Gold News

Euro Initial support is at 1.4243 (Apr 7 low) followed by 1.4208 (Apr 6 low). Initial resistance is located at 1.4512 (Jan 15 2010 high) followed by 1.4561 (1.2867 plus 1.2588-1.4282) Yen Initial support is located at 84.51 (Dec 51 low) followed by 84.03 (Apr 5 low). Initial resistance is at 85.62 (50% retrace of 94.99-76.25) followed by 86.00 (Big Figure Resistance). Cable Initial support is located at 1.6257 (Apr 6 low) followed by 1.6091 (Apr 5 low). Initial resistance is at 1.6458 (Jan 19, 2010 high) followed by 1.6516 (Dec 7 2009 high). Australian Dollar Initial support is near 1.0412 (Apr 7 low) followed by the 1.0315 (Apr 6 low). Initial resistance is located at 1.0640 (0.8771 plus 1.618 of 0.8067-0.9222) followed by 1.1023 (61.8% retrace of 1.4885-0.4776). Gold Initial support is at 1447 (Mar 24 high) followed by 1430 (Apr 5 low). Initial resistance is at 1477 (1308.25 plus 0.618 of 1157.03-1431.25) followed by 1480 (Big Figure). Oil Initial support is located at 110.00 (Intraday Support) followed by 108.00...

The gold has started its correction which has ended at 1410$ getting back above its previous high at 1447 to reach 1456 ahead of testing 1500$ psychological level as the tension is still on in Libya with no clear victory to each of the rebels or El Qaddafi's troops supporting the oil prices and the investors looking for safe haven stance. In this same time, there is no clear direction for hiking the interest rate ending the Fed's stimulating easing stance for containing inflation in US expecting the rising of oil and commodities prices to pass with no implication on the underling inflation over the medium term to effect negatively on the demand as what has been announced earlier this week from the Fed's Chairman Mr. Bernaneke who is expecting these rises of oil and commodities to be transitory with no effect on the long term inflation and this conclusion has been obvious in the recent meeting minutes of the Fed...

European equity markets closed largely unchanged for a second day with the benchmark EuroStoxx 50 ending the session 0.17% lower. US stock markets were also flat with all three benchmark indexes - DJIA,S&P500 and the Nasdaq closing less than 0.05% from yesterdays close. Weaker than anticipated Non-Manufacturing ISM in the US weighed on equities. Overnight the Nikkei is 0.5% higher following further weakening of the Yen which has declined to 95 on the US dollar. This is a positive development for Japan's manufacturing and export sector on which the economy is heavily reliant. Australia's S&P ASX is unchanged and the HSI futures indiacate a slightly higher opening. Gold rose to an new all-time high today above $1450 an ounce. The intra-day high was set at $1457.75 reflecting a new record for the precious metal which has recently been setting record after record. Crude Oil eased back down to $107.50 a barrel followin the 2 1/2 year high reached yesterday above 108.50. It...

Equity markets were flat on Monday following the rally on Friday fuelled by the strong US Non-Farm Payroll data. On Friday US equities failed to match the gains seen in Europe closing only 0.5% higher in contrast to the gains of over 1% seen accross European benchmark indexes. This is indicative of much of the good data and expectations being priced into equities. The flat performance of indices in Europe and the US on Monday provide further indication that the strong rally in stock markets may be peetering out. The FTSE 100 gained 0.2% while the Eurostoxx 50 closed 0.25% lower as well as the DAX and CAC closing marginally lower despite several large takeovers announced in the Asia and Europe. In the US the DJ30 closed up 0.2% with the S&P and Nasdaq virtually unchanged. There is an important point to be made in the performance of stocks in the various national benchmark indexes: Commodity prices are at elevated...

Forex The Dollar opens the week on the back foot with the USD Index (75.82) trading below 76.00. The Euro (1.4220) closed strong on Friday and looks strong ahead of the ECB Meeting on Thursday. Also, the Bank of Japan and Bank of England meetings are also scheduled for Thursday as well. Before that, the Royal Bank Australia meets tomorrow. The FOMC meeting comes up much later in the month, on 27th April. For this week at least, therefore, interest rate thoughts may dominate the forex market. USDJPY (84.17) trades strong and we might see further gains. Also the EURJPY (119.72) might gain further this week. Like the Euro, the Pound (1.6123) saw a strong rise on Friday and looks bullish this week. The Dollar-Swiss (0.9240) had spiked up to 0.9340 on Friday before the NFP data, but fell after. The Aussie (1.0387) has been on a steady rise, without the kind of volatility seen in the Euro, Pound and Swissy on Friday. Markets The...