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Mtechtips Gold

Mtechtips Gold

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Published by MtechTips
1.Gold slightly lower despite positive S&P comments
Gold futures traded modestly lower in the early part of Tuesday’s Asian session despite positive comments from ratings agency Standard & Poor’s on the world’s largest economy. Those comments were made during Monday’s U.S. session.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.16% to USD1,383.85 per ounce in Asian trading Tuesday after settling up at USD1,385.25 a troy ounce in U.S. trading on Monday. Gold futures were likely to test support USD1,375.35 a troy ounce, the earlier low, and resistance at USD1,423.25, Thursday's high. During Monday’s U.S. session, S&P revised its long-term outlook on U.S. Treasurys to stable from negative and affirmed the country's AA+/A-1+ rating. The AA+ rating is one notch below AAA, the highest rating possible and one that the U.S. lost nearly two years. A dwindling number of countries currently have AAA credit ratings. The list include Australia, Canada, Germany, Hong Kong Switzerland and Singapore."The stable outlook indicates our appraisal that some of the downside risks to our ‘AA+’ rating on the U.S. have receded to the point that the likelihood that we will lower the rating within the next two years is less than one in three," Standard and Poor's said.
2.Gold futures hover near 2-week low with Fed policy in focus
Gold futures edged lower to trade near a two-week low on Tuesday, amid concerns over how long the Federal Reserve will maintain the pace of its asset purchases. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,377.35 a troy ounce during European morning hours, down 0.6% on the day. Comex gold prices held in a range between USD1,376.55 a troy ounce, the daily low and a session high of USD1,387.05 a troy ounce. Gold futures were likely to find support at USD1,355.55 a troy ounce, the low from May 23 and near-term resistance at USD1,417.25, the high from June 7. Speculation that the Fed will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
3.Indian Rupee holds key to MCX Gold movements; futures may consolidate gains
Movements in Indian Rupee are expected to impact MCX gold futures for the day even as analyst suggests that the commodity may consolidate gains of yesterday. Rupee was seen trading at 58.871 against Dollar as of 11.36 AM IST. Gold futures on India’s MCX were seen trading up by 0.85% at Rs.28245 on 11.12 am IST. The commodity as of the time mentioned has maintained the range of 28041-28261. “Gold may see consolidation of gains registered on Monday; but weakening of Rupee against Dollar may see the futures scale up further, if the same occurs,” said John Godson, Technical Analyst with Commodity Online. The weakness in Rupee may let gold on MCX appreciate despite a lack of bullishness in Comex gold, he pointed out. He also provides support and resistance for the yellow metal.Meanwhile, on the Globex platform of Comex, gold for delivery on August 13 was seen trading at $1,383.25/oz, a loss of $2.75 or 0.20% as of 11.30 AM IST.Also, as fiscal risks start to retreat, S&P altered the U.S.’s AA+ credit rating outlook to stable from negative. Besides holdings in SPDR Gold Trust climbed on Monday for the first time since May 29. The US economy meanwhile, added 175000 jobs in May compared to just 149000 in April, reports from last week said. US unemployment rate meanwhile climbed to 7.6% for the month and private non-farm pay rolls expanded just by 178000 compared to the forecast of 180000 in May.
1.Gold slightly lower despite positive S&P comments
Gold futures traded modestly lower in the early part of Tuesday’s Asian session despite positive comments from ratings agency Standard & Poor’s on the world’s largest economy. Those comments were made during Monday’s U.S. session.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.16% to USD1,383.85 per ounce in Asian trading Tuesday after settling up at USD1,385.25 a troy ounce in U.S. trading on Monday. Gold futures were likely to test support USD1,375.35 a troy ounce, the earlier low, and resistance at USD1,423.25, Thursday's high. During Monday’s U.S. session, S&P revised its long-term outlook on U.S. Treasurys to stable from negative and affirmed the country's AA+/A-1+ rating. The AA+ rating is one notch below AAA, the highest rating possible and one that the U.S. lost nearly two years. A dwindling number of countries currently have AAA credit ratings. The list include Australia, Canada, Germany, Hong Kong Switzerland and Singapore."The stable outlook indicates our appraisal that some of the downside risks to our ‘AA+’ rating on the U.S. have receded to the point that the likelihood that we will lower the rating within the next two years is less than one in three," Standard and Poor's said.
2.Gold futures hover near 2-week low with Fed policy in focus
Gold futures edged lower to trade near a two-week low on Tuesday, amid concerns over how long the Federal Reserve will maintain the pace of its asset purchases. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,377.35 a troy ounce during European morning hours, down 0.6% on the day. Comex gold prices held in a range between USD1,376.55 a troy ounce, the daily low and a session high of USD1,387.05 a troy ounce. Gold futures were likely to find support at USD1,355.55 a troy ounce, the low from May 23 and near-term resistance at USD1,417.25, the high from June 7. Speculation that the Fed will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
3.Indian Rupee holds key to MCX Gold movements; futures may consolidate gains
Movements in Indian Rupee are expected to impact MCX gold futures for the day even as analyst suggests that the commodity may consolidate gains of yesterday. Rupee was seen trading at 58.871 against Dollar as of 11.36 AM IST. Gold futures on India’s MCX were seen trading up by 0.85% at Rs.28245 on 11.12 am IST. The commodity as of the time mentioned has maintained the range of 28041-28261. “Gold may see consolidation of gains registered on Monday; but weakening of Rupee against Dollar may see the futures scale up further, if the same occurs,” said John Godson, Technical Analyst with Commodity Online. The weakness in Rupee may let gold on MCX appreciate despite a lack of bullishness in Comex gold, he pointed out. He also provides support and resistance for the yellow metal.Meanwhile, on the Globex platform of Comex, gold for delivery on August 13 was seen trading at $1,383.25/oz, a loss of $2.75 or 0.20% as of 11.30 AM IST.Also, as fiscal risks start to retreat, S&P altered the U.S.’s AA+ credit rating outlook to stable from negative. Besides holdings in SPDR Gold Trust climbed on Monday for the first time since May 29. The US economy meanwhile, added 175000 jobs in May compared to just 149000 in April, reports from last week said. US unemployment rate meanwhile climbed to 7.6% for the month and private non-farm pay rolls expanded just by 178000 compared to the forecast of 180000 in May.

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Published by: MtechTips on Jun 11, 2013
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MTECHTIPS
1.Gold slightly lower despite positive S&P commentsGold f 
utures traded modestly lower in the early part of Tuesday’s Asian sessiondespite positive comments from ratings agency Standard & Poor’s on theworld’s largest economy. Those comments were made during Monday’s U.S.
session.On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery fell 0.16% to USD1,383.85 per ounce in Asian tradingTuesday after settling up at USD1,385.25 a troy ounce in U.S. trading onMonday. Gold futures were likely to test support USD1,375.35 a troy ounce, theearlier low, and resistance at USD1,423.25, Thursday's high.
During Monday’s
U.S. session, S&P revised its long-term outlook on U.S. Treasurys to stable fromnegative and affirmed the country's AA+/A-1+ rating. The AA+ rating is onenotch below AAA, the highest rating possible and one that the U.S. lost nearlytwo years. A dwindling number of countries currently have AAA credit ratings.The list include Australia, Canada, Germany, Hong Kong Switzerland andSingapore."The stable outlook indicates our appraisal that some of the
downside risks to our ‘AA+’ rating on the U.S. have receded to the point that the
 
 
likelihood that we will lower the rating within the next two years is less thanone in three," Standard and Poor's said.2.Gold futures hover near 2-week low with Fed policy in focusGold futures edged lower to trade near a two-week low on Tuesday, amidconcerns over how long the Federal Reserve will maintain the pace of its assetpurchases. Moves in the gold price this year have largely tracked shiftingexpectations as to whether the U.S. central bank would end its bond-buyingprogram sooner-than-expected. On the Comex division of the New YorkMercantile Exchange, gold futures for August delivery traded at USD1,377.35 atroy ounce during European morning hours, down 0.6% on the day. Comex goldprices held in a range between USD1,376.55 a troy ounce, the daily low and asession high of USD1,387.05 a troy ounce. Gold futures were likely to findsupport at USD1,355.55 a troy ounce, the low from May 23 and near-termresistance at USD1,417.25, the high from June 7. Speculation that the Fed will
begin to taper its asset purchase program continued following last week’s
upbeat U.S. jobs data and after ratings agency Standard
& Poor’s revised its
long-term outlook on the U.S. credit rating to stable from negative on Monday,citing an improving economic outlook.3.Indian Rupee holds key to MCX Gold movements; futures may consolidategainsMovements in Indian Rupee are expected to impact MCX gold futures for theday even as analyst suggests that the commodity may consolidate gains of yesterday. Rupee was seen trading at 58.871 against Dollar as of 11.36 AM IST.
Gold futures on India’s MCX were
seen trading up by 0.85% at Rs.28245 on11.12 am IST. The commodity as of the time mentioned has maintained therange of 28041-
28261. “Gold may
see consolidation of gains registered onMonday; but weakening of Rupee against Dollar may see the futures scale up
further, if the same occurs,” said John Godson, Technical Analyst with
Commodity Online. The weakness in Rupee may let gold on MCX appreciatedespite a lack of bullishness in Comex gold, he pointed out. He also providessupport and resistance for the yellow metal.Meanwhile, on the Globex platform

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