BULLION
GOLD
moved higher in COMEX on Thursday on a weaker dollar and data showing
the U.S. economic recovery remains fragile. The dollar eased against a
basket of international currencies, giving gold prices a boost. Gold
advanced further after two reports showed the U.S. continues to
encounter potholes on the road to recovery. In a worrisome signal of
weak consumer spending, January retail sales fell 0.8%. In addition,
initial jobless claims, a measure of layoffs, rose by 25K to a
seasonally adjusted 304K in the week ended Feb. 7. Investors also
continue to watch Greece and Ukraine. Eurozone officials are wrangling
over Greece's debt problems, while Ukraine peace talks yielded a
cease-fire deal with Russia-backed separatists.
BASE METAL
COPPER prices
rose on Thursday, as investors cheered reports of a cease-fire
agreement between Russia and Ukraine. Russian President Vladimir Putin
confirmed that a cease fire deal with Ukraine starting February 15 had
been reached, following months of violence. The U.S. dollar index, which
measures the greenback's strength against a trade-weighted basket of
six major currencies, went down. A weaker dollar boosts demand for base
metals as an alternative investment and makes dollar-priced commodities
cheaper for holders of other currencies. Market sentiment remained
subdued after talks between Greece and European Union officials ended
without an agreement, though both sides said there was still hope for a
deal. Further talks are due to be held next Monday.
CRUDE OIL
futures climbed on Thursday, arresting a two-session losing streak, as
industry spending cuts and a weaker dollar spurred buying. The chief
executive of Shell said supply might not be able to keep up with growing
demand after oil companies slashed budgets following a near-halving of
oil prices since June. U.S. crude reached $51.41 on Thursday before
paring gains after oil services firm Genscape reported a large build at
the Cushing, Oklahoma, storage hub and delivery point for the U.S. crude
contract. Traders pointed to a weaker dollar as boosting buying on
Thursday, as the drop made dollar-priced commodities such as oil
cheaper. Natural gas futures extended losses on Thursday, after data
showed that U.S. natural gas supplies fell less than forecast last week,
underlining concerns over weak demand.
BULLION , ENERGY & BASEMETAL OVERVIEW:-
CS GOLD (APRIL) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:26900
RESIST 1:26710
SUP1:26425
SUP2:26320
STRATEGY: SELL ON RISE
CS SILVER (MARCH) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:37950
RESIST 1:37650
SUP1: 36925
SUP2:36620
STRATEGY: SELL ON RISE
CS CRUDE (FEBRUARY) OVERVIEW:
TREND MIXED TO BULLISH
RESIST 2:3270
RESIST 1:3220
SUP1:3100
SUP2:3030
STRATEGY: BUY ON DIPS
CS NATURAL GAS (FEBRUARY) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:185
RESIST 1:177
SUP1:164
SUP2:159
STRATEGY: SELL ON RISE
CS COPPER (FEBRUARY) OVERVIEW:
TREND MIXED TO BULLISH
RESIST 2: 365
RESIST 1: 361
SUP 1: 352.50
SUP 2: 347.50
STRATEGY: BUY ON DIPS
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