Uncertainty of Spain’s debt limit investors’ confidence in gold

Gold price technical analysis 30 - May, 2013

Enhanced futures for Brent gains to more than two dollars on Thursday as helped tensions in the Middle East on the recovery in oil prices after falling in the previous session because of fears of Europe’s debt crisis and slowing economic growth


And London Brent crude rose two dollars to 112.04 dollars a barrel after it was trading between 109.68 and $ 112.36.
The Reuters poll showed that likely to result in slower growth in the global economy as well as receding fears of a disruption in oil supplies from the Middle East to the decline in crude prices in the remaining period of the current year and 2013.
And hopes also receded in support measures to stimulate the economy and new rounds of monetary easing from major central banks in the world of asset prices and analysts now expect a period of relative stability in oil prices.
32 analysts predicted in a monthly survey for Reuters that the average price of Brent crude 109.90 dollars per barrel this year, up only 40 cents more than expected in last month’s poll and a decrease of $ 2.10 for an average so far this year.
It is expected that the average price of Brent 106.90 dollars per barrel in 2013, down 30 cents from expected in the poll conducted by Reuters in August.
And said Chris of Jane Capital «We believe that it is likely to witness all of Brent and West Texas Intermediate (WTI) more than doubled in the weeks, months and seasons ahead.
Said Michael Wittner, oil sector analyst at Societe Generale announced a third round of quantitative easing in the United States did not give the market support is expected.
The «the impact of the third round of quantitative easing medium-and long-term engine of oil price in the market is limited. Even in the short-term market has already absorbed the quantitative easing.
Predicted only four of 31 analysts to come down the average price of Brent crude below $ 100 a barrel in 2013 and predicted six of the 25 analysts the same thing in 2014.
It is expected that the average price of U.S. crude 95.30 dollars per barrel in 2012 and 98.20 in 2013 and $ 100.7 dollars in 2014.

Precious metals

And gold prices rose slightly yesterday, recovering from its lowest level in two weeks and recorded yesterday, tracking stock markets and other commodities, but uncertainty on when to ask Spain to rescue program extent of investor confidence.
The price of gold in the spot market up 0.2 percent to $ 1755.69 an ounce, while futures rose U.S. gold for delivery in December, five dollars to 1758.60 dollars an ounce.
The precious metal tends to end the month of September the biggest quarterly gain in more than two years amounts to about ten percent, after the U.S. Federal Reserve launched the third round of monetary stimulus measures that benefit gold in earlier this month.
Gold fell Wednesday as concerns prompted the euro zone debt crisis, which pushed the single currency some investors to take profits from gains before the end of the quarter.
Said Robin Bhar, an analyst at Credit Agricole «in the short term I think we will see more of breathtaking stop. We have to see how it would be the performance of the dollar. »He« as seen in forty-eight hours the past crisis in Europe appeared on the surface again.
As silver price rose 0.3 percent to 34.04 dollars an ounce and platinum rose 0.3 percent also to $ 1631.90 an ounce.
And palladium rose 0.4 percent to $ 627.70 an ounce.

Major currencies

Euro moved near its lowest level in two weeks against the dollar yesterday as investors wait to announce Spain’s draft budget could pave the way for it to seek an international rescue program.
And pressed uncertainty on when to ask Spain to rescue program on the single currency in recent sessions with the arrival of Spanish bond yields decimal to about six percent.
It is expected to provide Spain draft budget for 2013 later today. Analysts said submit a realistic budget with comprehensive structural reforms may be the basis for the application of the conditions necessary for Spain to obtain an aid package and the European Central Bank intervention in the bond market.
The euro was steady, little changed at $ 1.2862 near the lowest level in two weeks $ 1.2835 hit on Wednesday. The euro finds support at the average driven in 200 days of around $ 1.2826.
Michel said Snead currency expert at me. Paribas. «All eyes hanging on Spain since last week or so. We have seen a significant change in the centers of the euro in recent so with the approach of ad budget may find investors neutral centers.
The Australian dollar climbed linked to growth of 0.4 percent to 1.0410 U.S. dollars while the New Zealand dollar rose 0.6 percent to $ 0.8283.
The yen also rose slightly against the dollar to 77.69 yen.

Global Equity

U.S. stocks opened slightly higher on Wednesday after data reflected weak economic slowdown in the United States and reduced optimism that China will take steps to support the economy.
The Dow Jones industrial average DJI 41.13 points, or 0.31 percent, to 13454.64 points. The benchmark Standard & Poor’s 500 was up 4.48 points, or 0.31 percent, to 1437.80 points.
The Nasdaq Composite Index IXIC Technology 11.34 points, or 0.37 percent, to 3105.05 points.
European stocks rose in early trading yesterday to regain some balance in the wake of a sharp fall the previous session supported by a strong rally in China but it is likely to be volatile trading due to the settlement centers at the end of the quarter.
Asian markets rallied as investors bet to take China’s second-largest economy in the world new steps to halt the decline in economic growth and support the bourse.
Traders said the Chinese central pump 365 billion yuan ($ 57.92 billion) in money markets this week, the biggest weekly infusion in history.
Across Europe, Financial Times index rose 100 was 0.3 percent and France’s CAC 40 up 0.8 percent and Germany’s DAX 0.5 percent in morning trading.