AUG 29 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TTREND : BEARISH
S1 RS 20060, S2 RS 19860
R1 RS 20560, R2 RS 20880
WAIT FOR CONFIRMATION.
Silver for immediate delivery was little changed at $13.7250 an ounce.
Gold headed for the second weekly gain after oil rose and the
dollar retreated against the euro, boosting the appeal of the
precious metal as an inflation hedge.
Gold is supported as crude oil prices advanced.
Tropical Storm Gustav is still pretty much on everybody's mind.
Crude oil for October delivery rose $1.34, or 1.2 percent, to
$116.93 a barrel at 1:20 p.m. Singapore time on the New York
Mercantile Exchange. Futures fell $2.56, or 2.2 percent, to
$115.59 a barrel yesterday.
With the long-weekend coming up in the U.S. liquidity remains very thin.
Prices could jump up and down a few dollars quite easily.
Markets in the U.S. will be closed Sept. 1 for a Labor
Day holiday.
Friday, August 29, 2008
Thursday, August 28, 2008
UPDATES ON AUG 28 2008
AUG 28 THURSDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20120 , S2 RS 19940
R1 RS 20560 , R2 RS 20880
Silver firmed to$13.61/13.67 an ounce from $13.49/13.55
an ounce late in NewYork.
Gold climbs further on oil but resistance levels intact.
Oil firms above $119 on supply fears.
Investors await second-quarter U.S. GDP data.
Gold rose as much as 1percent on Thursday on safe-
haven buying as oil continued itsascent and on a sliding
dollar, but it would have to crack key resistance levels
to sustain the uptrend.
Oil rose for a fourth straight day to stay above $118 a
barrel on Thursday, on fears Tropical Storm Gustav
may hit theGulf of Mexico after it morphs into a major
hurricane,paralysing the heart of U.S. offshore production.
The euro edged up to $1.4781 recovering from asix-month
low of $1.4570 hit on Tuesday, after comments by a
European Central Bank official the previous day scaled
back speculation about an ECB rate cut.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20120 , S2 RS 19940
R1 RS 20560 , R2 RS 20880
Silver firmed to$13.61/13.67 an ounce from $13.49/13.55
an ounce late in NewYork.
Gold climbs further on oil but resistance levels intact.
Oil firms above $119 on supply fears.
Investors await second-quarter U.S. GDP data.
Gold rose as much as 1percent on Thursday on safe-
haven buying as oil continued itsascent and on a sliding
dollar, but it would have to crack key resistance levels
to sustain the uptrend.
Oil rose for a fourth straight day to stay above $118 a
barrel on Thursday, on fears Tropical Storm Gustav
may hit theGulf of Mexico after it morphs into a major
hurricane,paralysing the heart of U.S. offshore production.
The euro edged up to $1.4781 recovering from asix-month
low of $1.4570 hit on Tuesday, after comments by a
European Central Bank official the previous day scaled
back speculation about an ECB rate cut.
Wednesday, August 27, 2008
UPDATES ON AUG 27 2008
AUG 27 WEDNESDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
SUPPORT 1 RS 20140 , SUPPORT 2 RS 19960
RESISTENCE 1 RS 20540, RESISTENCE 2 RS 20780
BUY AT RS 20280 TO RS 20290
STOP LOSS RS 20060
TARGET RS 20680
Silver for immediate delivery advanced 0.4 percent to $13.65 an ounce.
Gold rose for the second day in Asia as the dollar's decline from
a six-month high against the euro and crude oil's advance
boosted the appeal of the precious metal as an
alternative asset.
The dollar fell from a six-month high against the euro on
speculation weakening business and consumer spending
will discourage the Federal Reserve from raising
interest rates.
The dollar declined to $1.4708 per euro from $1.4653 yesterday,
when it touched $1.4571, the strongest since Feb. 14. Crude oil
in New York rallied 0.3 percent to $116.58 a barrel after
advancing 1 percent yesterday. Prices are up 61 percent
from a year ago.
The U.S. dollar appears to be climbing higher with the market
looking for more reasons to buy rather than sell the
previously unloved currency.
A choppy oil price may limit price declines in bullion.
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
SUPPORT 1 RS 20140 , SUPPORT 2 RS 19960
RESISTENCE 1 RS 20540, RESISTENCE 2 RS 20780
BUY AT RS 20280 TO RS 20290
STOP LOSS RS 20060
TARGET RS 20680
Silver for immediate delivery advanced 0.4 percent to $13.65 an ounce.
Gold rose for the second day in Asia as the dollar's decline from
a six-month high against the euro and crude oil's advance
boosted the appeal of the precious metal as an
alternative asset.
The dollar fell from a six-month high against the euro on
speculation weakening business and consumer spending
will discourage the Federal Reserve from raising
interest rates.
The dollar declined to $1.4708 per euro from $1.4653 yesterday,
when it touched $1.4571, the strongest since Feb. 14. Crude oil
in New York rallied 0.3 percent to $116.58 a barrel after
advancing 1 percent yesterday. Prices are up 61 percent
from a year ago.
The U.S. dollar appears to be climbing higher with the market
looking for more reasons to buy rather than sell the
previously unloved currency.
A choppy oil price may limit price declines in bullion.
Tuesday, August 26, 2008
UPDATES ON AUG 26 2008
AUG 26 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20040, S2 RS 19840 ,
R1 20360, R2 RS 20540
MARKET IS EXPECTED TO MOVE SIDEWAYS
September silver fell 0.8% to $13.37 an ounce.
Gold futures closed lower Monday, with traders taking profit
from last week's 5% rally and finding little indication for
direction from the U.S. dollar and oil.
Gold's slip was limited by a mixed U.S. dollar, with the greenback
trading almost flat against the British pound. The pound bought
$1.8522 recently. The dollar gained modestly against the euro,
with the European currency buying $1.4755.
Resales of U.S. single-family homes and condominiums rose
in July but inventories also increased, reaching record levels,
data showed Monday.
The dollar index, which tracks the value of the greenback against
a basket of other major currencies, was at 76.80, almost
unchanged from Friday.
Dollar-denominated gold prices tend to move in the opposite\
direction of the greenback.
Nymex crude for October delivery closed 52 cents higher at
$115.11 a barrel on the Nymex.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20040, S2 RS 19840 ,
R1 20360, R2 RS 20540
MARKET IS EXPECTED TO MOVE SIDEWAYS
September silver fell 0.8% to $13.37 an ounce.
Gold futures closed lower Monday, with traders taking profit
from last week's 5% rally and finding little indication for
direction from the U.S. dollar and oil.
Gold's slip was limited by a mixed U.S. dollar, with the greenback
trading almost flat against the British pound. The pound bought
$1.8522 recently. The dollar gained modestly against the euro,
with the European currency buying $1.4755.
Resales of U.S. single-family homes and condominiums rose
in July but inventories also increased, reaching record levels,
data showed Monday.
The dollar index, which tracks the value of the greenback against
a basket of other major currencies, was at 76.80, almost
unchanged from Friday.
Dollar-denominated gold prices tend to move in the opposite\
direction of the greenback.
Nymex crude for October delivery closed 52 cents higher at
$115.11 a barrel on the Nymex.
Saturday, August 23, 2008
UPDATES ON AUG 23 2008
AUG 23 2008
September silver fell 25 cents to close at $13.477 an ounce.
Gold futures closed lower Friday, pressured by falling
oil prices and a rally in the U.S. dollar against other
major currencies, but prices for the precious metal
finished the week more than 5% higher.
Federal Reserve Chairman Ben Bernanke said Friday that
inflation was on track to moderate in coming months.
Recent developments in commodity prices and the dollar,
combined with slow growth, should lead inflation pressures
to ease, Bernanke told policymakers and leading economists
attending the Fed's annual retreat in Jackson Hole.
On Thursday, gold rose $22.70, or 2.8%, to close at $839 an
ounce on the Nymex after surging to a high of $844. It closed
at its strongest level since Aug. 8 and reached its highest level
since Aug. 11, on an intraday basis.
Meanwhile, crude-oil futures fell for the first time in
four days, retreating from a 5% rally in the previous
session, as a stronger U.S. dollar pushed down dollar
-denominated commodities prices.
September silver fell 25 cents to close at $13.477 an ounce.
Gold futures closed lower Friday, pressured by falling
oil prices and a rally in the U.S. dollar against other
major currencies, but prices for the precious metal
finished the week more than 5% higher.
Federal Reserve Chairman Ben Bernanke said Friday that
inflation was on track to moderate in coming months.
Recent developments in commodity prices and the dollar,
combined with slow growth, should lead inflation pressures
to ease, Bernanke told policymakers and leading economists
attending the Fed's annual retreat in Jackson Hole.
On Thursday, gold rose $22.70, or 2.8%, to close at $839 an
ounce on the Nymex after surging to a high of $844. It closed
at its strongest level since Aug. 8 and reached its highest level
since Aug. 11, on an intraday basis.
Meanwhile, crude-oil futures fell for the first time in
four days, retreating from a 5% rally in the previous
session, as a stronger U.S. dollar pushed down dollar
-denominated commodities prices.
Friday, August 22, 2008
UPDATES ON AUG 22 2008
AUG 22 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20210 , S2 RS 19960
R1 RS 20640, R2 RS 20870
BUY AT RS 20320 TO 20340
STOP LOSS RS 20230
TARGET RS 20760
Silver for immediate delivery rose 0.3 percent to $13.89 an ounce.
Gold headed for its biggest weekly gain in seven years
as the dollar weakened and crude oil rose, boosting the
precious metal's appeal as a haven investment.
The dollar traded near the lowest level in more than two
weeks against the yen, and headed for its first weekly loss
versus the euro ahead of Federal Reserve Chairman Ben S.
Bernanke's speech on financial stability. The Dollar Index,
a weighted measure against the euro, yen, pound and
three other major currencies, was little changed today.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 20210 , S2 RS 19960
R1 RS 20640, R2 RS 20870
BUY AT RS 20320 TO 20340
STOP LOSS RS 20230
TARGET RS 20760
Silver for immediate delivery rose 0.3 percent to $13.89 an ounce.
Gold headed for its biggest weekly gain in seven years
as the dollar weakened and crude oil rose, boosting the
precious metal's appeal as a haven investment.
The dollar traded near the lowest level in more than two
weeks against the yen, and headed for its first weekly loss
versus the euro ahead of Federal Reserve Chairman Ben S.
Bernanke's speech on financial stability. The Dollar Index,
a weighted measure against the euro, yen, pound and
three other major currencies, was little changed today.
Thursday, August 21, 2008
UPDATES ON AUG 21 2008
AUG 21 THURSDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 19460 , S2 RS 19140
R1 RS 19840 , R2 RS 20060
MARKET IS EXPECTED TO MOVE SIDEWAYS.
September silver fell by 6.5 cents to close at $13.04 an ounce .
Gold futures closed modestly lower Wednesday in New York
as a stronger U.S. dollar helped ease demand for the
precious metal.
Weakness in oil prices also put pressure on gold but after
the regular trading session ended for the metal, oil prices
turned and finished higher.
For now, worries about growth outside the U.S. allowed
the dollar to rebound Wednesday, sending the euro back
toward six-month lows against the greenback and lifting
the U.S. unit against most major counterparts.
The dollar index which measures the greenback against a trade-
weighted basket of currencies, rose to 76.92 from 76.746 in
late North American trading Tuesday.
Oil futures fell during much of Wednesday session, then closed with
a 45-cent gain. The Energy Department reported a bigger-than-
expected rise in crude inventories and showed a fourth-weekly
decline in gasoline inventories.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 19460 , S2 RS 19140
R1 RS 19840 , R2 RS 20060
MARKET IS EXPECTED TO MOVE SIDEWAYS.
September silver fell by 6.5 cents to close at $13.04 an ounce .
Gold futures closed modestly lower Wednesday in New York
as a stronger U.S. dollar helped ease demand for the
precious metal.
Weakness in oil prices also put pressure on gold but after
the regular trading session ended for the metal, oil prices
turned and finished higher.
For now, worries about growth outside the U.S. allowed
the dollar to rebound Wednesday, sending the euro back
toward six-month lows against the greenback and lifting
the U.S. unit against most major counterparts.
The dollar index which measures the greenback against a trade-
weighted basket of currencies, rose to 76.92 from 76.746 in
late North American trading Tuesday.
Oil futures fell during much of Wednesday session, then closed with
a 45-cent gain. The Energy Department reported a bigger-than-
expected rise in crude inventories and showed a fourth-weekly
decline in gasoline inventories.
Wednesday, August 20, 2008
UPDATES ON AUG 20 2008
AUG 20 WEDNESDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 19940, S2 RS 19270
R1 RS 20260 , R2 RS 20540
STAY LONG FOR INTRADAY AT SUPPORT.
Silver edged up to$13.36/13.42 an ounce from $13.15/13.21
late in New York.
Gold rose to its highest inalmost a week on Wednesday after
gains in oil prices spurredbuying, which also helped to pluck
cash platinum from itslowest level in nearly a year.
Oil prices rose about 1.5 percent on Tuesday as part of a
broad commodities rebound triggered by weakness in
the U.S.dollar.
The most active Tokyo gold contract for June 2009 delivery
on the Tokyo Commodity Exchange ended the morning
session 101 yen per gram higher at 2,897 yen, having fallen to
its weakest since late November in previous session.
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 19940, S2 RS 19270
R1 RS 20260 , R2 RS 20540
STAY LONG FOR INTRADAY AT SUPPORT.
Silver edged up to$13.36/13.42 an ounce from $13.15/13.21
late in New York.
Gold rose to its highest inalmost a week on Wednesday after
gains in oil prices spurredbuying, which also helped to pluck
cash platinum from itslowest level in nearly a year.
Oil prices rose about 1.5 percent on Tuesday as part of a
broad commodities rebound triggered by weakness in
the U.S.dollar.
The most active Tokyo gold contract for June 2009 delivery
on the Tokyo Commodity Exchange ended the morning
session 101 yen per gram higher at 2,897 yen, having fallen to
its weakest since late November in previous session.
Tuesday, August 19, 2008
UPDATES ON AUG 19 2008
AUG 19 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 19640, S2 RS 19360
R1 RS 20030 , R2 RS 20360
Silver leads the gains among other metals; analyst
sees prices bottoming out.
Silver futures rose 2.9% Monday after tumbling 10% in the
previous session.
The U.S. dollar drifted lower against major rivals on Monday.
U.S. home builders were as gloomy in August as they've
ever been about the housing market, but saw some reason
to hope that the recent housing relief bill could help, the
National Association of Home Builders said Monday.
Meanwhile, crude-oil futures closed lower, pulling back
from a high above $115 a barrel as concerns over
potential supply disruptions from Tropical Storm
Fay remained, but eased.
September silver futures rose 28.5 cents, or 2.2%, to close
at $13.10 an ounce. On Friday, silver futures dropped
9.9% for the day and lost 16.4% for the week.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 19640, S2 RS 19360
R1 RS 20030 , R2 RS 20360
Silver leads the gains among other metals; analyst
sees prices bottoming out.
Silver futures rose 2.9% Monday after tumbling 10% in the
previous session.
The U.S. dollar drifted lower against major rivals on Monday.
U.S. home builders were as gloomy in August as they've
ever been about the housing market, but saw some reason
to hope that the recent housing relief bill could help, the
National Association of Home Builders said Monday.
Meanwhile, crude-oil futures closed lower, pulling back
from a high above $115 a barrel as concerns over
potential supply disruptions from Tropical Storm
Fay remained, but eased.
September silver futures rose 28.5 cents, or 2.2%, to close
at $13.10 an ounce. On Friday, silver futures dropped
9.9% for the day and lost 16.4% for the week.
Friday, August 15, 2008
UPDATES ON AUG 15 2008
AUG 15 FRIDAY
silver plunged 12.1 percent to $12.46 an ounce, the lowest
since Sept. 14, before trading at $12.98.
Gold tumbled below $800 an ounce in Asian trading as
the dollar headed for its longest winning streak in more
than two years, reducing the appeal of the metal as an
alternative investment to U.S. assets.
Oil, gold, copper and corn have plunged from records this year as
the dollar strengthened and concern mounted that slower global
economic growth will cut demand for raw materials. Silver and
platinum also tumbled today amid increasing expectations the
Federal Reserve won't cut interest rates.
The dollar climbed to a 5 1/2-month high versus the European
single currency, heading for a fifth weekly gain, on speculation
a drop in oil prices will support economic growth in the U.S., the
world's largest consumer of the fuel.
silver plunged 12.1 percent to $12.46 an ounce, the lowest
since Sept. 14, before trading at $12.98.
Gold tumbled below $800 an ounce in Asian trading as
the dollar headed for its longest winning streak in more
than two years, reducing the appeal of the metal as an
alternative investment to U.S. assets.
Oil, gold, copper and corn have plunged from records this year as
the dollar strengthened and concern mounted that slower global
economic growth will cut demand for raw materials. Silver and
platinum also tumbled today amid increasing expectations the
Federal Reserve won't cut interest rates.
The dollar climbed to a 5 1/2-month high versus the European
single currency, heading for a fifth weekly gain, on speculation
a drop in oil prices will support economic growth in the U.S., the
world's largest consumer of the fuel.
Thursday, August 14, 2008
UPDATES ON AUG 14 2008
AUG 14 THURSDAY
SHORT TERM TREND : BULLISH : TARGET RS 21880
LONG TERM TREND : BULLISH : TARGET RS 26000
S1 RS 21360, S2 RS 21120, S3 RS 20860
R1 RS 21670, R2 RS 21880 , R3 RS 22060
PREFER INTRA DAY LONG AT RS 21360 TO 21340
STOP LOSS RS 21120
TARGET RS 21670
September silver up 36 cents to close at $14.845 an ounce.
Gold futures closed with a gain of almost $17 an ounce Wednesday,
regaining some ground after shedding nearly 12% in value during
an eight-session losing streak.
Gold for December delivery gained $16.90 to close at $831.50
an ounce on the New York Mercantile Exchange.
The U.S. dollar hit the highest since at least March vs. the euro
and other major currencies Wednesday after a report showed
U.S. retail sales fell less than forecast in July.
The Commerce Department said purchases at retailers declined
0.1% last month. Economists surveyed by MarketWatch expected
sales to fall 0.3%. Excluding automobiles, sales rose 0.4%
last month.
Crude prices climbed to a high above $117 per barrel Wednesday,
supported by declines in petroleum supplies.
SHORT TERM TREND : BULLISH : TARGET RS 21880
LONG TERM TREND : BULLISH : TARGET RS 26000
S1 RS 21360, S2 RS 21120, S3 RS 20860
R1 RS 21670, R2 RS 21880 , R3 RS 22060
PREFER INTRA DAY LONG AT RS 21360 TO 21340
STOP LOSS RS 21120
TARGET RS 21670
September silver up 36 cents to close at $14.845 an ounce.
Gold futures closed with a gain of almost $17 an ounce Wednesday,
regaining some ground after shedding nearly 12% in value during
an eight-session losing streak.
Gold for December delivery gained $16.90 to close at $831.50
an ounce on the New York Mercantile Exchange.
The U.S. dollar hit the highest since at least March vs. the euro
and other major currencies Wednesday after a report showed
U.S. retail sales fell less than forecast in July.
The Commerce Department said purchases at retailers declined
0.1% last month. Economists surveyed by MarketWatch expected
sales to fall 0.3%. Excluding automobiles, sales rose 0.4%
last month.
Crude prices climbed to a high above $117 per barrel Wednesday,
supported by declines in petroleum supplies.
Wednesday, August 13, 2008
UPDATES ON AUG 13 2008
AUG 13 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 20260
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 20630, S2 RS 20480, S3 RS 20240
R1 RS 21060, R2 RS 21210, R3 RS 21460
September silver fell 13.5 cents to close at $14.485 an ounce.
Gold futures have suffered a drop of more than $100 per ounce
since July 31, extending their losing streak Tuesday to eight
sessions in a row on the heels of a broader decline in the
commodities market.
Gold for December delivery fell $13.70 to close at $814.60 an ounce
on the New York Mercantile Exchange.
Prices for oil fell to a low of $112.40 per barrel on Nymex Tuesday.
Russian President Dmitry Medvedev has ordered an end to
military operations in Georgia.
And separate reports from the Paris-based International Energy
Agency and the U.S. Energy Information Administration, released
Tuesday, signal a slowdown in global oil demand.
In foreign-exchange trading, the dollar declined Tuesday, pulling back
after a week of rapid gains against the euro and other currencies.
The dollar index , which measures the greenback against a basket of
currencies, fell to 76.14 from 76.21 in North American
trading late Monday.
SHORT TERM TREND : BEARISH : TARGET RS 20260
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 20630, S2 RS 20480, S3 RS 20240
R1 RS 21060, R2 RS 21210, R3 RS 21460
September silver fell 13.5 cents to close at $14.485 an ounce.
Gold futures have suffered a drop of more than $100 per ounce
since July 31, extending their losing streak Tuesday to eight
sessions in a row on the heels of a broader decline in the
commodities market.
Gold for December delivery fell $13.70 to close at $814.60 an ounce
on the New York Mercantile Exchange.
Prices for oil fell to a low of $112.40 per barrel on Nymex Tuesday.
Russian President Dmitry Medvedev has ordered an end to
military operations in Georgia.
And separate reports from the Paris-based International Energy
Agency and the U.S. Energy Information Administration, released
Tuesday, signal a slowdown in global oil demand.
In foreign-exchange trading, the dollar declined Tuesday, pulling back
after a week of rapid gains against the euro and other currencies.
The dollar index , which measures the greenback against a basket of
currencies, fell to 76.14 from 76.21 in North American
trading late Monday.
Tuesday, August 12, 2008
UPDATES ON AYG 12 2008
AUG 12 TUESDAY
SHORT TERM TREND : BEARISH : TARGET RS 19650
LONG TERM TREND : BULLISH : TARGET Rs 29000
S1 RS 20330, S2 RS 20000, S3 RS 19680
R1 RS 20980, R2 RS 21160, R3 RS 21380
MARKET IS EXPECTED TO M0VE SIDEWYS TO LOWER.
WAIT FOR RESISTENCE FOR FRESH SHORTS.
Among other metals Monday, silver was also a big loser.
September silver fell 71 cents, or 4.6%, to close at $14.62
an ounce.
Gold futures closed at their lowest level of the year Monday
as a decline in oil prices and strength in the dollar sent the
precious metal's prices down by more than 4% an ounce in
electronic trading.
The dollar held the line on last week's robust gains Monday, and
analysts said the greenback may catch renewed strength if the
price of crude oil can continue to hold below $120 a barrel.
The dollar index which measures the U.S. dollar against a basket
of major currencies, rose to 76.25, up from 75.82 in late North
American trading Friday. A combination of factors drove the dollar's
rise last week, such as the European Central Bank admitting
weakness in the euro-zone economy.
Meanwhile, crude futures fell below $115 per barrel in New York
Monday, with the September contract down 75 cents to close at
$114.45 on Nymex. Prices haven't traded this low since early May.
SHORT TERM TREND : BEARISH : TARGET RS 19650
LONG TERM TREND : BULLISH : TARGET Rs 29000
S1 RS 20330, S2 RS 20000, S3 RS 19680
R1 RS 20980, R2 RS 21160, R3 RS 21380
MARKET IS EXPECTED TO M0VE SIDEWYS TO LOWER.
WAIT FOR RESISTENCE FOR FRESH SHORTS.
Among other metals Monday, silver was also a big loser.
September silver fell 71 cents, or 4.6%, to close at $14.62
an ounce.
Gold futures closed at their lowest level of the year Monday
as a decline in oil prices and strength in the dollar sent the
precious metal's prices down by more than 4% an ounce in
electronic trading.
The dollar held the line on last week's robust gains Monday, and
analysts said the greenback may catch renewed strength if the
price of crude oil can continue to hold below $120 a barrel.
The dollar index which measures the U.S. dollar against a basket
of major currencies, rose to 76.25, up from 75.82 in late North
American trading Friday. A combination of factors drove the dollar's
rise last week, such as the European Central Bank admitting
weakness in the euro-zone economy.
Meanwhile, crude futures fell below $115 per barrel in New York
Monday, with the September contract down 75 cents to close at
$114.45 on Nymex. Prices haven't traded this low since early May.
Monday, August 11, 2008
UPDATES ON AUG 11 2008
AUG 11 MONDAY
Silver prices suffer weekly loss of 12%.
Gold futures closed more than $13 per ounce lower Friday, and
the weekly loss for silver prices exceeded 12% amid fresh
buying interest in the U.S. dollar, which pressured dollar
-denominated commodities such as gold and oil.
Gold for December delivery dropped $13.10 to close at
$864.80 an ounce on the New York Mercantile Exchange.
It traded as low as $858, the contract's weakest intraday
level since early May.
September silver, down 92.7 cents, or 5.7%, closing at $15.33 an
ounce. Silver futures traded at their lowest level since early
January, and for the week they're down 12.5%.
Tighter Chinese controls on currency inflows and worries about
the outlook for economic growth in the euro-zone countries
sent the dollar sharply higher Friday, while the European
common currency tumbled to a five-month low against
the greenback.
Crude-oil futures also fell Friday, pressured by the rallying dollar.
Silver prices suffer weekly loss of 12%.
Gold futures closed more than $13 per ounce lower Friday, and
the weekly loss for silver prices exceeded 12% amid fresh
buying interest in the U.S. dollar, which pressured dollar
-denominated commodities such as gold and oil.
Gold for December delivery dropped $13.10 to close at
$864.80 an ounce on the New York Mercantile Exchange.
It traded as low as $858, the contract's weakest intraday
level since early May.
September silver, down 92.7 cents, or 5.7%, closing at $15.33 an
ounce. Silver futures traded at their lowest level since early
January, and for the week they're down 12.5%.
Tighter Chinese controls on currency inflows and worries about
the outlook for economic growth in the euro-zone countries
sent the dollar sharply higher Friday, while the European
common currency tumbled to a five-month low against
the greenback.
Crude-oil futures also fell Friday, pressured by the rallying dollar.
Friday, August 8, 2008
UPDATES ON AUG 8 2008
AUG 8 FRIDAY
SHORT TERM TREND : BEARISH: TARGET RS 22430
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 22660, S2 RS 22430, S3 RS 22240
R1 RS 22980, R2 RS 23160, R3 RS 23320
PREFER SHORT AT RS 22840 TO 22860
STOP LOSS RS 23160
TARGET RS 22430
Silver slipped to $16.18/16.25 an ounce from its
previous finish of$16.51/16.57.
Gold ended lower on Thursday as the dollar rebounded against
the euro after a surprise rise in June U.S. home sales and
comments by European Central Bank President Jean-Claude
Trichet.
The U.S. dollar rose to a 5-1/2-month high against a basket
of currencies and a seven-week peak versus the euro,
bolstered by a surprise rise in June home sales and
diminished expectations for euro-zone interest rate
increases.
Oil, the other main external driver of gold, ended $1.44 higher at
$120.02 a barrel, recovering from three-month lows.
SHORT TERM TREND : BEARISH: TARGET RS 22430
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 22660, S2 RS 22430, S3 RS 22240
R1 RS 22980, R2 RS 23160, R3 RS 23320
PREFER SHORT AT RS 22840 TO 22860
STOP LOSS RS 23160
TARGET RS 22430
Silver slipped to $16.18/16.25 an ounce from its
previous finish of$16.51/16.57.
Gold ended lower on Thursday as the dollar rebounded against
the euro after a surprise rise in June U.S. home sales and
comments by European Central Bank President Jean-Claude
Trichet.
The U.S. dollar rose to a 5-1/2-month high against a basket
of currencies and a seven-week peak versus the euro,
bolstered by a surprise rise in June home sales and
diminished expectations for euro-zone interest rate
increases.
Oil, the other main external driver of gold, ended $1.44 higher at
$120.02 a barrel, recovering from three-month lows.
Thursday, August 7, 2008
UPDATES ON AUG 7 2008
AUG 7 THURSDAY
SHORT TERM TREND : BEARISH: TARGET RS 22840
LONG TERM TREND : BULLISH: TARGET RS 29000
S1 RS 23030, S2 RS 22860, S3 RS 22640
R1 RS 23360, R2 RS 23540, R3 RS 23760
PREFER SHORTS AT RS 23360 TO 23380
STOP LOSS RS 23540
TARGET RS 23030
On the Nymex Wednesday, September silver fell
6.7 cents to close at $16.505 an ounce.
Gold for December delivery dropped $3.10 to close at $883
an ounce on the New York Mercantile Exchange. It's trading
at the lowest level since mid June.
Crude-oil futures fell after the Energy Department reported that
crude supplies unexpectedly climbed by 1.7 million barrels to
296.9 million for the week ended August 1.
On the currency markets, the U.S. dollar maintained its firmer
tone Wednesday, buoyed against major rivals by more evidence
of deteriorating economic fundamentals in Europe and Japan, in
the wake of the U.S. Federal Reserve's decision to hold policy
steady for now.
SHORT TERM TREND : BEARISH: TARGET RS 22840
LONG TERM TREND : BULLISH: TARGET RS 29000
S1 RS 23030, S2 RS 22860, S3 RS 22640
R1 RS 23360, R2 RS 23540, R3 RS 23760
PREFER SHORTS AT RS 23360 TO 23380
STOP LOSS RS 23540
TARGET RS 23030
On the Nymex Wednesday, September silver fell
6.7 cents to close at $16.505 an ounce.
Gold for December delivery dropped $3.10 to close at $883
an ounce on the New York Mercantile Exchange. It's trading
at the lowest level since mid June.
Crude-oil futures fell after the Energy Department reported that
crude supplies unexpectedly climbed by 1.7 million barrels to
296.9 million for the week ended August 1.
On the currency markets, the U.S. dollar maintained its firmer
tone Wednesday, buoyed against major rivals by more evidence
of deteriorating economic fundamentals in Europe and Japan, in
the wake of the U.S. Federal Reserve's decision to hold policy
steady for now.
Wednesday, August 6, 2008
UPDATES ON AUG 6 2008
AUG 6 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 22800
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 23230, S2 RS 23000, S3 RS 22840
R1 RS 23530, R2 RS 24720, R3 RS 24930
PREFER SHORT AT RS 23510 TO 23530
STOP LOSS RS 24720
TARGET RS 23230.
September silver fell by 56.8 cents, or 3.3%, to close at $16.572 an ounce.
Gold futures fell more than $21 an ounce on Tuesday, tallying a
three-session losing streak of more than $36 an ounce as
prices sank to their lowest levels since mid June.
Gold prices moved higher in electronic trading on Globex
immediately after the U.S. Federal Reserve kept interest
rates unchanged at 2%, then moved lower again. The Fed
gave no sign that it plans to change policy in the foreseeable
future.
The Fed made its announcement at about 2:15 p.m. EDT --
after regular trading on the New York Mercantile Exchange
closed.
The dollar index a measure of the greenback against a trade-
weighted currency basket, was at 73.92, compared with 73.485
in late North American trading Monday.
Weakness in oil helped fuel the dollar's strength. Crude for
September delivery fell $2.24 to close at $119.17 per barrel
on Globex.
SHORT TERM TREND : BEARISH : TARGET RS 22800
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 23230, S2 RS 23000, S3 RS 22840
R1 RS 23530, R2 RS 24720, R3 RS 24930
PREFER SHORT AT RS 23510 TO 23530
STOP LOSS RS 24720
TARGET RS 23230.
September silver fell by 56.8 cents, or 3.3%, to close at $16.572 an ounce.
Gold futures fell more than $21 an ounce on Tuesday, tallying a
three-session losing streak of more than $36 an ounce as
prices sank to their lowest levels since mid June.
Gold prices moved higher in electronic trading on Globex
immediately after the U.S. Federal Reserve kept interest
rates unchanged at 2%, then moved lower again. The Fed
gave no sign that it plans to change policy in the foreseeable
future.
The Fed made its announcement at about 2:15 p.m. EDT --
after regular trading on the New York Mercantile Exchange
closed.
The dollar index a measure of the greenback against a trade-
weighted currency basket, was at 73.92, compared with 73.485
in late North American trading Monday.
Weakness in oil helped fuel the dollar's strength. Crude for
September delivery fell $2.24 to close at $119.17 per barrel
on Globex.
Tuesday, August 5, 2008
UPDATES ON AUG 5 2008
AUG 5 TUESDAY
SHORT TERM TREND : BEARISH : TARGET RS 23660
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 23840, S2 RS 23670, S3 RS 23430
R1 RS 24160, R2 RS 24330,R3 RS 24475
PREFER SHORT AT RS 24160 TO 24180
STOP LOSS RS 24330
TARGET RS 23860
September silver fell 38 cents, or 2.2%, to close at $17.14 an ounce.
Gold for December delivery dropped $9.60 to close at $907.90
an ounce on the New York Mercantile Exchange after trading
as low as $903. The contract hasn't seen levels this low since
June 25.
Crude for September delivery tumbled $3.80 to $121.30 a barrel
on the Nymex amid worries about the U.S. economy and demand
for oil.
The U.S. dollar edged higher against most other major currencies,
but remained in recent narrow ranges as investors await this
week's interest-rate decisions from the Federal Reserve, the
Bank of England and the European Central Bank.
The Fed is broadly expected to keep its key lending rate
unchanged at 2% on Tuesday.
SHORT TERM TREND : BEARISH : TARGET RS 23660
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 23840, S2 RS 23670, S3 RS 23430
R1 RS 24160, R2 RS 24330,R3 RS 24475
PREFER SHORT AT RS 24160 TO 24180
STOP LOSS RS 24330
TARGET RS 23860
September silver fell 38 cents, or 2.2%, to close at $17.14 an ounce.
Gold for December delivery dropped $9.60 to close at $907.90
an ounce on the New York Mercantile Exchange after trading
as low as $903. The contract hasn't seen levels this low since
June 25.
Crude for September delivery tumbled $3.80 to $121.30 a barrel
on the Nymex amid worries about the U.S. economy and demand
for oil.
The U.S. dollar edged higher against most other major currencies,
but remained in recent narrow ranges as investors await this
week's interest-rate decisions from the Federal Reserve, the
Bank of England and the European Central Bank.
The Fed is broadly expected to keep its key lending rate
unchanged at 2% on Tuesday.
Saturday, August 2, 2008
UPDATES ON AUG 2 2008
AUG 2 SATURDAY
SHORT TERM TREND : BEARISH : TARGET RS 24220
LONG TERM TREND : BULLISH: TARGET RS 29000
S1 RS 25360, S2 RS 24220, S3 RS 23930
R1 RS 24560, R2 RS 24750, R3 RS 24960
PREFER SHORT AT RS 24560 TO 24570
STOP LOSS RS 24750
TARGET RS 24220
Silver futures for September delivery dropped 27 cents,
or 1.5 percent, to $17.52 an ounce on the Comex. Silver
gained 17 percent this year, including a 0.8 percent
rise this week.
Gold fell as better-than-expected U.S. jobs data
boosted the dollar and reduced demand for
alternative assets. Silver also dropped.
Crude oil jumped as much as 3.6 percent following
remarks by Israeli Deputy Prime Minister Shaul Mofaz
that Iran was poised to make ``unacceptable''
progress in its nuclear program. Gold jumped to
a record in March as oil climbed and the dollar
slipped.
SHORT TERM TREND : BEARISH : TARGET RS 24220
LONG TERM TREND : BULLISH: TARGET RS 29000
S1 RS 25360, S2 RS 24220, S3 RS 23930
R1 RS 24560, R2 RS 24750, R3 RS 24960
PREFER SHORT AT RS 24560 TO 24570
STOP LOSS RS 24750
TARGET RS 24220
Silver futures for September delivery dropped 27 cents,
or 1.5 percent, to $17.52 an ounce on the Comex. Silver
gained 17 percent this year, including a 0.8 percent
rise this week.
Gold fell as better-than-expected U.S. jobs data
boosted the dollar and reduced demand for
alternative assets. Silver also dropped.
Crude oil jumped as much as 3.6 percent following
remarks by Israeli Deputy Prime Minister Shaul Mofaz
that Iran was poised to make ``unacceptable''
progress in its nuclear program. Gold jumped to
a record in March as oil climbed and the dollar
slipped.
Friday, August 1, 2008
UPDATES ON AUG 1 2008
AUG 1 FRIDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 24360 TO 25070
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 24540, S2 RS 24360, S3 RS 24160
R1 RS 24930, R2 RS 25070, 25210
MARKET IS EXPECTED TO MOVE SIDEWAYS.
SHORT TERM TREND : SIDEWAYS : TARGET RS 24360 TO 25070
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 24540, S2 RS 24360, S3 RS 24160
R1 RS 24930, R2 RS 25070, 25210
MARKET IS EXPECTED TO MOVE SIDEWAYS.
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