EURUSD
(Bloomberg) The euro may fall to its weakest level since August, Brown Brothers Harriman & Co. said, citing an M-shaped trading pattern known as a double-top formation. The 17-nation euro is trading near $1.28, where the neck line of the double top comprising the Sept. 17 high of $1.3172 and the Oct. 17 high of $1.3140 lies, said Marc Chandler, the global head of currency strategy at Brown Brothers in New York. The minimum objective of the pattern is around $1.2450, which is just beyond the 61.8% retracement of the euros Q3 rally, Chandler wrote in an emailed-note yesterday, also citing a chart based on the Fibonacci sequence of numbers. He is cautiously bearish, Chandler said. The euro fell 0.3 percent to $1.2782 as of 10:03 a.m. in Tokyo from the close yesterday in New York. The $1.2450 level was last seen on Aug. 22. The currency had advanced from a low of $1.2043 on July 24 to a high of $1.3172 on Sept. 17.
GOLD
(Bloomberg) Gold traded near a one-week high as investors boosted holdings in exchange-traded products to a record for a third day, countering a stronger dollar. Spot gold was little changed at $1,733.55 an ounce at 9:16 a.m. in Singapore after reaching $1,735.62 yesterday, the most expensive since Nov. 12. The metal climbed 1.1 percent yesterday alongside other commodities including oil and copper as optimism for a U.S. budget deal and unrest in the Middle East spurred demand for the metal as an alternative investment. Gold has risen 11 percent this year as investors added bullion to hedge against financial market turmoil, depreciating currencies and the threat of inflation. Holdings in ETPs backed by bullion rose to 2,604.207 metric tons yesterday, data compiled by Bloomberg show. The perception of how U.S. budget negotiations are going will continue to impact sentiment in the gold market, said Xiang Nan, an analyst at CITICS Futures Co., a unit of China's biggest listed brokerage. Europe's problems seem to have resurfaced once again and in the very near term, a weaker euro may weigh on gold. ETF flows remain encouraging. Gold for December delivery was little changed at $1,733 an ounce on the Comex in New York. The dollar strengthened 0.2 percent versus the euro after Moody's Investors Service lowered France's government bond rating, renewing concern the region's debt crisis is deepening. Euro-area finance ministers are set to meet today in Brussels to discuss aid for Greece. Oil and copper declined today.
SILVER
(Bloomberg) Silver was little changed at $33.1625 an ounce, after climbing to a one-month high of $33.22 yesterday. Spot platinum was also little changed at $1,578.25 an ounce, after rallying 1.2 percent yesterday, the most in a month. Palladium was unchanged at $642.50 an ounce.
+CLF13
(Bloomberg) Oil traded near the highest price in a month in New York as concern that Middle East unrest will disrupt supplies countered speculation stockpiles rose for a third week in the U.S. Futures were little changed after climbing 2.7 percent yesterday as Israeli ground forces prepared to enter the Gaza Strip for the first time in almost four years. The Middle East accounted for more than 35 percent of global production in 2011, according to BP Plc (BP/)'s Statistical Review of World Energy. In the U.S., the world's biggest crude user, inventories probably increased by 1 million barrels last week, according to a Bloomberg survey before an Energy Department report tomorrow. The situation in the Middle East came at a time when there was a risk-on move in the markets, and that fed through into oil, said Ric Spooner, a chief market analyst at CMC Markets in Sydney. At this stage, the fact is that inventory levels and supply capacity are large. Crude for January delivery was at $89.06 a barrel in electronic trading on the New York Mercantile Exchange, down 22 cents, at 1:26 p.m. Singapore time. The contract surged $2.36 to $89.28 yesterday, the highest close since Oct. 19. Prices have declined 9.9 percent this year.
@ESZ12
(Bloomberg) U.S. stocks rose, giving the Standard & Poor's 500 Index its biggest advance in two months, amid better-than-forecast housing data and as President Barack Obama expressed confidence on a budget agreement with Congress. Freeport-McMoRan Copper & Gold Inc. (FCX) and Newmont Mining Corp. (NEM) rallied more than 1.4 percent to pace gains in commodity producers amid Middle East tension. Cisco (CSCO) Systems Inc. increased 1.7 percent as it agreed to buy closely held Meraki Inc. for $1.2 billion. Lowe's Cos. (L) surged 6.2 percent after the home- improvement retailer posted profit that beat estimates. Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) added at least 1.9 percent. The S&P 500 rose 2 percent to 1,386.89 at 4 p.m. in New York. The benchmark gauge for U.S. equities gained 2.5 percent in two days, the most since July. The Dow Jones Industrial Average added 207.65 points, or 1.7 percent, to 12,795.96. Volume for exchange-listed stocks in the U.S. was 6.2 billion shares, about in line with the three-month daily average.
(Bloomberg) The euro may fall to its weakest level since August, Brown Brothers Harriman & Co. said, citing an M-shaped trading pattern known as a double-top formation. The 17-nation euro is trading near $1.28, where the neck line of the double top comprising the Sept. 17 high of $1.3172 and the Oct. 17 high of $1.3140 lies, said Marc Chandler, the global head of currency strategy at Brown Brothers in New York. The minimum objective of the pattern is around $1.2450, which is just beyond the 61.8% retracement of the euros Q3 rally, Chandler wrote in an emailed-note yesterday, also citing a chart based on the Fibonacci sequence of numbers. He is cautiously bearish, Chandler said. The euro fell 0.3 percent to $1.2782 as of 10:03 a.m. in Tokyo from the close yesterday in New York. The $1.2450 level was last seen on Aug. 22. The currency had advanced from a low of $1.2043 on July 24 to a high of $1.3172 on Sept. 17.
Support
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Resistance
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EURUSD
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1.27409
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1.28201
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1.27008
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1.28592
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1.26216
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1.29384
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USDJPY
(Bloomberg) The yen rallied from near its weakest level in almost seven months as the Bank of Japan (8301) refrained from boosting stimulus measures at the conclusion of a two-day meeting today. The Japanese currency rose versus most of its 16 major counterparts as BOJ Governor Masaaki Shirakawa and his board kept policy unchanged amid calls for unlimited easing by opposition leader Shinzo Abe, who polls indicate may become prime minister following elections next month. The euro weakened against its peers after Moody's Investors Service stripped France of its top government bond rating, renewing concern that Europe's debt crisis will deepen. The yen climbed 0.2 percent to 81.26 per dollar as of 1:47 p.m. in Tokyo. It touched 81.59 yesterday, the weakest since April 25. The euro fell 0.3 percent to 104 yen and declined 0.1 percent to $1.2799. The BOJ said today it would keep its asset-purchase fund at 66 trillion yen ($812 billion) and a credit-lending facility at 25 trillion yen.
(Bloomberg) The yen rallied from near its weakest level in almost seven months as the Bank of Japan (8301) refrained from boosting stimulus measures at the conclusion of a two-day meeting today. The Japanese currency rose versus most of its 16 major counterparts as BOJ Governor Masaaki Shirakawa and his board kept policy unchanged amid calls for unlimited easing by opposition leader Shinzo Abe, who polls indicate may become prime minister following elections next month. The euro weakened against its peers after Moody's Investors Service stripped France of its top government bond rating, renewing concern that Europe's debt crisis will deepen. The yen climbed 0.2 percent to 81.26 per dollar as of 1:47 p.m. in Tokyo. It touched 81.59 yesterday, the weakest since April 25. The euro fell 0.3 percent to 104 yen and declined 0.1 percent to $1.2799. The BOJ said today it would keep its asset-purchase fund at 66 trillion yen ($812 billion) and a credit-lending facility at 25 trillion yen.
Support
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Resistance
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USDJPY
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81.072
|
81.573
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80.825
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81.827
|
|
80.324
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82.328
|
GOLD
(Bloomberg) Gold traded near a one-week high as investors boosted holdings in exchange-traded products to a record for a third day, countering a stronger dollar. Spot gold was little changed at $1,733.55 an ounce at 9:16 a.m. in Singapore after reaching $1,735.62 yesterday, the most expensive since Nov. 12. The metal climbed 1.1 percent yesterday alongside other commodities including oil and copper as optimism for a U.S. budget deal and unrest in the Middle East spurred demand for the metal as an alternative investment. Gold has risen 11 percent this year as investors added bullion to hedge against financial market turmoil, depreciating currencies and the threat of inflation. Holdings in ETPs backed by bullion rose to 2,604.207 metric tons yesterday, data compiled by Bloomberg show. The perception of how U.S. budget negotiations are going will continue to impact sentiment in the gold market, said Xiang Nan, an analyst at CITICS Futures Co., a unit of China's biggest listed brokerage. Europe's problems seem to have resurfaced once again and in the very near term, a weaker euro may weigh on gold. ETF flows remain encouraging. Gold for December delivery was little changed at $1,733 an ounce on the Comex in New York. The dollar strengthened 0.2 percent versus the euro after Moody's Investors Service lowered France's government bond rating, renewing concern the region's debt crisis is deepening. Euro-area finance ministers are set to meet today in Brussels to discuss aid for Greece. Oil and copper declined today.
Support
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Resistance
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GOLD
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1717.90
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1739.20
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1705.40
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1748.00
|
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1684.10
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1769.30
|
SILVER
(Bloomberg) Silver was little changed at $33.1625 an ounce, after climbing to a one-month high of $33.22 yesterday. Spot platinum was also little changed at $1,578.25 an ounce, after rallying 1.2 percent yesterday, the most in a month. Palladium was unchanged at $642.50 an ounce.
Support
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Resistance
|
|
SILVER
|
32.55
|
33.46
|
31.97
|
33.79
|
|
31.06
|
34.70
|
+CLF13
(Bloomberg) Oil traded near the highest price in a month in New York as concern that Middle East unrest will disrupt supplies countered speculation stockpiles rose for a third week in the U.S. Futures were little changed after climbing 2.7 percent yesterday as Israeli ground forces prepared to enter the Gaza Strip for the first time in almost four years. The Middle East accounted for more than 35 percent of global production in 2011, according to BP Plc (BP/)'s Statistical Review of World Energy. In the U.S., the world's biggest crude user, inventories probably increased by 1 million barrels last week, according to a Bloomberg survey before an Energy Department report tomorrow. The situation in the Middle East came at a time when there was a risk-on move in the markets, and that fed through into oil, said Ric Spooner, a chief market analyst at CMC Markets in Sydney. At this stage, the fact is that inventory levels and supply capacity are large. Crude for January delivery was at $89.06 a barrel in electronic trading on the New York Mercantile Exchange, down 22 cents, at 1:26 p.m. Singapore time. The contract surged $2.36 to $89.28 yesterday, the highest close since Oct. 19. Prices have declined 9.9 percent this year.
Support
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Resistance
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|
+CLF13
|
87.60
|
90.24
|
86.05
|
91.33
|
|
83.41
|
93.97
|
@ESZ12
(Bloomberg) U.S. stocks rose, giving the Standard & Poor's 500 Index its biggest advance in two months, amid better-than-forecast housing data and as President Barack Obama expressed confidence on a budget agreement with Congress. Freeport-McMoRan Copper & Gold Inc. (FCX) and Newmont Mining Corp. (NEM) rallied more than 1.4 percent to pace gains in commodity producers amid Middle East tension. Cisco (CSCO) Systems Inc. increased 1.7 percent as it agreed to buy closely held Meraki Inc. for $1.2 billion. Lowe's Cos. (L) surged 6.2 percent after the home- improvement retailer posted profit that beat estimates. Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) added at least 1.9 percent. The S&P 500 rose 2 percent to 1,386.89 at 4 p.m. in New York. The benchmark gauge for U.S. equities gained 2.5 percent in two days, the most since July. The Dow Jones Industrial Average added 207.65 points, or 1.7 percent, to 12,795.96. Volume for exchange-listed stocks in the U.S. was 6.2 billion shares, about in line with the three-month daily average.
Support
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Resistance
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@ESZ12
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1365.50
|
1390.75
|
1350.25
|
1400.75
|
|
1325.00
|
1426.00
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