iForexon

Gold 7/12/2011

2011-12-07T19:41:00.001+05:00

Long Term Buying On.
Around 1730

Targeting
1793

Stop Loss
1715

Gold Market Could Hit 1793 This Week

Energy Markets

2011-11-01T16:28:00.000+05:00

Crude oil is trading negatively extending yesterday’s losses after the Chinese PMI showed a slowing growth in their manufacturing sector unlike the expectations, and on the European side, the Greek prime minister has pulled back fears and concerns into the market after he declared a referendum will be held on the bailout package.

Yesterday late, the Greek PM George Papandreou unexpectedly announced a referendum would take a place in the future on the new bailout, after the EU leaders agreed to raise the new bailout to be 130 billion Euros along with the haircut that made on the Greek bonds by 50%.

The announcement that declared yesterday from Greece had raised the uncertainty in markets and pulled back fears and concerns to global markets after they gone when EU leaders announced a plan that may contain the crisis a prevent it from spreading, but this announcement now made it much difficult on EU leaders, where economists see that it would hurt the whole Europe.

Crude declined significantly after this announcement that made the outlook for Europe unclear, which will hurt the whole economy if the referendum said no to the package, which will curb the future oil demand from Europe and globally as well.

Crude oil for December delivery opened today’s session at $92.55 and reached a high of $92.84 and declined to reach so far a low of $91.19, where it is trading negatively around $91.22.

On the other hand, China’s PMI manufacturing showed a slower growth than before, which will hold down the global recovery train strongly since China is one of world’s leading economies that affect the global growth significantly, and any slowing down in their economy will be reflected on the global growth.

The Chinese economy has released the figures for the PMI manufacturing for October, where it recorded a number of 50.4 points, compared with the prior reading of 51.2 points; also it came below expectations of 51.8 points.

Also, the Reserve Bank of Australia cut down the borrowing rate by 25 basis to reach 4.50%, where it referred to the escalating European debt crisis and the wakening in the European economy are still delivering pessimism and uncertainty to the global economy especially the Asian region which is deeply suffering from this weakening.

Finally, volatility will remain evident in today’s trading amid all these factors, but crude will be volatile with a negative momentum due to all these negative factors, but as we said volatility would take a place ahead of the British growth report that will be released today and is expected to show a slowing growth in the third quarter.

Gold - Daily

2011-11-01T16:25:00.004+05:00

Staying aside is favored as far as the metal is close to 1702.00 .

The trading range for today is among the key support at 1665.00 and key resistance now at 1730.

The general trend over the short term basis is to the downside and upside in long term targeting 1925.00.

Support: 1702.00, 1695.00, 1687.00, 1673.00, 1665.00
Resistance: 1728.00, 1730.00, 1745.00, 1760.00, 1780.00

Gold

2011-10-31T17:28:00.001+05:00

Gold is in downtrend.

The downtrend may be expected to continue in case the market drops below support level 1694, which will be followed by reaching support level 1680 and then 1662.

An uptrend will start if market rebound from 1695 , which will be followed by moving up to resistance level 1745/80.

Resistances: 1724, 1739, 1745, 1780
Supports: 1704, 1695, 1681, 1663, 1650

Crude Oil

2011-10-31T17:06:00.001+05:00

Crude oil declines since the opening of this week retreating from gains that achieved last week due to the rising dollar which made commodities more expensive for investors after the BoJ intervened in the markets to stem the continuous rising in their Japanese Yen.

Crude is trading with a negative momentum since morning driven by the rising dollar and the darkness that covers the European debt plan as more details must be clarified in order to ensure help from China and other countries that would support Europe by buying the EFSF bonds.