Gold futures & XAU

FACTORS

 

1. Technical : breaches pivot resistance at 53.6434; next resistance at 53.4117, 52.9667;pivot point at 53.8567; support at 54.0884, 54.3017, 54.7467.
2. FORECAST 4Q GDP expanded 4.9% Y/y vs 5.3% in 3Q,
3. Finance Minister Chidambaram presents annual budget for 12 months starting April 1
4. FM vowed to pare the gap to 4.8 % of GDP in the year through March 2014 from 5.3 % this year.
5. India may grow between 6.1 % to 6.7% next fiscal year

GOLD
MARKETS
Spot gold flat at $1,598.76 in Asia down 3.9 % in February. Gold April rose 0.1 % to $1,597.90 , Silver gained 0.2 % to $29.0725 , Platinum was little changed at$1,598.25. Palladium gained 0.3 % to $745.40 an ounce, heading for a fourth monthly advance in the best run since January 2011.

COPPER
Copper climbed for a third session on Thursday as the U.S. Federal Reserve reaffirmed its commitment to existing stimulus measures, while an improving outlook for demand also bolstered prices. 3M copper rose 0.60 % to $7,917.50 building on small gains in the previous session.

OIL
Brent crude oil prices steadied near a month-low beneath $113 a barrel on Wednesday as traders weighed expectations the Federal Reserve's stimulus program will be maintained against the sixth straight weekly rise in U.S. crude oil stockpiles. Brent crude shed 9 cents to $112.62 hitting a low of $112.23, its weakest point since Jan. 23. U.S. crude gained 54 cents to $93.17, supported by the EIA's report of a 75,000 barrel decline in crude oil inventories

FACTORS

 

1. Gold ETP fell to a 5M low of 2,508.53 MT yesterday (4 % monthly down) biggest fall since April 2008
2. Gold ETP holdings have dropped by 103.7 tons Feb more than five times the net sales in January.
3. Fed Chairman. Bernanke's defense of assset purchases and Italian election stoked demand
4. Bernanke testimony :the Fed may hold bonds on its $3.1 trillion balance sheet to maturity
5. $85 billion in Automatic federal spending cuts begin to take from tomorrow.

Futures

dinr

pattern: shark

http://pcmbrokers.org/pcmfileupload/...120895381.jpeg

Commodities

1. Korea Joins Russia, Kazakhstan in Boosting Gold Holdings.
2. Gold Rose for Second Day as Investors Weigh Stimulus Data.
3. Copper Climbs for Third Day as U.S. Data Boost Demand Outlook.

MARKET PULSE

INDIA: Budget projected a 16.4 % increase in total spending and a 23.4 % jump in targeted receipts.
INDIA: The purchasing managers' index fell to 54.2 from 57.5 in January.
US: Institute for Supply Management's non-manufacturing index, which covers about 90 % of the U.S. economy, increased to 56 last month, the highest level since February.
CHINA: yesterday pledged to support economic expansion while maintaining its growth target at 7.5 % for this year.
GOLD: South Korea boosted gold reserves by 24 % to 104.4 metric tons in February.
CANADA: CAD weakens on opinion that BOC May Signal Rate Easing

INDIAN INR
MARKETS
INR rose 0.5% to 54.6775. Three-month onshore INR forwards at 55.83, compared with 55.89 yesterday,
NDF at 55.75 versus 55.94. 1-month volatility slides 17 bps to 9.6400%.1-year IRS at 7.5800% , 5-year IRS at 7.2050% , 10Y Benchmark at 7.865%

GOLD
MARKETS
Spot gold gained 0.2 % to $1,578.05 earlier falling by 0.2 %. Gold for April delivery advanced 0.2 % to $1,577.50 . Cash silver gained 0.3 % to $28.79 .

COPPER
Copper inched up on Wednesday on reviving risk appetite, with encouraging U.S. economic data and continued loose monetary policy from key central banks helping drive Wall Street to a record close.Copper had climbed 0.34 % to $7,798.25 adding to small rose in the previous session.

Futures

DCU (copper)

pattern : gartley

http://pcmbrokers.org/pcmfileupload/...664800781.jpeg

Alex,
Why are you posting this stuff in a thread titled
Gold futures & XAU



??

MARKET PULSE

 

1. INDIA: Global funds bought $89 m of debt on March 7, which was the 9th day of inflow.
2. INDIA: Global Funds added more than $4 billion in stocks for the the past three months.
3. US: The USD Index approaches its highest level in seven months.
4. US: FORECAST: U.S. data this week may show a pickup in retail sales.
5. US: USD Index has rallied 3.8 % in 2013.
6. MARKETS : The $639 trillion OTC derivatives market are now required under the 2010 Dodd-Frank Act to have most of their trades settled on exchanges .

Commodities

 

1. WTI Oil Drops From One-Week High as Saudi Arabia Boosts Output.
2. Hedge Funds cut positions on commodities to 2009 Low .
3. Gold Swings Between Gains and Losses on USD, Physical Demand.

INDIAN INR
MARKETS
INR declined after 3-day advance, falling 0.1% to 54.3650 . 1 month volatility fell 9 BP to 9.18 %. 3 month forwards at 55.54 compared with 55.34, 3 month NDF at 55.50 versus 55.36. 1-year IRS at 7.5700% , 5-year IRS at 7.2300% , 10Y Benchmark at 7.845%
FACTORS

 

1. Technical: Pivot point at 54.3763; resistance at 54.1901, 54.0888, 53.8013; support at 54.4776, 54.6638,54.9513. INR near 100-DMA resistance at 54.2610, subsequent resistance at 50-DMA - 54.1859, support at 200-DMA -54.7360.
2. Global funds bought $ 89 m of local bonds on March 7, which was the 9th day of inflow.
3. Global funds bought a net $491 million of Indian stocks this month ,
4. Global Funds added more than $4 billion in stocks for the past three months.
5. Data Release: trade data at 11 am local time today.
6. The USD Index, approaches its highest level in seven months.

GOLD
MARKETS
Spot gold traded at $1,581.39 in Asia compared to $1,578.80 on March 8th. Gold April rose 0.3 % to
$1,580.90. Spot Silver increased 0.3 % to $29.08, reversing a 0.3% decline.
FACTORS

 

1. FORECAST: U.S. data this week may show a pickup in retail sales.
2. USD Index gained as much as 0.2 % to 82.858 nearing the seven month high.
3. USD Index has rallied 3.8 % in 2013.

COPPER
Copper inched higher on Monday,underpinned by short-covering after closing firmer for a first week in four, as patchy growth indicators from top consumer China overshadowed an emerging recovery in the U.S. labor market. Three-month copper rose 0.30 % to $7,763.25 building on small gains from the previous session when it logged its first higher weekly close in four weeks , up a modest 0.52 %.

OIL
U.S. crude rose on Thursday by about a USD on jobless claims falling unexpectedly in the United States and a weakening USD, while Brent prices dropped slightly after a North Sea pipeline restarted following a shutdown. Brent crude for April delivery fell 16 cents to $110.90. U.S. West Texas Intermediate crude rose by 99 cents to $91.42,driving Brent's premium to WTI down to $19.36, from $20.63 on Wednesday.

DGCX INR www.dgcx.ae

DGCX INR
OPEN
HIGH
LOW
PD CLOSE
Wednesday, March 13, 2013
183.95
183.88
184.34
184.05

54.3626
54.3833
54.2476
54.3331


MARKET PULSE

 

1. EURO ZONE : ECB will maintain its accommodative stance "as long as necessary," according to Jens Weidmann, an ECB council member and head of Germany's Bundesbank.
2. UK:industrial output fell in January, which boosted opinion that BoE may add to stimulus.
3. U.K : inflation expectations climbed to a 4 1/2-year .
4. UK: GBP dropped to the lowest level against the USD since June 2010.
5. Japan : two opposition parties said today they will endorse Kikuo Iwatafor Bank of Japan deputy governor.
6. US: FORECAST: U.S. retail sales advanced in February for a fourth month.
7. GOLD : ETPs at 2,472.891 MT yesterday, the lowest since September.

Commodities

 

1. Gold Trades Near Two-Week High on Stimulus, Rising Asian Demand.
2. WTI Oil Trades Near Two-Week High as U.S. Crude Supplies Decline.
3. Gold Caps Longest Rally in Six Months.

MARKETS
DJIA
14450.06
2.7
EUR
1.3039
0.0
DINR1M
184.05
0
NSE1M
54.3675
-0.0475
NASDAQ
3242.321
-10.5
GBP
1.4938
0.0
DINR2M
182.85
0.04
NSE2M
54.74
-0.0525
FTSE
6510.62
7.0
JPY
95.66
-0.4
INR-Spot
54.1563
-0.0362
MCX1M
54.3675
-0.0525
NIKKEI
12280.48
-34.3
GOLD
1592.45
-0.4
NDF1M
54.57
-0.02
MCX2M
54.7325
-0.05
HANG-S
22703.31
-187.3
SILVER
29.1675
0.0
NDF2M
54.87
-0.01
WTI
92.71
0.17
NIFTY
5874.35
-39.8
3MCU
7830.25
0.3
SENSEX
19477.25
-87.67
BRENT
109.42
-0.23


INDIAN INR
MARKETS
INR rose 0.2% to 54.1025 , 1-month volatility slid 15 bps to 8.8850%. 12-month NDFs declined 0.1% to 57.60 . 1 Year IRS at 7.5925%, 5-year IRS at 7.2350%. 10 Year Benchmark at 7.891%.
FACTORS

 

1. Technical: INR breached pivot resistance at 54.1084; next resistance at 54.0242, 53.7892; pivot point at 54.2592; support at 54.3434, 54.4942, 54.7292.
2. Consensus forecast : Cumulative 50 bps of RBI policy rate cuts by year end.
3. RBI likely to ease further, though timing is more uncertain, market moves to neutral on INR from being positive prior to budget.
4. Global funds bought $ 76.2 m of local bonds more than they sold on March 11.
5. Government to sell 70 b INR of 91-day bills and 50 b INR of 182-day bills today.

GOLD
MARKETS
Spot gold at $1,593.20 in Asia rising from $1,592.80 yesterday, when it climbed to $1,598.80, the highest intra-day price since Feb. 28. Gold April was little changed at $1,592.70. Gold has had four days of gains, the best run since August. Cash silver rose 0.1 % to $29.1775.
FACTORS

 

1. Gold at a two week high on prospects for additional stimulus from central banks.
2. ECB will maintain its accommodative stance "as long as necessary," according to Jens Weidmann, an ECB council member and head of Germany's Bundesbank.
3. UK: industrial output fell in January which boosted opinion that BoE may add to stimulus.
4. Japan : two opposition parties said today they will endorse Kikuo Iwatafor as Bank of Japan deputy governor.
5. FORECAST: U.S. retail sales advanced in February for a fourth month.
6. Gold ETPs at 2,472.891MT yesterday, the lowest since September.

FOREIGN EXCHANGE
MARKETS
USD traded at 95.95 yen, having scaled a 3-1/2 peak of 96.71. The euro eased to 125.11 yen, but remained within easy reach of a one-month high of 126.03 set on Tuesday.
FACTORS

 

1. Bullish bets on the yen in the options market climbed to an eight-month high.
2. The Bank of England said it has the edge to be the first of G7 to sign a currency-swap agreement with the People's Bank of China after a meeting last month.
3. U.K. inflation expectations climbed to a 4 1/2-year .
4. GBP dropped to the lowest level against the USD since June 2010 .
5. Yuan forwards advanced for a seventh day, the longest winning streak since September 2010, on optimism China will embark on further currency reforms.

COPPER
Copper drifted on Wednesday from almost two-week highs hit in the previous session as a short-covering burst began to fade, while Chinese consumers stayed on the sidelines amid the country's ongoing policy-setting parliamentary meeting. Three-month copper slipped by 0.24 % to $7,811.50, reversing an advance from the previous session when it rose by 1 %.

OIL
Brent crude edged lower on Tuesday, seesawing with the euro and the USD, while U.S. crude rose after holding above a key technical level the previous two sessions. Brent April crude fell 20 cents to $110.02, having traded from $109.55 to $111.20. The Brent April contract expires on Thursday. U.S. April crude was up 90 cents at $90.96 a barrel,having reached $93.47.