Gold prices fell to a five-month low on Thursday due to a decline in investor demand in 2012. The World Gold Council reported that global gold demand fell 0.4% last year, the first decline since 2009, driven by a 10% drop in Indian demand due to increased import taxes. The COMEX report provides trading tips and analysis for commodities such as gold, silver, crude oil, and copper, noting that gold and silver look bullish while natural gas looks bearish.
2. NEWS RADAR
Gold slipped to a five-month low Thursday as data showing a drop in
demand last year underlined investor caution toward the precious
metal.The most actively traded gold contract, for April delivery, fell
$9.60, or 0.6%, to settle at $1,635.50 a troy ounce on the Comex
division of the New York Mercantile Exchange, the lowest settlement
since Aug. 20.Investor demand for gold in coins, bars and exchange-
traded funds fell 10% in 2012 from the previous year, the gold mining-
company funded World Gold Council said in a closely watched quarterly
report. Total global demand fell 0.4% during the year, to 4,405.5 metric
tons, the first decline since 2009.India was the real factor in the
decline," WGC investment managing director Marcus Grubb said in an
interview. Increased taxes on gold imports and large jewelry items
limited buying from the top consumer.
Indian government officials have tried to limit the imports of gold to the
country, a major contributor to the country's trade deficit. The
TRADING TIPS EXPERT OPINION
government last month increased the import tax on gold to 6%, from
4%. BUY GOLD AROUND 1630
GOLD LOOKS BULLISH
TGS 1636/1642 SL 1624 SILVER LOOKS BULLISH
BUY SILVER AROUND 30.25 CRUDE OIL LOOKS BULLISH
TGS 30.45/30.65 SL 30.05 COPPER LOOKS BULLISH
BUY COPPER AROUND NGAS LOOKS BEARISH
3.7350 TGS 3.7550/3.7750 LEAD LOOKS BEARISH
SL 3.7150 NICKEL LOOKS BEARISH
BUY CRUDE ABOVE 96.95 ALUMINIUM LOOKS BULLISH
TGS 97.35/96.75 SL 96.55 ZINC LOOKS BEARISH
3. GOLD HOURLY CHART
S1 S2 R1 R2
1621 1615 1633 1639
GOLD LOOKS BULLISH BUY AROUND 1630.00
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 1636.00 LEVEL AND
MAINTAINING SL OF 1624.00
4. SILVER HOURLY CHART
S1 S2 R1 R2
29.91 29.61 30.51 30.81
SILVER LOOKS BULLISH BUY AROUND 30.25 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 30.45 LEVEL AND MAINTAINING SL
OF 30.05
5. COPPER HOURLY CHART
S1 S2 R1 R2
3.7108 3.6908 3.7508 3.7708
COPPER LOOKS BULLISH BUY ABOVE 3.7350 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 3.7550 LEVEL AND MAINTAINING SL
OF 3.7150
0
6. CRUDE OIL HOURLY CHART
S1 S2 R1 R2
96.40 96.00 97.20 97.60
CRUDE LOOKS BULLISH BUY AROUND 96.95 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 97.35 LEVEL AND MAINTAINING SL
OF 96.65
7. MARKET STATISTICS
OPEN HIGH LOW CLOSE
GOLD 1642.22 1649.79 1632.62 1635.35
SILVER 30.75 31.04 30.21 30.44
CRUDE 97.15 97.68 96.76 97.33
COPPER 3.7338 3.7428 3.7190 3.7353
NGAS 3.292 3.305 3.131 3.165
ALUMINIUM 2141.38 2165.26 2139.76 2151.13
LEAD 2407.75 2423.63 2400.63 2409.75
NICKEL 18392.50 18446.50 18194.00 18255.00
ECONOMIC CALENDAR
DATE CURRENCY FORECAST PREVIOUS
Feb 16 ALL G20 Meetings
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