STANDARD BANK DAILY
2012-04-03 08:32:46
Precious metals
A quiet overnight in Asia, with Chinese players out for the next three days, saw gold come under some pressure. This pressure was extended into this morning, as a relatively strong dollar combined with the threat of poor physical demand from India
(as we enter a third week of a nationwide strike in protest against gold levies) dampened investor enthusiasm for the metal.
The white metals have fared relatively better, although this is only because the are trading mostly sideways, in line with euro/
dollar movements this morning.
Net speculative length lost 140.8k oz—an abrupt increase in momentum of the previous four weeks of decline. The past week
saw the largest drop of the year so far in long positions (105.8k oz), with a strong 35.0k oz added to shorts. The changes in
the futures market over the past week warrant some attention as participants appear to be positioning for some negative price
moves. ETFs became net buyers, although only a meagre 3.5k oz were added to their platinum holdings—a number hardly
indicative of brimming confidence.
After a minor drop the previous week (7.9k oz), net speculative length fell hard this this past week, surrendering a remarkable
257.0k oz ( the largest loss of 2012 so far). A massive 194.7k oz in long positions were unwound, together with an equally
significant 62.3k oz increase in shorts. As for platinum, this re-positioning in the futures market is hardly inspiring and signal an
expectation of future price weakness. However, ETF buying of palladium continued at a respectable pace, with 21.8k oz
added.
Gold support is at $1,660 and $1,654. Resistance is $1,672 and $1,677. Silver support is at $32.23 and $31.96, resistance is
at $32.71 and $32.91.
Platinum support is at $1,627 and $1,613, resistance is at $1,652 and $1,663. Palladium support is at $651 and resistance at
$663.
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 5,333.50 | 4,913.50 | |
| 1oz ABC Bullion Cast Bar | ||
| 4,426.80 | 4,026.80 | |
| 100g ABC Bullion Bar | ||
| 14,205.60 | 12,905.60 | |
| 1kg ABC Bullion Silver | ||
| 1,728.40 | 1,378.40 | |
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