2. NEWS RADAR
Gold futures jumped to a one-week high Tuesday as investors stepped
in after the Federal Reserve chief indicated the central bank's bond-
buying program would continue.The most actively traded contract, for
April delivery, rose 28.90, or 1.8%, to settle at $1,615.50 a troy ounce
on the Comex division of the New York Mercantile Exchange, the
highest ending price since Feb. 14.In remarks to Congress, Ben
Bernanke signaled that the Fed would continue its bond-buying
programs, arguing that the benefits of the policies outweighed the
risks. Gold tends to benefit from such easy-money policies, as investors
seek the metal as a hedge against the inflation that may follow the
increased liquidity in the financial system.Gold had slumped to a seven-
month low last week as investors cashed out on speculation that the
Fed would cut short its easing effort.
"It was more than TIPS hunting," George Gero, a vice president and
TRADING bargain EXPERT OPINION
precious metals strategist with RBC Capital Markets, said of gold's rise.
SELL GOLD AROUND 1583 GOLD LOOKS BEARISH
Investors, he said in a note, were closing out bets on lower prices on
SILVER LOOKS
the view that Mr. Bernanke's comments pointed toward BEARISH and
TGS 1577/1571 SL 1589
low rates
SELL SILVER AROUND 28.75 CRUDE OIL LOOKS BEARISH
stimulus until the labor market improves. But traders viewed Mr.
Bernanke's 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 BEARISH
from the Fed isn't imminent, said Kurt Pfafflin, a senior broker with
Daniels Trading 3.5380/3.5180"We've got an LEAD LOOKS BEARISH this is a
3.5580 TGS in Chicago. oversold market, and
relief 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 BEARISH
Gold had traded as low as $1,583.70 a troy ounce ahead of the
testimony.
3. GOLD HOURLY CHART
S1 S2 R1 R2
1582 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
4. SILVER HOURLY CHART
S1 S2 R1 R2
28.68 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
5. COPPER HOURLY CHART
S1 S2 R1 R2
3.5440 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
6. CRUDE OIL HOURLY CHART
S1 S2 R1 R2
94.50 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
7. 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 3.414
ALUMINIUM 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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