GCI Forex News - Gold: Gold hovering around $1700/oz this morning

Gold Movement

Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1709.25 per ounce.

Gold plunged by more than 1.0% later in the day, after trading higher initially, on profit taking, after the Federal Reserve’s announcement of a fresh round of bond buying pushed gold prices above the $1720 level.

In the Asian session, at GMT0400, Gold is trading at 1701.16, 0.47% lower from yesterday’s close.

Gold is expected to find support at 1689.10, and a fall through could take it to the next support level of 1677.04. Gold is expected to find its first resistance at 1718.33, and a rise through could take it to the next resistance level of 1735.50.

The yellow metal is trading much below its 20 Hr and 50 Hr moving averages.

GCI Forex News - Silver: White metal losing ground in the Asian session

Silver Movement

Silver prices rose 1.16% to the USD 33.35 per ounce during the 24 hours ending 23:00GMT.

In the Asian session, at GMT0400, Silver is trading at 33.02, 0.97% lower from yesterday’s close.

Silver is expected to find support at 32.62, and a fall through could take it to the next support level of 32.22. Silver is expected to find its first resistance at 33.62, and a rise through could take it to the next resistance level of 34.21.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Australia’s consumer confidence deteriorates in December

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD strengthened 0.48% against the USD to close at 1.0536.

LME Copper prices declined 0.5% or $42.3/MT to $8069.0/MT. Aluminium prices rose 1.4% or $29.3/MT to $2130.5/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0524, with the AUD trading 0.12% lower from yesterday’s close, after the Westpac/Melbourne Institute’s consumer sentiment index in Australia declined to a reading of 100.0 in December, from a reading of 104.3 reported in November.

The pair is expected to find support at 1.0483, and a fall through could take it to the next support level of 1.0442. The pair is expected to find its first resistance at 1.0553, and a rise through could take it to the next resistance level of 1.0582.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - Gold: Gold trading higher ahead of Fed meeting outcome

Gold Movement

Gold prices traded lower by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1709.32 per ounce.

In the Asian session, at GMT0400, Gold is trading at 1710.45, a marginal 0.07% higher from yesterday’s close, ahead of the end of the two day Federal Reserve meeting later today.

Gold is expected to find support at 1705.41, and a fall through could take it to the next support level of 1700.37. Gold is expected to find its first resistance at 1715, and a rise through could take it to the next resistance level of 1719.54.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - Crude Oil: Oil prices rose on lower OPEC output data, trading lower this morning

Crude Oil Movement

Crude Oil prices advanced 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01, after the Organisation of Petroleum Exporting Countries (OPEC) stated that the region’s production fell by 210,000 barrels per day in November.

Moreover, OPEC warned that world oil demand growth could underperform in the first half of 2013 due to economic weakness.

Late yesterday, American Petroleum Institute reported that crude-oil supplies rose 4.3 million barrels, gasoline inventories climbed 2.8 million barrels and distillate stocks increased 2.2 million barrels.

In the Asian session, at GMT0400, Crude Oil is trading at 85.79, 0.26% lower from yesterday’s close.

Crude oil is expected to find support at 85.26, and a fall through could take it to the next support level of 84.73. Crude oil is expected to find its first resistance at 86.27, and a rise through could take it to the next resistance level of 86.75.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - Gold: Gold gives up some gains in the Asian session

Gold Movement

Gold prices traded higher by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1711.63 per ounce, ahead of the Federal Reserve two-day meeting where policy makers are expected to announce more stimulus measures.

In the Asian session, at GMT0400, Gold is trading at 1709.66, 0.11% lower from yesterday’s close.

Gold is expected to find support at 1704.23, and a fall through could take it to the next support level of 1698.79. Gold is expected to find its first resistance at 1716.27, and a rise through could take it to the next resistance level of 1722.88.

The yellow metal is trading between its 20 Hr and 50 Hr moving averages.

GCI Forex News - Silver: Silver loses momentum in the Asian session

Silver Movement

Silver prices rose 0.45% to the USD33.24 per ounce during the 24 hours ending 23:00GMT.

In the Asian session, at GMT0400, Silver is trading at 33.09, 0.44% lower from yesterday’s close.

Silver is expected to find support at 32.91, and a fall through could take it to the next support level of 32.73. Silver is expected to find its first resistance at 33.35, and a rise through could take it to the next resistance level of 33.61.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - Crude Oil: Oil trading lower this morning, Awaits oil inventory reports

Crude Oil Movement

Crude oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01, as a stalemate on crucial fiscal talks in the US and fresh troubles in Italy weighed on oil prices.

In the Asian session, at GMT0400, Crude Oil is trading at 85.64, 0.43% lower from yesterday’s close.

Later today, focus would be on the data on crude oil inventories from the American Petroleum Institute, followed by the Energy Information Administration US oil stockpile report tomorrow.

Crude oil is expected to find support at 85.05, and a fall through could take it to the next support level of 84.47. Crude oil is expected to find its first resistance at 86.50, and a rise through could take it to the next resistance level of 87.37.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.