COMEX Technical Analysis Report

GOLD
Gold price rose to the three week high as the increasing tension in Ukraine and finally break the level of $1300, giving a good sustain over the level gave closing at 1309 as the yesterday’s trading it seems that now the buying trend had come in gold after a long time and now gold head to the level of 1330
Forecast
A little pullback in gold can give a buying pressure in commodity to raise for the next resistance, today gold can trade in a range of 1295 to 1313.
SILVER
Holding of biggest silver backed ETF (exchange traded fund), New York stood at 10,309 tonnes unchanged from previous day. Strongly following the gold movement Silver spot gained 0.4% in yesterday’s trading session, as traders were focus on the Ukraine tension & considering the slowdown in China slowdown the industrial demand of Silver from China.
Forecast
Technically Silver took a upside yesterday but failed to close higher and gave the formation of Shooting Star on chart and according to the Shooting Star a chance of little pull back can be seen in Silver on a major range support of $19.350 will continue with the resistance of $19.945
CRUDE
Crude oil price fell down in yesterday’s session the lower demand from China & Japan as supported the crude oil price to go more down U.S. commercial crude oil and refined product inventories were forecast to have increased last week, with crude stocks hitting a record high for the third week in a row
Forecast
A little downfall in Crude Oil price can be marked in the today’s session and it can trade in a range of 98 to 100
TODAY’S DAY RANGE

COMMODITY	S1	S2	R1	R2
GOLD	1300	1290	1308	1320
SILVER	19.490	18.850	19.850	20.500
CRUDE	99	98	100	100.8

DAY’S HIGHLIGHT

• Important data for today would be Trade balance, PMI & Unemployment Change

• US ISM Non-Manufacturing PMI moved to 55.2 vs 53.1 prev.

• HSBC final manufacturing PMI moved to 48.1 else previously it was 48.3 that increase the worry for Chinese Economy.

Weekly Technical Analysis For SIngapore SGX and Malaysia KLCI

Weekly Technical view on STI
This was the week in which only green candle was formed by STI as there was not a major change in the trading range of STI it opened at 3071 and made a high of 3101 where gave the closing at the same level as it was for the last week candle @3073.
Long Legged Doji was formed by this week candle. As it has long upper & lower shadow with Doji as the shorter trading range in the middle
Weekly wrap of STI:

STRAIT TIMES WEEKLY WRAP
OPEN	3071.87
HIGH	3101.86
LOW	3053.59
CLOSE	3073.39
CHANGE (In Points)	0.33
% CHANGE	0.010

Macroeconomic factors:

• A good jump in the Trade Confidence Index as it’s the highest in two years at 115 i.e. 10 points. Announced by the HSBC
• Home price inflation in China slowed in Feb also as it’s the continuous second month where average for new home price rose 8.7% for the 70 major cities in China. If calculated for MOM basis price rose 0.3% for Feb.
• Statement issued by the Finance Ministry of Singapore on Tuesday said (SMEs) small medium enterprises will receive almost Q3 of sum disbursed, which calculated over 74000 employers will be receiving around S$800 Million by wage credit scheme, pay outs by March 31.
• SGX is about to revise the fee structure which will be applicable from 2nd May 2014 as to make the trading more cost effective the clearing fee would be reduced by one fifth from 0.04% to 0.325% of contract value.
• Economists forecasted 3.8% of Growth lower than expected as 3.9%

Market Forecast for week ahead:

• As the performance of the STI was in a very range bound for this week and closing for the week was as the same for the last week. STI formed the Long Legged Doji candle for this week.
• Studding Bollinger bands chart pattern it’s very clear that the market is in a very range bound conditions as its not able to maintain itself above 3100 and closed at 3073.
• Technically STI can fall for multiple support and it would be possible by the global economic factor & market sentiment to sustain above the mark of 3100.

Technical Indicators:

MACD is moving below the base and performing flat where RSI is at 44.51 CCI is also going down and is @ -52

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3040	3000	2955	3130	3170	3210

Weekly wrap of KLCI:

KLCI closed Positive this week as it makes the green candle for this week after the red weekly candle.

Bullish Engulfing Pattern formed in this week, as Green candle formed for this week was followed by the red candle of the last week where the open & close for this week was formed in the range of the last week candle.

 

Weekly Technical view on KLCI

KLCI WEEKLY WRAP
OPEN	1806.15
HIGH	1821.88
LOW	1802.88
CLOSE	1820.48
CHANGE (In Points)	15.36
% CHANGE	0.850

Market Forecast for week ahead:

• KLCI took the up move for this week after the two continuous down trend for two weeks 
• The 50 days EMA’ is trading at 1778 where 20 days EMA is at 1814.
• For the coming week the KLCI can take a upside movement but on the envelope channel indicator it seems consolidate in the range of 1790 to 1835

Technical Indicators:

The RSI is moving exactly above the base line at 53.92 else CCI is performing at -21

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
1805	1795	1780	1835	1850	1870