Thursday, April 11, 2013

Gold Now Testing Key Support Levels At $1555


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 The sorry state of affairs for gold bugs continued once again yesterday, with the June gold futures contract ending the electronic session with a wide spread down candle, having fallen over $25 per ounce in the session and closing at $1558.80 per ounce. Not only was it yet another negative day for gold, the daily chart has also delivered some worrying signals which do not bode well for the gold price in the short term.

The first of these is the isolated pivot high which has now been posted on the daily chart at $1590 per ounce, and this in itself will add further downward pressure to gold. Second, the volume associated with yesterday’s wide spread down candle was well above average, sending a clear signal of selling pressure, and once again, if we are to see any reversal in the short to medium term, we will need to see evidence of stopping volume, coupled with the required price action.

We saw an example of this last week with the hammer candle and high volume, a clear signal that the volume here was predominantly buying, which duly pushed the commodity higher and back to test the $1600 per ounce level. However, as I wrote at the time, one swallow does not make a summer, and for any sustained recovery, this needs to be matched with a sustained period of buying, which is certainly not the case at present.

The key technical level, which has been on the daily chart for some time, is the yellow dotted line of potential support in the $1555 per ounce area. This was tested again yesterday, and is being tested once more this morning.

If this is breached in trading today, or indeed in the next few days, with a clear hold below, then expect to see gold prices sell off sharply and test the $1500 per ounce level in due course.

These are not happy times for gold bugs, but rest assured they will return, with North Korea being one possible catalyst in the short term. Longer term, with countries increasingly desperate to drive some much needed inflation into their economic systems, gold will once again become the ultimate hedge, as the economic cycle begins it’s inevitable journey once more.

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Wednesday, April 10, 2013

George Soros Tells Germany It Should Leave Euro Zone...

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 As the backlash against austerity and bailouts increases in the euro zone, billionaire investor George Soros is the latest person to criticize Germany's role, telling the country on Tuesday that austerity "does not work" and that it should even consider leaving the euro itself.

"The financial problem is that Germany is imposing the wrong policies on the euro zone. Austerity doesn't work. You can't shrink the debt burden by shrinking the budget deficit," Soros, the founder and chairman of Soros Fund Management,said during a speech in Germany's financial center of Frankfurt on Tuesday.

Soros, who is known as "the man who broke the Bank of England" for betting against the pound in the early 1990s, told Europe's paymaster and largest economy that it had made mistakes on Cyprus' 10 billion euro ($13.07 billion) bailout, which forced some savers to share in the cost.

"In the bailout of Cyprus, Germany went too far, what happened in Cyprus undermined the business model of the European banks which relies heavily on deposits," he said.


 In a lecture entitled "How to save the European Union from the euro crisis," Soros said that he was attributing "a large share of the responsibility [for the crisis] to Germany."

"I want to make it clear in advance that I am not blaming Germany. Whoever was in charge would have made similar mistakes…I realize that I risk antagonizing you by putting the responsibility on Germany. But only Germany can put things right," he added.

He said that Germany should either drop its opposition to "Eurobonds" – the mutualization of European debt – or should leave the euro.

"My first preference is eurobonds; my second is Germany leaving the euro…It is up to Germany to decide whether it is willing to authorize eurobonds or not. But it has no right to prevent the heavily indebted countries from escaping their misery by banding together and issuing Eurobonds," he said.
"In other words, if Germany is opposed to eurobonds it should consider leaving the euro and letting others introduce them," he said, adding that another dimension to the crisis was Germany's unwillingness to take responsibility for its policies.

"Germany did not seek the dominant position into which it has been thrust and it is unwilling to accept the obligations and liabilities that go with it. Germany understandably doesn't want to be the "deep pocket" for the euro. So it extends just enough support to avoid default but nothing more," he added.
Soros' comments come against a backdrop of anti-austerity feelings in Europe as Portugal's constitutional court rejected reform measures and Slovenia becomes the latest country to resist pressure to request a bailout.

(Read More: Portugal Fires Warning Shot for Austerity in Europe)
His comments also follow criticism of austerity from the U.S. Treasury Secretary Jack Lew. During his visit to Europe this week, Lew called on his European counterparts to strike a balance between growth and austerity and to boost demand.

Lew met French and German finance ministers on Tuesday and his pro-growth message may have struck a chord in France, which is grappling with slow growth and high unemployment. Germany, however, has the biggest trade surplus in the euro zone and is the driving force behind austerity measures.


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Tuesday, April 9, 2013

North Korea warns foreigners to leave South Korea...

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North Korea intensified threats of an imminent conflict against the United States and the South on Tuesday, warning foreigners to evacuate South Korea to avoid being dragged into a "merciless, sacred, retaliatory war".

The North's latest antagonistic message belied an atmosphere free of anxiety in the South Korean capital, where the city center was bustling with traffic and offices operated normally.

Pyongyang has shown no sign of preparing its 1.2 million-strong army for war, indicating the threat could be partly intended to bolster Kim Jong-un, 30, the third in his family to lead the reclusive country.

None of the embassies in Seoul appeared to have issued any directives to their nationals after the warning and airlines reported no changes in their schedules. Schools catering to foreign pupils worked without interruption.

The warning, read out on North Korea's state television in a bulletin that interrupted normal programming, was the latest threat in weeks of high tension following U.N. sanctions slapped on Pyongyang for its latest nuclear arms test.

It followed the North's suspension of activity at the Kaesong joint industrial just inside North Korea, all but closing down the last remnant of cooperation between the neighbors. North Korean workers failed to turn up on Tuesday.

North Korea had said South Korea was trying to turn the Kaesong complex into a "hotbed of war".
The warning to foreigners, reported by the KCNA news agency said once war broke out "it will be an all-out war, a merciless, sacred, retaliatory war to be waged by (North Korea).
"It does not want to see foreigners in South Korea fall victim to the war," the agency quoted the Korea Asia-Pacific Peace Committee as saying.

"The committee informs all foreign institutions and enterprises and foreigners, including tourists...that they are requested to take measures for shelter and evacuation in advance for their safety."
Last week, North Korean authorities advised embassies in Pyongyang to consider pulling out in case of war, though none appeared to have taken any such action.

SPECULATION OVER MISSILE LAUNCH, NUCLEAR TEST


Speculation has grown that the North would launch some sort of provocative action this week -- perhaps a missile launch or a fresh nuclear weapons test.
A government source in Seoul said a North Korean medium-range missile, reported to have been shunted to the east coast, had been tracked and was believed to be ready for launch.
"Technically, they can launch it as early as tomorrow," the source said.

But a U.S. embassy official in Seoul said a directive issued last week saying there was no imminent threat to Americans in South Korea remained valid. "Our workers are in all our offices today," he said. "We have not evacuated anyone."

A Philippine foreign ministry spokesman quoted diplomats at its Seoul embassy as saying the situation "remains normal and calm".

Stocks, which had fallen 4 percent over the past four days, edged higher on Tuesday despite the warning to foreigners. The won currency moved little, dipping slightly after the North Korean statement.

Employers at the Kaesong complex faced uncertainty as the 53,000-strong North Korean workforce stayed away. A spokesman for textile company Taekwang Industrial and at least two other firms said production had stopped.

About 475 South Korean workers and factory managers remain in Kaesong, which generates $2 billion in trade for the impoverished North. The Seoul government said 77 would return on Tuesday.
North Korean workers at the park have appeared increasingly agitated in recent days, refusing to talk to their colleagues.

Many Southerners connected with the park bedded down at budget hotels in a nearby South Korean town in the hope that an order would come from the North to re-open.
"I have been feeling anxious now and then. Now it's really preposterous facing this," said Shing Dong-chul, 55, a South Korean worker who transports wire made in Kaesong.

"North Korean workers didn't talk a lot, but they appeared to have complaints about Kaesong being closed. They worried whether they would be working or not."Addressing a cabinet meeting, South Korean President Park Geun-hye described the suspension of Kaesong as "very disappointing" and said investors would now shun the North.

Few experts had expected Pyongyang to jeopardize Kaesong, which employs more than 50,000 North Koreans making household goods for 123 South Korean firms.

LAST VESTIGE

The zone is practically the last vestige of the "Sunshine Policy" of rapprochement between the two Koreas and a powerful symbol that the divided country could one day reunify.
South Korean companies are estimated to have invested around $500 million in the park since 2004.
World leaders have expressed alarm at the crisis and the prospect of a conflict involving a country claiming to be developing nuclear weapons.

China, the North's sole diplomatic and financial ally, issued a new call for calm and restraint, though Beijing's leaders have shown increasing impatience with Pyongyang.

"We ask all the relevant sides to bear in mind regional peace and stability and earnestly protect the legal rights and safety of citizens," Chinese Foreign Ministry spokesman Hong Lei told a briefing.
A Russian foreign ministry spokesman, in a statement on the ministry's website, said Moscow was in solidarity with all G8 industrialized countries "as regards the rejection of Pyongyang's current provocative and bellicose line of conduct".

The North is also angry at weeks of joint U.S.-South Korean military exercises off the coast of the peninsula, with B-2 stealth bombers dispatched from their U.S. bases.But the United States announced the postponement last weekend of a long-planned missile launch, a move officials said was aimed at easing tensions on the peninsula.

U.S. Secretary of State John Kerry visits Seoul this week and the North holds celebrations, and possibly military demonstrations, next Monday to mark the birth date of its founder, Kim Il-Sung - the current leader's grandfather.

In Washington, U.S. Deputy Defense Secretary Ashton Carter urged China to use its influence with the North and said Moscow wanted similar action from Beijing.But Chinese criticism of North Korea is unlikely to mean tough new action against Pyongyang because China would see any collapse of its troublesome neighbor as a disaster.


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Monday, April 8, 2013

Stocks Earnings are 1st big stock test since market high...

U.S. stocks, which reached all-time highs at the end of March, will face the first real test of their resiliency in the coming weeks as investors parse a flood of first-quarter earnings reports due to hit the market.

Since the benchmark Standard & Poor’s 500 Index reached a new closing high of 1,569.19 on the last trading day of the first quarter, the index SPX -0.01% has met resistance at that level, not straying past 1,573.66, a few points below the all-time intraday high of 1,576.09. On Friday, weak jobs data drove the index down to close at 1,553.28, marking its worst week of the year.

As a drumbeat of lowered analyst estimates and increasingly negative outlooks fills the air, investors who are planning on going long in the market should look past the initial negative hype and concentrate on what the company is making and how they are making it, said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Upon further inspection of the earnings, initial pullbacks because of negative numbers can be exploited as buying opportunities.


After all, the fourth quarter saw all-time highs in capital expenditure spending, and 2012 saw all-time highs in corporate cash, dividends, and cash flow, Silverblatt said, who expects those metrics to grow going forward, or at worst be flat.

He said it was noteworthy that most of these strong corporate metrics came during a time when the average investor and consumer was being assaulted daily not only with the uncertainty of the November elections, but also with budget showdowns and the specter of the so-called fiscal cliff.
“The consumer is still spending mostly because they’re tired of hearing how the world is coming to an end,” Silverblatt said. Barring another big flare-up in fighting in Washington, D.C., or on the Korean peninsula for that matter, consumer spending should continue and provide wide support for earnings, he said.

On Friday, the Federal Reserve said February consumer credit jumped the most in six months, rising $18.1 billion, with credit card debt increasing by less than 1% to $532 million.
How that played out in the rest of the first quarter will become more evident toward the end of April and into May when consumer staples and consumer discretionary company earnings start coming out in full force.    

McDonalds Corp. MCD -0.36% , Coca-Cola Co. KO +0.77% , and PepsiCo Inc. PEP +0.66% report the week beginning April 15. While classified as a tech company, the consumer is the life blood of Apple Inc. AAPL +0.19% , which reports during the week beginning April 22, along with other consumer bellwethers like Procter & Gamble Co. PG +0.41% and Amazon.com Inc. AMZN +0.34% . After that, major retailers including Wal-Mart Stores Inc. WMT +0.77% , Target Corp. TGT +0.23% , and Home Depot Inc. HD +0.84% come out in mid-to-late May.

The current bottom-up, operating earnings per share estimate for the S&P 500 is $25.45, according to Silverblatt. That’s two cents above the all-time high of $25.43 set in the second quarter last year, and a 5% increase from the year-ago quarter, so even if it falls a few cents short, it’s the second-highest earnings on record, he said.  

While it may be one of the most negatively forecast earnings seasons in a while, some analysts say the consensus is still too high. Consensus earnings estimates have already fallen 6.5% over the first quarter alone, according to Silverblatt’s data.

Alcoa may be traditional first, but banks are bigger

Even though Alcoa Inc. AA +0.06% is scheduled to report results after the bell Monday and kick off the unofficial start of earnings season, the biggest earnings of the week by far will be in the banking sector with both J.P. Morgan Chase & Co. JPM +0.09% and Wells Fargo & Co. WFC -1.24% reporting on Friday.

Expect fundamentals, such as loan growth and margins to remain challenges for the sector, said Paul Miller at FBR in a recent note. The analyst said that business loan growth slowed dramatically in the first quarter. Also, mortgage originations may fall short of expectations because of seasonal weakness, something to think about with Wells Fargo, the largest U.S. originator or mortgages.

On the other hand, Miller expects capital markets to do well with strong equity and debt underwriting to boost results. Expect that to be a big factor in the results of J.P. Morgan, which has fought with Goldman Sachs Group Inc. GS -1.16% recently for dominance in the capital markets sector.

But unless a significant number of companies beat bottom-line results, it doesn’t appear that earnings growth is in the cards this season. The high frequency of negative outlooks has John Butters, senior earnings analyst at FactSet, expecting a 0.6% decline in earnings for the first quarter.

In the run-up to earnings season, 86 out of the 110 companies on the S&P 500 that have offered an outlook have issued one that falls below the Wall Street consensus. That 78% negative outlook from companies giving forecasts is well above the five-year average of 61%, Butters said in a recent note.

Other S&P 500 components scheduled to report in the coming week all happen on Wednesday and include Bed Bath & Beyond Inc. BBBY +1.14% , CarMax Inc. KMX +2.37% , Constellation Brands Inc. STZ +1.63% , Family Dollar Stores Inc. FDO -0.77% , and Fastenal Co.


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Friday, April 5, 2013

Gold Pops Higher after Weak U.S. Employment Report..


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Gold prices are moderately higher in active early-morning U.S. dealings Friday. The yellow metal was immediately boosted in the aftermath of a surprisingly weak U.S. employment report, which suggests the Federal Reserve will keep its foot on the easy-money accelerator for some time to come.

 Short covering and bargain hunting are featured in both gold and silver markets Friday morning, following strong selling pressure seen earlier this week. Gold had been trading near steady levels just prior to the jobs report’s release. June Comex gold rates last traded up $11.50 at $1,563.90 an ounce. Spot gold was last quoted up $9.60 at $1,563.75.  May Comex silver last traded up $0.163 at $26.92 an ounce.

The U.S. Labor Department reported non-farm payrolls rose just 88,000 in March, which was well below trade expectations. Other components of the jobs report were also alarmingly weak. The consensus forecast for the report called for the key non-farm payrolls figure to have risen by around 200,000 in March.

This week’s decline in gold price today has also prompted some better demand for physical gold that may continue into next week, especially from India and China, reports said.
In overnight news, the Japanese yen hit a 3.5-year low against the U.S. dollar following Thursday’s conclusion of the Bank of Japan meeting, which saw the central bank implement more aggressive monetary stimulus measures. The Euro currency was supported Friday by a better-than-expected report on German manufacturing orders, which rose 2.3% in February. However, Euro zone retail sales dropped in February by 0.3%.

North Korea and its bellicose rhetoric toward the U.S. and South Korea this week continues to attract the attention of the market place. North Korea has publicly threatened to attack the U.S. with nuclear missiles and is also threatening South Korea. The U.S. is taking North Korea’s threats seriously and has dispatched military assets to the region surrounding North Korea. The market place is digesting this news fairly well this week. However, that could change very quickly if the North Korea situation turns from just rhetoric to military conflict.

The U.S. dollar index is trading lower Friday morning on the weak jobs data and on some profit taking. The U.S. dollar bulls still have the overall technical advantage. Meantime, Nymex crude oil futures prices are lower Friday morning. The crude oil bulls have faded badly this week and the bears have near-term momentum. These two key “outside markets” will continue to have a significant daily influence on gold and silver prices.

Other U.S. economic data due for release Friday includes the international trade report, and consumer installment credit.

The London A.M. gold fix is $1,552.75 versus the previous P.M. fixing of $1,546.50.
Technically, June gold futures are seeing short covering and a corrective bounce after
prices hit a 10-month low on Thursday. Serious near-term technical damage has been inflicted this week. The gold bears still have the overall near-term technical advantage. Prices are in a six-month-old downtrend on the daily bar chart. Importantly, the “line in the sand” for the gold market, on a longer-term technical basis, is major psychological support at $1,500.00. Multiple daily closes below $1,500.00 would produce serious longer-term chart damage to then also call into question the 12-year-old uptrend in gold prices.

 The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,580.00. Bears' next near-term downside breakout price objective is closing prices below major technical support at $1,500.00. First resistance is seen at the overnight high of $1,576.00 and then at $1,580.00. First support is seen at the overnight low of $1,549.00 and then at this week’s low of $1,539.40.  

May silver futures prices hit a nine-month low Thursday. Silver bears have the solid overall near-term technical advantage as serious near-term technical damage has been inflicted this week. Prices are in a four-month-old downtrend on the daily bar chart.

Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $28.00 an ounce. The next downside price breakout objective for the bears is closing prices below major technical support at $26.00. First resistance is seen at the overnight high of $27.20 and then at Wednesday’s high of $27.315. Next support is seen at this week’s low of $26.575 and then at $26.50.


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Thursday, April 4, 2013

BOJ shocks with new base money target, boosts asset buying...


The Bank of Japan shocked markets on Thursday with a radical overhaul of its policymaking, adopting a new balance sheet target and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation.

At Governor Haruhiko Kuroda's first policy-setting meeting, the central bank shifted its policy target to the monetary base -- the total size of cash and bank deposits -- from the overnight call rate, which is at zero to 0.1 percent.

The decision marks a return to the BOJ's five-year quantitative easing policy that ended in 2006, when it flooded markets with cash targeting excess reserves that financial institutions parked with the central bank.

The scope of the changes Kuroda pushed through, and the fact he secured unanimous board support for them, drove the yen down sharply and knocked the 10-year bond yield to a record low.
The Nikkei stock index unwound losses of more than 2 percent to end up 2.2 percent, just shy of a 4-1/2 year closing high hit last month.

"I can say that the BOJ came up with a perfect answer in response to market expectations," said Junko Nishioka, chief Japan economist at RBS Securities.
"Kuroda made good on his promise of boosting monetary easing in terms of both volume and types of assets that the bank purchases."

To meet its new 2 percent inflation target, the central bank will boost asset purchases to double its holdings of government bonds and exchange-traded funds (ETF) in two years.
In doing so, it will revert to open-ended asset purchases and buy over 7 trillion yen ($75 billion) of long-term government bonds per month, so that the balance of its bond holdings increase at an annual pace of 50 trillion yen.

"The BOJ will conduct money-market operations so that the monetary base will increase at an annual pace of about 60 trillion yen to 70 trillion yen," the BOJ said in a statement announcing the decision.
Despite the market excitement, some analysts were skeptical whether pumping money to markets already awash with excess funds was a solution to end deflation.

The monetary base is expected to expand to 200 trillion yen this year and to 270 trillion yen by the end of 2014, almost doubling from 2012 when it was 138 trillion yen, the BOJ said.
"It is as if we've gone back to the quantitative easing of the 2000s," said Hiroaki Muto, senior economist at Sumitomo Mitsui Asset Management in Tokyo.

"Targeting the monetary base will lead to a huge increase in current account balances that commercial banks keep at the BOJ, but I'm still not sure if this money will move through the economy."
Base money, or cash and reserves at the BOJ, already hit a record in March, but the huge pile of money has failed to end deflation or boost wages.

REGIME CHANGE
Kuroda's first policy meeting since taking office on March 20 was seen as a big test of his ability to steer the BOJ towards unorthodox measures to meet the inflation target it adopted in January, and he did not disappoint markets.

Government bond futures soared and the benchmark 10-year bond yield hit 0.425 percent, its lowest ever. The yen, which had been creeping up in the run-up to the meeting, plunged, driving the dollar up by more than 2 percent to around 95.25 yen from around 92.90 before the decision.
Kuroda has been keen to engineer a "regime change" from his predecessor's cautious approach, pledging to do "whatever it takes" to achieve the 2 percent inflation target in two years, a timeframe many see as overly ambitious.

The BOJ combined two bond-buying schemes, its asset-buying and lending program and the "rinban" bond-buying market operation, to buy government bonds across the yield curve, including those with duration of 40 years.

The central bank will also increase purchases of exchange-traded funds (ETF) by 1 trillion yen per year and real-estate trust funds (REIT) by 30 billion yen per year.
The BOJ strengthened its commitment to ultra-easy policy, saying it will continue aggressive stimulus until 2 percent inflation was sustainably achieved. Previously, it had said it would maintain ultra-loose policy for as long as necessary.

As Kuroda had signaled earlier, the central bank also temporarily scrapped a self-imposed rule of capping its holdings of government bonds to the value of bank notes in circulation. ($1 = 92.8600 Japanese yen)


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Wednesday, April 3, 2013

Gold Pounded to 10-Month Low on Heavy Technical Selling...




Gold prices ended the U.S. day session sharply lower and hit a 10-month low Wednesday. Heavy chart-based selling pressure was featured, including pre-placed sell stop orders being triggered when technical support levels were breached. Sharply lower crude oil prices and a generally weak raw commodity sector Wednesday also led to downside price pressure in gold. Reports this week said exchange traded funds (ETFs) are also seeing investors liquidate their “paper” gold positions. June Comex gold last traded down $23.50 at $1,552.40 an ounce. Spot gold was last quoted down $23.70 at $1,553.00.  May Comex silver last traded down $0.408 at $26.840 an ounce.

There was no specific fundamental news event either Tuesday or Wednesday to account for the strong selling pressure in the gold market. The recent gains in the U.S. stock market, as well as generally stronger stock markets worldwide, have worked to funnel investor and trader monies away from hard assets like gold.

Safe-haven gold has so far not reacted in a bullish fashion to the recent escalation in tensions between the U.S. and North Korea. However, this situation appears to be getting more serious by the day and could quickly prompt strong safe-haven demand for gold.

Reports overnight said physical demand for gold in Asia has picked up as bargain hunters stepped in to buy the dip in prices this week.

Gold prices briefly moved up from their daily lows after the U.S. ADP national employment report was released in Wednesday morning and showed a weaker-than-expected rise of 158,000 non-farm jobs in March. The ADP report is a precursor to Friday’s release of the U.S. Labor Department’s employment situation report, which is arguably the most important U.S. economic report of the month. The consensus forecast for that report had called for the key non-farm payrolls figure to have risen by 200,000 in March, with the overall unemployment rate unchanged from the previous month, at 7.7%. The weaker-than-expected ADP report Wednesday morning now has many ratcheting back expectations for Friday’s Labor Department jobs report.

In overnight news, there were new developments on the Cyprus banking crisis front Wednesday. The island nation reached an agreement with the IMF for an additional 1 billion Euro “lifeline” loan. There was little market reaction to that news. Euro zone inflation rose at its slowest rate in two years in March, at a 1.7% annualized rate, according to the Euro zone statistics bureau, Eurostat. There are key central bank meetings of the European Central Bank, the Bank of Japan and Bank of England on Thursday, all of which will be closely monitored by the market place.

The London P.M. gold fix is $1,574.75 versus the previous P.M. fixing of $1,583.50.
Technically, June gold futures prices closed nearer the session low Wednesday and hit a 10-month low on heavy technically related selling. Serious near-term technical damage has been inflicted this week. The gold bears have the solid overall near-term technical advantage and have gained strong downside momentum this week. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,580.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at the May 2012 low of $1,545.00. First resistance is seen at $1,560.00 and then at $1,570.00. First support is seen at Wednesday’s low of $1,549.70 and then at $1,545.00. Wyckoff’s Market Rating: 2.0

May silver futures prices closed nearer the session low again Wednesday and hit a fresh nine-month low. Silver bears have the solid overall near-term technical advantage as serious near-term technical damage has been inflicted this week. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $28.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $26.00. First resistance is seen at $27.00 and then at Wednesday’s high of $27.315. Next support is seen at Wednesday’s low of $26.67 and then at $26.50. Wyckoff's Market Rating: 1.5.

May N.Y. copper closed down 480 points at 333.05 cents Wednesday. Prices closed near the session low and hit a fresh eight-month low. Copper bears have the solid overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 340.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August 2012 low of 332.00 cents. First resistance is seen at 335.00 cents and then at 337.50 cents. First support is seen at Wednesday’s low of 332.95 cents and then at 332.00 cents. Wyckoff's Market Rating: 2.0.


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 Here are some useful links that you can follow:
Here is a CFB blog that gives useful daily trade advice... http://century-financial-brokers-uae.blogspot.ae/
You can also follow CFB on facebook (useful advice on posts regularly)


Here is another blog that provides regular news and information and is very useful to stay updated 
on the markets...   http://centuryfinancialbroker.wordpress.com/

News Source: www.marketwatch.com