BullionBlast

30/03/2017

Short term and Intraday Level of GOLD

Gold : HOLD SHORT position The Gold is in downtrend For short term buy only if close above 28860.0
Buy is advised above 28882.3 with a stop at 28584.9 Below 28524.2 go for sell
Intraday Resistance of GOLD are 28771.5 : 28828.3 : 28957.7 : 28993.1
Intraday Support of GOLD are 28634.5 : 28577.7 : 28449.4 : 28414.4

29/03/2017

Britain delivers Article 50 letter kicking off
Britain’s most senior envoy to Brussels, Sir Tim Barrow, on Wednesday delivered official notice to the European council president, Donald Tusk of the UK’s intention to withdraw from the European Union.
Barrow handed over the letter triggering Article 50 of the Lisbon Treaty, formally beginning the two year process of withdrawing from the EU.
Donald Tusk sent a tweet confirming Britain has triggered Article 50 and is on its way out of the EU.

29/03/2017

rises on Libya disruption, likely extension to output cut
Oil prices extended gains on Wednesday despite industry data showing an increase in U.S. crude inventories, lifted by supply disruptions in Libya and views that an OPEC-led output reduction is likely to be extended.
Front-month Brent crude futures rose 41 cents to $51.74 a barrel by 0929 GMT (5:29 a.m. ET).
West Texas Intermediate (WTI) crude futures were up 34 cents at $48.71 a barrel.
Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by some 250,000 barrels per day (bpd) and prompting the National Oil Corp to declare force majeure on Tuesday.
"That (Libya), along with the Iranian oil minister saying there is likely to be an extension to the production cut deal, helped crude oil rally overnight," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
OPEC member Libya was excluded from the cuts, agreed late last year, as the country's oil sector fell victim to the unrest that followed the toppling of Muammar Gaddafi in 2011.
Iranian Oil Minister Bijan Zanganeh said on Tuesday that the agreement between the Organization of the Petroleum Exporting Countries and other producers led by Russia to cut output by 1.8 million bpd in the first half of 2017 was likely to be extended.
Prices gained despite a rise last week in U.S. crude inventories.
U.S. crude stocks rose by 1.9 million barrels to 535.5 million barrels, while gasoline and distillate stocks declined, the American Petroleum Institute said. [API/S]
The U.S. Energy Information Administration (EIA) is due to publish official U.S. crude and fuel product data on Wednesday. [EIA/S]
As markets remain bloated halfway into the cuts, there is a broad expectation that the supply reductions will be prolonged into the second half.
The OPEC-led strategy to rebalance oil markets is not without controversy, however.
As OPEC and especially Saudi Arabia cut production, producers not participating in the accord have been quick to fill the supply gap and gain market share.
In the United States in particular, shale oil drillers have seized the opportunity to ramp up output and exports.
As a result, China became the third-biggest overseas destination for U.S. crude in 2016, according to EIA data, up from ninth position the previous year.

29/03/2017

looks set for renewed downturn on , technical factors
The euro looks set for a renewed modest downturn on technical factors and concerns surrounding Britain’s exit from the European Union.
The descending trend line points to a resumption of the long-term downward move.
The overbought stochastic reading also explained the spike in selling pressure on the euro on Tuesday.
The single currency touched the $1.09 level on Monday for the first time since mid-November.
The ABC wave seems to have run its course, which points to a renewal of an overall bearish trend until another correction is required.
The parabolic SAR indicator, which aims to the gauge short-term momentum of an asset, looks to be on the point of inverting to bearish from bullish.
The 100-day exponential moving average indicates support at the 50.0% Fibonacci level at $1.0695.
From a fundamental point of view, the single currency could also come under pressure as Britain begins negotiations on its departure from the European Union.

Euro looks set for renewed downturn on Brexit, technical factors

28/03/2017

Dollar nurses losses after tumble to multi-month lows
The dollar limped off multi-month lows against major peers on Tuesday, with much of the lift from the "Trump trade" now gone.
The greenback had taken a beating as market participants saw the prospects for a U.S. fiscal spending boost from President Donald Trump significantly diminished by his failure to pass a key healthcare reform bill.
"Clearly, the dollar is reacting to concerns that President Trump might not be able to push through his legislative agenda, given the fact that they've ditched, at least for now, healthcare reform," said Mitul Kotecha, head of FX and rates strategy for Barclays (LON:BARC) in Singapore.
"There are doubts about whether he can pass his stimulus, and therefore about the bullishness on U.S. growth that we were seeing just a few weeks ago," he said. "It's not surprising that the dollar is reacting in this way."
The dollar index against a basket of major currencies edged up 0.1 percent to 99.212 (DXY), after plumbing a trough of 98.858 overnight, its lowest level since Nov. 11.
The index had risen to a 14-year high near 104.00 in early January when expectations for inflation-boosting U.S. stimulus under the Trump presidency were at their peak.
The dollar slipped 0.1 percent to 110.605 yen following its slide to 110.110 overnight, its lowest since Nov. 18.
The dollar remains biased towards the downside on receding hopes that the Trump administration will be able to deliver on tax reform and infrastructure spending, said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.
"But a one-way drop by the dollar is also unlikely as the Republicans cannot face midterm elections in November of next year without enacting a single fiscal stimulus step," he said.
The euro was a shade higher at $1.0865 , after scaling$1.0906 in the previous session, its loftiest peak since Nov. 11.
The common currency got a lift from news that German Chancellor Angela Merkel's conservatives won a regional election in the western state of Saarland on Sunday, dealing a setback to their Social Democrat rivals and boosting Merkel's prospects of winning a fourth term in September's national election.
The pound added 0.1 percent to $1.2568 after surging almost one percent to $1.2615 overnight, its highest since Feb. 2.
On Wednesday, British Prime Minister Theresa May will formally notify the European Union of Britain's intention to leave it, triggering Article 50 of the Lisbon Treaty and launching two years of unprecedented negotiations.
Some major banks have predicted the pound will fall below $1.20 in the negotiation period. Britain appears to have set its course for a "hard Brexit", where a clean break is favored to regain control over issues such as immigration.
The Australian was slightly higher on the day at $0.7620 while the New Zealand dollar was slightly lower at $0.7042

28/03/2017

China's HNA in talks to buy controlling stake in Forbes - sources
Acquisitive Chinese conglomerate HNA Group is in talks to buy a controlling stake in the owner of the publisher of Forbes magazine, two sources with knowledge of the matter told Reuters.
Hong Kong-based investor group Integrated Whale Media Investments (IWM), which holds 95 percent of Forbes Media, is also in talks with another Chinese media firm and is scouting for more potential buyers for most or all of its stake, said one of the sources, who declined to be identified as the talks are confidential.
Reuters was not able to confirm the names of the other possible bidders.
HNA, ranked 353rd in the 2016 Fortune Global list of the world's biggest 500 companies, has been in discussions for a couple of weeks with IWM for a deal worth at least $400 million, said the source.
IWM and Forbes Media declined to comment, while HNA didn't respond to a Reuters request for comment.
The move comes three years after the Forbes family, which founded the American financial magazine 100 years ago, gave up its controlling stake in Forbes Media to IWM.
That transaction valued the Forbes company at $475 million, a source familiar with the transaction has said.
HNA, which has more than $100 billion in assets, has been on an acquisition spree expanding out of its traditional business of aviation and logistics into financial, media and cultural sectors.
Late last year, HNA Capital, the group's financial arm, bought an 80 percent stake in Beijing Lianban Caixun Cultural Media, a media firm that runs the website of influential financial publication Caijing magazine, for an undisclosed sum, records with China's state-run corporate register showed.
"Going forward, HNA will continue to scout for good-quality domestic and international media assets," the second source said. "HNA wants to display publications owned or invested by it on its planes, in its hotels across the world."
The media deals are taking place at a time when Beijing is flexing its "soft power" muscles to extend its global influence.
Last year, China Central Television, the country's largest TV network, said it would launch a new global media platform to help re-brand China overseas.
Chinese internet giant Alibaba Group Holding Ltd (N:BABA) has also acquired or invested in a growing portfolio of media and content firms in the past few years. It snapped up Hong Kong's flagship English-language newspaper the South China Morning Post and other media assets of SCMP Group Ltd for $266 million in late 2015.

Forbes magazine's publisher has agreed to sell a majority stake of its media business to a Hong Kong-based group of investors for an undisclosed sum, Forbes Media said on Friday, capping an eight-month hunt for a buyer for the company.

27/03/2017

Forex - Dollar weaker in Asia as political risk highlighted
The dollar fell in Asia on Monday on heightened political risk concerns as a Republican-controlled Congress and presidency are in focus to deliver on economic plans for tax cuts and spending following a failed effort to reform healthcare.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.33% to 99.302.
In Japan, the corporate services price index rose 0.8% year-on-year, beating an expected 0.5% gain. USD/JPY changed hands at 110.49, down 0.75%, while AUD/USD traded at 0.7535, up 0.17%.
As well, Prime Minister Theresa May will set out how her government plans to restore sovereignty over Britain's laws on Thursday, publishing a detailed paper on ending "the supremacy of EU lawmakers," according to Reuters. GBP/USD traded at 1.2509, up 0.34%.
On Monday, the Ifo Institute will report on German business climate and Federal Reserve Bank of Chicago President Charles Evans and Dallas Fed President Robert Kaplan are scheduled to speak.
Last week, the dollar pulled back from a four-month trough against the safe haven yen on Friday after Republican leaders dropped legislation to replace the Affordable Care Act before a planned vote, in a setback to President Donald Trump.
Republican leaders pulled legislation to overhaul the U.S. healthcare system before a vote in the House of Representatives after it failed to gather enough support to pass.
The defeat for the bill added to doubts over the Trump administration’s ability to push through the pro-growth economic agenda promised by the president.
Investors viewed the Trump administration's failure to push through a healthcare overhaul as a sign he may also face further setbacks delivering on other policy pledges including corporate tax cuts, regulatory reform and infrastructure spending.
The single currency has been boosted by expectations for monetary tightening by the European Central Bank later this year and growing hopes that the far-right anti-EU leader Marine Le Pen will be defeated in the French presidential elections.

27/03/2017

prices dip in Asia as market mulls supply outlook
Crude prices gave up early gains in Asia on Monday after a weekend meeting that saw some promise for the extension of a coordinated output cut by OPEC and non-OPEC key producers.
At the weekend, a joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months. Oil sector analysts said the lack of an immediate extension could drag on crude prices.
U.S. West Texas Intermediate crude for May on the New York Mercantile Exchange eased 0.19% $47.88. Elsewhere, on the ICE Futures Exchange in London, Brent oil for May delivery fell 0.04% to $50.78 a barrel.
In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.
Last weeek, oil futures settled higher on Friday, but posted a weekly loss of around 2% as the market weighed rising shale production and record-high stockpiles in the U.S. against efforts by major producers to cut output to reduce a global glut.
Data from oilfield services provider Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil rose by 21 last week, the tenth weekly increase in a row. That brought the total count to 652, the most since September 2015.
Meanwhile, the U.S. Energy Information Administration said on Wednesday that crude oil inventories rose by 5.0 million barrels last week to an all-time high of 533.1 million, feeding concerns about a global glut.
Oil has fallen sharply this month amid concern that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.
OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between January and June. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 barrels per day.
In total, they agreed to reduce output by 1.8 million barrels per day to 32.5 million for the first six months of the year, but so far the move has had little impact on inventory levels.
OPEC's latest monthly report showed global oil stocks in January rose to 278 million barrels above the five-year average.

25/03/2017

Gold turns positive on healthcare vote jitters
Gold prices traded slightly above break even on Friday, buoyed by a dip in the dollar, as weaker than expected economic data and fears that President Trump failed to secure enough Republican votes to push a key healthcare bill through congress weighed on the greenback.
The outcome of a vote on a bill to repeal and replace parts of Obamacare remained front and centre on Friday, as investors worried that a negative outcome would cast a doubt on Trump’s ability to push through more ‘market sensitive’ legislation such as a tax reform.
Gold for April delivery on the Comex division of the New York Mercantile Exchange gained $0.65 or 0.04%, to trade at $1,243.85 a troy ounce by 12:54 EDT. The yellow metal remained on track for a second weekly gain.
A slump in the dollar to near seven-week lows continued to lend support to dollar-denominated gold, as dollar weakness tends to increase demand for the yellow metal from holders of other currencies.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, lost 0.06% to 99.50 by 12:43 EDT, as a weaker than expected core durable goods print for February weighed on sentiment.
The Commerce Department said on Friday, orders for core durable goods, a category that excludes aircraft and military goods, rose 0.4% in February, which was less than economists’ forecast of a 0.5% rise.
Elsewhere, silver futures rose 0.76% to $17.727, a troy ounce while copper sank 0.62% to $2.628.
Platinum fell 0.08% to $966.60 while Natural Gas tacked on 0.62% to trade at $3.070.

25/03/2017

Healthcare bill dropped; dollar off lows
The dollar moved sharply higher on the news, as some investors seemed to view this as an opportunity to look ahead to other parts of Trump’s political agenda, which includes tax reform.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.02% to 99.58 by 16:00 EDT.
The sharp rise in the greenback weighed on gold, as the Gold Futures fell 0.09% to $1,246.15.
Elsewhere, U.S. stocks traded mixed, as investors awaited Speaker of the House Paul Ryan, who said he will give an update on the legislation at 16:00 EDT.
The Dow Jones Industrial Average slumped 59 points, or 0.29%, to trade at 20,596. The S&P 500 gained 0.11% and the Nasdaq Composite traded at 5,828 up 0.19%.

24/03/2017

Oil edges up as Saudis cut supplies to U.S., but global glut remains Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel.
Benchmark Brent crude futures (LCOc1) were at $50.69 per barrel at 0756 GMT, up 13 cents or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 18 cents, or 0.4 percent, at $47.88 a barrel. Brent was heading for a weekly fall of about 2.1 percent, while WTI was off about 1.9 percent.
Traders said the increase came as Saudi Arabia said its crude exports to the United States would fall by around 300,000 barrels per day (bpd) between February and March.
In the United States, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production by more than 8 percent since mid-2016 to just above 9.1 million bpd.
To other major consumer regions, however, Saudi exports remain high despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC), and supported by other producers including Russia, to cut output by 1.8 million bpd during the first half of the year.
Data in Thomson Reuters Eikon shows that OPEC shipments to Asia, the world's biggest and fastest growing oil consuming region, were at 17.6 million bpd in March, up more than 5 percent since January, when the cuts officially started, in a sign that OPEC is shielding its main customers from the supply reductions.
Unless OPEC extends the curbs beyond June or makes bigger cuts, traders say oil prices are at risk of falling further.
"OPEC's goal of drawing down inventories to normal levels is not going to be reached before their agreement expires on June 30," said U.S. investment bank Jefferies in a note to clients.
Dennis Gartman, founder and editor of the Gartman Letter said the longer term outlook was for ongoing low oil prices.
"This slump is very real ... Fracking has only just begun here in the U.S. and it will be transferred swiftly to other countries abroad, so the supply of crude oil is going to increase rather dramatically in the years to come," he told the Reuters Global Markets Forum on Friday.
Despite the OPEC-led cuts that began in January, Brent has fallen by over 13 percent from its 2017 highs in early January as other producers have stepped up and filled the gap.

24/03/2017

prices slip lower as U.S. dollar rebounds
Gold prices slipped lower on Friday, as the U.S. dollar regained some strength ahead of a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.28% at $1,243.85, just off the previous session’s three-week high of $1.253,15.
The April contract ended Thursday’s session 0.20% lower at $1,247.20 an ounce.
Futures were likely to find support at $1,226.40, the low of March 23 and resistance at $1,253,15, Thursday’s high.
The dollar regained some strength as the vote on the U.S. administration’s healthcare bill was postponed on Thursday and rescheduled for Friday.
Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not approve new legislation on Friday.
The healthcare vote is seen by investors as a test of his ability to implement key campaign promises such as tax reform and infrastructure spending.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% at 99.71, pulling away from Wednesday’s six-week low of 99.34.
A strong U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Market participants were looking ahead to a string of manufacturing and service sector activity data from the euro zone, due later in the day as well as U.S. data on durable goods orders.
Elsewhere in metals trading, silver futures for May delivery were little changed at $17.589 a troy ounce, while copper futures for May delivery fell 0.25% to $2.638 a pound.