Commodity Technical Analysis for 2nd Week September 2013

Gold and silver futures posted the biggest weekly drops since June on speculation that the Federal Reserve will cut fiscal stimulus next week, while talks started on a plan for Syria to surrender its chemical weapons. Gold futures for December delivery fell 1.7 percent to settle at $1,308.60 on the Comex in New York. Earlier, the price touched $1,304.60, the lowest for a most-active contract since Aug. 9. This week, the metal dropped 5.6 percent, the biggest decline since June 21. Silver futures for December delivery fell 1.9 percent to $21.72 an ounce on the Comex. Earlier, the price touched $21.42, the lowest since Aug. 14. This week, the price tumbled 9.1 percent, the most since June 21. Palladium futures for December delivery rose 0.9 percent to $699.10 an ounce. The metal climbed 0.3 percent this week. West Texas Intermediate crude capped its biggest weekly drop since July as the U.S. and Russia held talks on a plan for Syria to surrender chemical weapons to avert a strike that could stoke Middle East tensions. WTI for October delivery slid 39 cents, or 0.4 percent, to settle at $108.21 a barrel on the New York Mercantile Exchange. Prices declined 2.1 percent this week, the most since the five days ended July 26. The volume of all futures traded was 26 percent less than the 100-day average

Weekly Technical View: Natural Gas

Natural Gas future prices maintained positive trend during the week ending to Friday and close at weekly high level. 14 Day RSI prefers the firmness and remained in neutral region along with stochastic are favoring the bulls and moved in the neutral region. MACD is supporting the bulls as medium term and moving in the positive territory. Concisely, prices are likely to trade up in the coming trading week.

Natural Gas Technical View

Natural Gas Technical View

Short Term Trend- Bullish

Weekly Technical View: Copper

On last week Copper closed at weekly low level and still looking weak. We recommend sell Copper for medium term with stop loss of 476. The immediate support appears around 454 levels breaching which the metal can reach 445 levels. Metals have strong resistance at 476 levels. Technical indicators on daily chart has generated fresh sell signal and indicate continues of downward movement for next week.

Copper Technical Analysis 1 week sept.

Copper Technical Analysis 1 week sept.

Short Term Trend- Bearish

Economic Round Up:-

  • Asian currencies had their best week in two months, led by India’s rupee, after U.S. jobs data tempered speculation the Federal Reserve will cut stimulus that’s buoyed emerging markets. Elsewhere in Asia, South Korea’s won strengthened 0.6 percent this week to 1,086.88 and China’s yuan was little changed at 6.1188. Indonesia’s rupiah dropped for a fifth week, falling 2.1 percent to 11,410 and Vietnam’s dong climbed 0.2 percent to 21,115. Payrolls in the world’s largest economy climbed less than economists projected in August and gains for the previous two months were revised down, a Sept. 6 report showed, ahead of a Fed meeting that will discuss the $85 billion monthly debt-purchase program. President Barack Obama has delayed a decision on military strikes against Syria to pursue a Russian offer to get the regime to give up its chemical weapons.
English: New York Mercantile Exchange Русский:...

English: New York Mercantile Exchange (Photo credit: Wikipedia)

  • The rupee, which touched a record low of 68.845 per dollar on Aug. 28, completed its best week since October 2009 after Reserve Bank of India Governor Raghuram Rajan, who took office on Sept. 4, announced plans to strengthen the financial industry and boost dollar supply. India’s factory output climbed 2.6 percent in July from a year earlier after a revised 1.8 percent decline in June, a report showed Sept. 12.
  • Consumer confidence in the U.S. declined in September to the lowest level since April, indicating household spending may take time to pick up. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment this month fell to 76.8 from August 82.1. A separate report from the Commerce Department showed retail sales rose less than forecast in August. The 0.2 percent increase was the smallest in four months and followed a revised 0.4 percent July gain that was bigger than previously estimated, the report said.
  • Wholesale prices in the U.S. rose more than forecast in August, reflecting higher costs for food and some fuels. The 0.3 percent increase in the producer price index followed no change in the prior month, a Labor Department report showed in Washington.



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