The drop this month from 65.10 to 60.35 overhangs the market. Support is seen at 60.23 from the December 31st low. The 60.17 level represents the key 61.8% Fibo of our five-month up move from 57.12 to 65.10. Despite the technical support we see the risk of another leg lower to 59.00. Only a move back above 61.55 would shake the bearish bias.  Silver dropped as after investors continued to sell for profits, shrugging off a soft regional U.S. output report as weather-related setback that won't alter monetary policy.  3 Continuing jobless claims in the week ended February 8 rose to 2.981 million from 2.944 million in the preceding week.  Holdings at ishares silver trust dropped by 0.68% i.e. 68.81 tonnes to 10081.70 tonnes from 10150.51 tonnes. www.capitalvia.com
  4. 4. 21st February,2014  Copper       Global Research Limited On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded in a range between $3.257 a pound and $3.288 a pound. Copper prices last traded at $3.268 a pound during European morning hours, down 0.55%. The March copper contract ended Wednesday's session unchanged to settle at $3.285 a pound. Futures were likely to find support at $3.253 a pound, the low from February 18 and resistance at USD3.302 a pound, the high from February 19. Data released earlier showed that China's HSBC Flash Purchasing Managers Index fell to 48.3 in February from a final reading of 49.5 in January, remaining below the 50.0 level that separates expansion from contraction for a second month. Copper traders consider shifts in the HSBC PMI an indicator of China's copper demand, as the industrial metal is widely used by the sector. The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year. Meanwhile, copper traders looked ahead to key U.S. economic data later in the day to gauge the strength of the world's largest economy and second-biggest consumer of the industrial metal.   Crude Copper futures declined on Thursday, after data showed that manufacturing activity in China fell to a seven-month low in February, further suggesting that the world's second-largest economy may be facing a slowdown.  On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded at $102.79 a barrel during Asian trading, down 0.08%.  On Thursday, the New York-traded oil futures hit a session low of $102.80 a barrel and a high of $102.95 a barrel to settle at $102.84 a barrel.  Nymex oil futures were likely to find support at $99.41 a barrel, the low from Feb. 13, and resistance at $103.28 a barrel, Wednesday's high.The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to minus 6.3 in February from January's reading of 9.4. Analysts had expected the index to inch down to 8.0 in February.  The soft numbers fueled concerns that U.S. recovery still faces headwinds made worse by rough winter weather, and the country may demand less fuel and energy going forward than previously anticipated. Also on Thursday, the Department of Labor said the number of individuals filing for unemployment assistance in the U.S. last week fell by 3,000 to 336,000, slightly below expectations for a decline of 4,000.  In a separate report, the Labor Department said U.S. consumer prices rose 1.6% on a year-over-year basis in January, in line with forecasts. Consumer prices were 0.1% higher from a month earlier, also matching forecasts. Core consumer prices, which are stripped of volatile food and energy components, were also up 1.6% on a year-over-year basis and 0.1% from the previous month. Weekly supply data also watered down prices.  The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 973,000 barrels last week, less than market expectations for a gain of 2.01 million barrels.  The report also showed that total motor gasoline inventories increased by 309,000 barrels, confounding expectations for a decline of 538,000 barrels.  Meanwhile inventories of distillates, which include diesel fuel and heating oil, fell by 339,000 million barrels, far less than market calls for a loss of 1.89  Nymex crude prices fluctuated between small gains and losses during morning Asian trade on Friday on falling demand and higher U.S. supplies. million. 4 www.capitalvia.com
  5. 5. Global Research Limited Technical levels Support1 Support2 GOLD 1310 1303 1324 1330 SILVER 21.42 21.16 21.92 22.42 COPPER 3.2578 3.2366 3.2943 3.3096 CRUDE 102.60 102.30 103.36 104.11 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 www.capitalvia.com

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