Gold Sideways Amid Improving Data And Stimulus Speculation

Gold is moving sideways below the highest level this month in the London session as investors consider the improving economic data against speculation for additional stimulus.

Gold rose yesterday after a member of the board of the European Central Bank and the German Bundesbank chief Jens Weidman said that the ECB will maintain its stance for monetary policy accommodative "as far as it is necessary." Global equity markets yesterday 0.5% below the highest level since 2008, before the release of a report today that may showed U.S. retail sales rose last month. And investors cut their investments in the stock that traded gold headed to its lowest level in six months.

"Gold edged up in the middle of the action buy on dip and estimated the additional stimulus measures from the central bank," said Box Commodity Services Ltd.. in Mumbai today in a report. "However, the firmness of the equity markets and the withdrawal of investments in ETP will continue to weigh on gold prices."

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S & P 500 Potencially Bullish

Generally, intraday bias of the S & P 500 index movement looks on bullish condition. Technically, the stochastic indicator is in potential bullish condition. If index strengthen up and penetrate resistance at 1551.25 would have a chance to bring index move upwards towards resistance at 1556.42.

Meanwhile, be-alert if bearish signal was appear in index movement. Be-warn, if index weaken and penetrate support at 1546.77 that there is potential index will move downwards towards the next support at 1541.75.

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Dow Jones Potentially on Correction Phase, Be-warn Support at 14339

Generally, intraday bias of the Dow Jones index movement looks on bullish condition. Technically, the stochastic indicator is in potential bullish condition. If index strengthen up and penetrate resistance at 14382 would have a chance to bring index move upwards towards resistance at 14432.

Meanwhile, be-alert if bearish signal was appear in index movement. Be-warn, if index weaken and penetrate support at 1439 that there is potential index will move downwards towards the next support at 14291.

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OPEC: Demand Growth Outlook Unchanged In 2013

World oil demand is set to grow as much as 800,000 barrels per day in 2013, the Organization of Petroleum Exporting Countries (OPEC) on Tuesday in its monthly report for the month of March. Estimate was unchanged from the previous forecast and in line with the rate of growth seen in 2012. 

OPEC said the hope for a large chunk of petumbuhan expected to come from China, the Middle East, followed by other Asian countries and Latin America. Oil demand from countries in the Organization for Economic Cooperation and Development (OCDC), which consists of the developed countries in the world, is expected to fall forward, but less than in 2012.

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Solid Gold, Physical Gold Demand Sustained Asia

Gold futures soared associated physical gold demand and gold-based ETF assets on concern the slow pace of economic recovery after the U.S. failed to reach policy makers to avoid removal budget kesepaktan known as Sequesteration.
Republicans in the U.S. House level indicate an alternative plan to introduce on Tuesday as part of a removal program budget of $ 4.6 trillion in the first decade, the proposal will then be followed by spending cuts from Democrats in the Senate.
Another positive catalyst is the prospect of additional easing from the Bank of England after data on manufacturing and industrial output fell below estimates, while in Japan, rumors of emergency BoJ meeting helped to trigger speculation of aggressive monetary easing faster than earlier expectations.
Tensions market in risky asset markets also rose after the expected Italy will fail to meet the deadline of economic reform in April in Brussels due to political uncertainty post-election some time ago. Where this little add interest to the safe-haven asset gold.
Observed so far Gold spot price rose 0.70% to $ 1,592.92 per troy ounce, after reaching its highest point at $ 1,593.71 and an intraday low of $ 1,580.36 daily per troy ounce. Technically, the intraday bias to bullish gold, but need to watch out for correction down to reduce the overbought / oversold. Resistant 1613 - 1620 - 1625, Support 1584 to 1576 - 1571.

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Along Mighty Dollar U.S. Economic Outlook Sunny

Market sentiment in the forex market today quite a mixed session from Asia and Europe as a short-term trading action amid lack of key economic data released Tuesday.

Republicans at the U.S. House of Representatives indicate an unveiled plans Sequester alternative tonight to make budget cuts of $ 4.6 trillion in the next decade, while the Democrats in the Senate will also give their own proposals on Wednesday tomorrow which is expected to provide an alternative plan of tax increases and spending cuts.

From the macroeconomic performance of the U.S. economy continued to surprise positively contributed to the positive catalyst the U.S. dollar, as the macroeconomic conditions in Europe and the UK is quite a contrast after the data reported British manufacturing production fell below estimates and the data indicate Q1 GDP growth will be burdened as acceleration contraction in industrial and manufacturing sectors. Riskier currencies like the euro are also vulnerable to a sell-imposed austerity policies as the euro zone indicate an hamper the pace of recovery from the recession of the European Union.

Observed so far the U.S. dollar index rose 0.15% at the level of 82.70, after reaching its highest point at 82.81 and an intraday low at 82.64 daily.

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Release Data Limit Appreciation Aussie Gain

After the release of the NAB business confidence survey is lower than the previous data release, which is 1 for the period from February 3 in January. AUD / USD was near weekly high at the 1.0280 level. Currently Aussie at 1.0300. Exchange rate rose 0.45% in the period of one week and -1.06% for a period of one year. ASX Australia fell 0.08% while the U.S. SP500 index closed up 0.32% near a new 5-year high, the highest increase since November 2007.

From a technical perspective the hourly chart shows indicators away from overbought levels but prices were still above the trend line and is above the SMA 20, clearly Valeria Bednarik, chief analyst at Fxstreet.com. "In the 4 hours chart, the bullish movement under pressure unless the price stay above 1.0300 area. Currency appreciation is limited, "he added.

Support levels at 1.0250, 1.0220 and 1.0180, while resistance level at 1.0345.

source 

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