You are on page 1of 6

DAILY MARKET COMMENTARY, 24th of

September, 2013, Tuesday

Market Overview
Precious-Gold inched up on Tuesday following a three-session drop on expected demand
on bullions ahead of the Golden Week break in the world's second-biggest consumer.
Gold is currently trading around $1,322.95 an ounce after hitting a high of $1,328.99
and a low of $1,321.13, where the key support remains at $1,300.
The Golden weak break in China due on October 1 is expected to bring some demand
from consumer before its beginning, yet the metal remains under pressure after
announcements from U.S. Federal Reserve members regarding stimulus.
New York Fed President William Dudley said on Monday that the central bank still
could cut its non-standard measures later this year.
Last week, St. Louis Federal Reserve President James Bullard said the bank could
begin to withdraw its monthly bond purchases in October if data showed progress.
Gold has dropped around 3.20 percent over the previous three sessions, after marking
its longest losing streak since April when it plummeted for a fourth straight week last
week.
The yellow metal remains under pressure amid uncertainty about the Fed's economic
stimulus program which helped the metal to climb to its all-time high in 2011 as it
enhanced its appeal as an inflation hedge.
Still, there are hopes that further progress in coming U.S. figures would prompt
policymakers to start withdrawing its monthly bond purchases.
Therefore, in the coming period the main focus will remain on U.S. data, most notably
September's non-farm payrolls that will provide an update about the status of the labor
market.

Later in the day, eyes will focus on U.S. housing report for July and consumer
confidence data for September.
The dollar index, which tracks the dollar's movements versus a basket of major
currencies, advanced to 80.55 from the session's opening of 80.19.
Among other precious metals, sliver slipped to $21.60 from the session`s opening of
$21.79, platinum edged down to $1422.75 from $426.16, and palladium retreated to
$711.85 from $713.90.

GOLD TECHNICAL LEVELS:

Pivot: 1332.00
Our preference: SHORT positions below 1332 with targets @ 1307 & 1291.
Alternative scenario: The upside penetration of 1332 will call for 1346 & 1358.
Comment: as long as 1332 is resistance, look for choppy price action with a bearish bias.
Trend: ST Bearish; MT Bearish
Key levels Comment
1358** Intraday resistance
1346** Fib retracement (50%)
1332** Intraday pivot point

1314.2 Last
1307** Intraday support
1291** Intraday support
1272** Intraday support

SILVER TECHNICAL LEVELS:

Pivot: 21.95 Our preference: SHORT positions below 21.95 with targets @ 21.2 & 20.6.
Alternative scenario: The upside breakout of 21.95 will open the way to 22.45 & 23.
Comment: as long as the resistance at 21.95 is not surpassed, the risk of the break
below 21.2 remains high.
Trend: ST Bearish; MT Bearish
Key levels Comment
23 Intraday resistance
22.45 Intraday resistance
21.95 Intraday pivot point
21.507 Last
21.2 Intraday support
20.6 Intraday support
20.3 Intraday support




.
$1322.05
$1328.99 $1321.13 .

$1374.00 85
.

.

.
-- -
/
.
-- -
.

.

.
/ 13:00
.

( ).1332 :
: 1332 1307 1291 .
: 1332 1346 1358.
: 1332
.

**1358
**1346
**1332
1314.2
**1307
**1291
**1272

( )21.95 :
: 21.95 21.2 20.6 .
: 21.95 22.45 23.
: 21.95 21.2.

23
22.45
21.95
21.507
21.2
20.6
20.3