E-Chartered Management Co., Ltd.

30/03/2012

30/03/2012

2012-03-29 11:58:32 [ ECT News ]
Gold gives up early gains; tracks equities lower
Gold fell on Thursday after a rebound in the U.S. dollar erased early gains, while weaker equities also prompted investors to sell bullion to cover losses while waiting for more clues on the health of the U.S. economy.

Traders said the upcoming end-of-quarter was dampening trade, while the release of U.S. weekly jobless claims later could set the tone for the dollar. Economists in a Reuters survey forecast a total of 350,000 new filings compared with 348,000 in the prior week.

Gold hit a high of $1,664.79 an ounce before slipping to $1,658.70 by 0607 GMT, down $4.42. Gold fell 1.3 percent on Wednesday after data showing a smaller-than-expected rise in new U.S. manufactured goods orders spurred selling in commodities.

"There's end-quarter selling, some profit taking, and the dollar is a bit strong. People are only buying a small amount of physical gold because I think the global economy is still struggling," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

"It's going to be range trading for a little while, watching currencies and their direction."

Gold hit a two-week high near $1,700 an ounce on Tuesday on expectations of monetary easing in the United States after Federal Reserve chairman Ben Bernanke cautioned it is too soon to declare victory in the U.S. recovery

U.S. gold for April delivery hardly moved at $1,658.80 an ounce after rising as high as $1,664.50 an ounce.


The dollar index steadied at 79.079 after falling to a near one-month low of 78.770 on Tuesday, while the euro was little changed at $1.3325. Investors will closely watch the outcome of a Italian bond sale as Rome aims to sell up to 8.25 billion euros of debt.

Bullion raced to a record of around $1,920 last September on fears the euro debt crisis could stall global growth.

In equities, Asian shares eased for a second day in a row as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China.

Wednesday's data showed new orders for U.S. durables increased only modestly in February, below analysts' forecasts, while a gauge of future business investment also fell short of expectations, raising the prospect that economic growth in the first quarter could be lacklustre.

"It's really quiet, and I think it's related to the end-quarter period. People are reluctant to do anything. Both sides are quiet, and that's why we've also seen some liquidation in gold," said a dealer in Hong Kong.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust and that of the largest silver-backed ETF, New York's iShares Silver Trust were unchanged after edging down 0.16 percent to 1,286.62 tonnes by Tuesday.

29/03/2012

29/03/2012

2012-03-28 11:52:21 [ ECT News ]
Gold futures fall on weak Asian cues
Gold futures prices today fell by Rs 24 to Rs 28,256 per 10 grams, as speculators offloaded their positions, tracking a weak trend in the Asian region.

Also, absence of any positive trigger from domestic markets, which have been closed since March 17 against the duty hike in the Union budget, put pressure on the gold futures prices here.
At the Multi Commodity Exchange, gold for delivery in April fell by Rs 24, or 0.08 per cent, to Rs 28,256 per 10 grams, with a business turnover of 599 lots.
Similarly, the metal for delivery in June declined by Rs 21, or 0.07 per cent, to Rs 28,695 per 10 grams, with an open interest of 130 lots.
Market analysts said offloading of positions by speculators largely in tandem with a weak trend in Asian markets led to a fall in gold prices at futures trade.

19/03/2012

2012-03-16 11:52:34 [ ECT News ]
Gold fluctuates as this week comes to an end
Gold inclined yesterday, recovering some of the losses incurred during the week; however, the metal returns today to trade within narrow levels, slightly biased to the upside after the International Monetary Fund approved a loan worth 28 billion euro for the indebted nation Greece.
Volatility is dominating the session today as this week comes to an end, where we can see markets in general are trading narrowly with the lack of major fundamentals and events from advanced economies today, the thing that triggered more fluctuations from the precious yellow metal.
Gold is expected to remain volatile during the European session and to move in line with the sentiment in the market against the low yielding U.S. dollar. However, with the start of New York session gold will be affected by the U.S. consumer price index, with expectations inflation over annual basis will remain unchanged at 2.9%, but over monthly basis it is expected to expand by 0.4%.
Inflation has been one of the factors that supported the yellow metal to advance and set several records during 2011, where inflation and escalating debt crisis in addition the global slowdown forced upside pressures on the metal to surge and beat the most expensive widely tradable metal, platinum, in terms of ounce price.
However, platinum returns now to the first position beating gold which is currently trading around $1656.05 per ounce, down by 0.14% or $2.32 per ounce, from the opening level of $1658.43 per ounce. The metal set so far a high of $1665.03 and a low of $1655.30 per ounce.
Among other precious metals, silver gained so far 0.28% or $0.09 per ounce after the opening of $32.48 per ounce to currently trading around $32.57 per ounce. The metal recorded so far the highest at $32.74 and the lowest at $32.43.
Platinum on the other hand shed so far 0.22% or $3.75 per ounce to currently trade around $1682.75 per ounce, compared with the opening of $1686.50 per ounce. The metal reached a high of $1692.00 and a low of $1679.50 per ounce.
Palladium surged to a high of $707.75 per ounce today; however, the metal wasn't able to hold onto the gains are reversed to the downside reach a low of $700.00 per ounce. The metal trades now around 703.00, recording losses of 0.46% or $3.25 per ounce, compared to the opening level of $706.25 an ounce.

13/02/2012

2012-02-10 10:17:18 [ ECT News ]
Comex Gold Solidly Lower Amid “Risk Off” Trading Day
Comex April gold futures prices are solidly lower and hit a fresh two-week low in early U.S. trading Friday. It’s a “risk off” trading day in the market place so far Friday, which has put downside price pressure on many markets, including the raw commodities and precious metals. The European Union sovereign debt crisis has flared up a bit and is back on the front burner of the market place. The key “outside markets” are in a bearish posture for the precious metals Friday morning, as the U.S. dollar index is higher and crude oil prices are lower. April gold last traded down $28.00 at $1,713.00 an ounce. Spot gold was last quoted down $18.10 an ounce at $1,711.50. March Comex silver last traded down $0.507 at $33.41 an ounce.
The European Union sovereign debt crisis escalated a bit overnight when EU monetary officials rejected as inadequate a just-agreed-upon debt-restructuring plan by Greece’s political leaders. This puts into question the ability of Greece to secure its next round of bailout money from the EU. The Euro currency and European and U.S. stock markets slumped on the Greek news.
The U.S. dollar index rallied as the Euro sunk early Friday. However, it’s just a short-covering bounce in the dollar index so far, as the index hit a nine-week low Thursday. The weaker dollar recently has been a bullish underlying force for the precious metals. If the dollar index can begin a fresh near-term price uptrend, that would limit any gains in the precious metals.
Crude oil prices are trading lower early Friday morning, as most raw commodity markets are weaker due to the “risk off” trader mentality on the day. The lower crude prices are a negative for the precious metals. Crude oil and the U.S. dollar index will remain the two key “outside markets” that will generally have at least some daily influence on gold and silver price moves.
U.S. economic data due for release Friday includes the international trade report and the University of Michigan consumer survey. Fed Chairman Bernanke also speaks at a trade convention Friday.
The London A.M. gold fixing was $1,715.50 versus the previous London P.M. fixing of $1,748.00.
Technically, April gold futures prices hit a fresh two-week low overnight and are in danger of producing a bearish weekly low close Friday. Bulls are fading and need to show fresh power soon. However, no serious chart damage has been inflicted yet. A six-week-old uptrend on the daily bar chart has been at least temporarily negated with recent downside price action. Bulls' next upside technical breakout objective is to produce a close above solid technical resistance at the December high of $1,769.70. Bears' next near-term downside price objective is closing prices below psychological support at $1,700.00. First resistance is seen at $1,725.00 and then at the overnight high of $1,737.20. First support is seen at the overnight low of $1,712.00 and then at $1,700.00.
March silver futures bulls still have the overall near-term technical advantage. A six-week-old uptrend is still in place on the daily bar chart, but now just barely. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $35.68 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $31.525. First resistance is seen at $34.00 and then at this week’s high of $34.52. Next support is seen at the overnight low of $33.28 and then at this week’s low of $32.985

02/02/2012

2012-02-01 10:16:03 [ ECT News ]
India gold, copper seen opening a slightly higher
Indian gold futures are likely to extend gains in early trade on Wednesday due to a weaker rupee, analysts said.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) last ended 0.07 percent higher at 28,078 rupees per 10 grams.

The rupee, which weakened on Wednesday, plays an important role in determining the landed cost of dollar-denominated yellow and red metal.

Global gold was steady, after posting its biggest monthly gain since August with an 11-percent rise in the first month of 2012.

COPPER

India copper futures are likely to open a tad higher on Wednesday on a fall in the rupee, analysts said.

The most-active copper for February delivery on the MCX last ended 0.96 percent higher at 417.15 rupees per kg.

Copper in London was steady on Wednesday, buoyed by a rosier-than-expected official estimate for Chinese factory growth.

19/01/2012

2012-01-18 14:46:53 [ ECT News ]
Comex Gold Ends Modestly Higher Amid Weaker U.S. Dollar Index, Technical Buying
Comex February gold futures prices ended the U.S. day session with modest gains and closed nearer the daily high. The market was boosted by some technically related buying and by a weaker U.S. dollar index. Gold was under mild selling pressure early in the trading session, but traders did step in to “buy the dip” and that pushed prices back above unchanged. February gold last traded up $1.40 an ounce at $1,657.00. Spot gold was last quoted up $5.20 an ounce at $1,657.25. March Comex silver last traded up $0.235 at $30.37 an ounce.
The U.S. dollar index was under profit-taking selling pressure again Wednesday. Still, the index is trading not far below last week’s 16-month high. The dollar index bulls still have the solid overall near-term technical advantage and that’s still a somewhat bearish weight for gold. However, the stronger dollar has been less of a bearish factor for gold recently, as the yellow metal has seen better safe-haven demand surface as the new year is under way.
Crude oil prices traded near steady Wednesday. Crude oil will remain an important “outside market” factor for the precious metals.
Recent stronger physical demand coming out of Asia has been a bullish factor for the gold market.
There have been no major, fresh market-moving developments coming out of the European Union debt crisis recently. There were well-received bond auctions in Germany and Portugal Wednesday, which further assuaged investor uncertainty about the EU debt crisis. It could be that the general market place thinks the worst is behind regarding the EU crisis. However, that notion could change very quickly. The overall EU debt and financial crisis remains a major underlying bullish factor for gold.
The London P.M. gold fixing was $1,647.00 versus the previous P.M. fixing of $1,656.00.
Technically, February gold futures prices closed nearer the session high and closed at a fresh five-week high close Wednesday. Gold bulls have the overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls' next upside technical breakout objective is to produce a close above psychological resistance at $1,700.00. Bears' next near-term downside price objective is closing prices below psychological support at $1,600.00. First resistance is seen at this week’s high of $1,668.00 and then at $1,675.00. First support is seen at $1,650.00 and then at Wednesday’s low of $1,642.10. Wyckoff's Market Rating: 6.0.
March silver futures prices closed nearer the session high Wednesday and closed at a fresh five-week high close. Silver bulls have the slight near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $32.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $28.55. First resistance is seen at last week’s high of $30.675 and then at $31.00. Next support is seen at Wednesday’s low of $29.74 and then at this week’s low of $29.455. Wyckoff's Market Rating: 5.5.
March N.Y. copper closed up 225 points 375.20 cents Wednesday. Prices closed nearer the session high and closed at a fresh 2.5-month high close. The copper market was supported by a weaker U.S. dollar index Wednesday. Copper bulls have the near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 376.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 376.80 cents and then at 380.00 cents. First support is seen at 370.00 cents and then at 367.40 cents. Wyckoff's Market Rating: 6.5.

13/01/2012

2012-01-12 11:35:25 [ ECT News ]
Redstar Gold Intersects High-Grade Gold At Newman Todd Project
Redstar Gold Corp. (TSX VENTURE:RGC) reports that it has intersected wide high-grade zones of gold mineralization at the company’s Newman Todd Project within the Red Lake District in Ontario, Canada. Highlights include 15.58 grams per ton gold over 2 meters including 29.8 g/t gold over 1 meters as well as 3.27 g/t gold over 15 meters including 36.15 g/t gold over 1 meter, the company says. “With the recent discovery of high-grade mineralization at surface and the depth of the current drilling, we are confident that the depth extent of the Newman Todd Structure far exceeds 1 kilometer and may in fact be several kilometers deep,” says Scott Weekes, president of Redstar. Confederation Minerals Ltd. (TSX VENTURE:CFM) is the operator at the Newman Todd Project and can earn a 50% interest in the project by spending $5 million in exploration by November 2013, and an additional 20% by producing a Preliminary Economic Assessment by November 2016, the company says. Redstar is a Canadian-based junior exploration company with projects located in Alaska and Ontario.

12/01/2012

2012-01-11 13:03:12 [ ECT News ]
Comex Gold Higher, Hits 4-Week High, as Bulls Gain Technical Momentum
Comex February gold futures prices are trading higher Wednesday morning and hit a fresh four-week high as prices pushed above near-term chart resistance to provide the bulls with fresh upside near-term technical momentum. The fact gold is holding gains Wednesday when the key “outside markets” are in a bearish posture for gold (higher U.S. dollar index and weaker crude oil prices) is also encouraging to the gold bulls. February gold last traded up $9.00 at $1,640.50 an ounce. Spot gold was last quoted up $7.70 an ounce at $1,640.50. March Comex silver last traded up $0.075 at $29.89 an ounce.
There are also reports of better physical demand for gold, especially from Asian countries, as the new year gets under way.
The U.S. dollar index is trading higher Wednesday morning and is back near the 16-month high that was scored Monday. The dollar index bulls still have the solid overall near-term technical advantage. However, on this day the gold market bulls are ignoring the firmer greenback and focusing on gold as a safe-haven store of value.
Crude oil prices are trading lower Wednesday morning, but still trading above $100.00 a barrel. Crude oil will remain an important “outside market” factor for the precious metals.
There have been no major, fresh developments coming out of the European Union debt crisis recently. However, if recent history continues to play out it won’t be too long until the EU debt crisis is back on the front burner of the market place, which could further boost gold on better safe-haven investment demand.
The London A.M. gold fixing was $1,641.00 versus the previous London P.M. fixing of $1,637.00.
U.S. economic data due for release Wednesday includes the MBA mortgage applications survey, the Federal Reserve’s beige book, and the weekly DOE liquid energy stocks report.
Technically, February Comex gold futures prices have made a good rebound from the late-December low and hit a fresh four-week high overnight. Prices also pushed above what was solid near-term technical resistance located at the $1,643.70 level. A two-month-old downtrend line on the daily bar chart has now been negated and prices have also moved above 200-day moving average. Bulls' next upside technical breakout objective is to push prices above psychological resistance at $1,700.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,562.50. First resistance is seen at $1,650.00 and then at $1,670.00. First support is seen at the overnight low of $1,630.80 and then at $1,620.00.
March Comex silver futures prices hit a fresh four-week high Tuesday and negated a 10-week-old downtrend on the daily bar chart. Silver bulls have also gained fresh upside near-term technical momentum and their next upside price breakout objective is closing prices above solid technical resistance at $31.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $28.12. First resistance is seen at Tuesday’s high of $30.31 and then at $30.50. Next support is seen at $29.50 and then at $29.00.

27/12/2011

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07/12/2011

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