1200$ proved to be a strong support for Gold

The Gold future price found a strong support at 1200$ and was improving slowly last week over that point, at the time of writing this post the price was as 1213$ after opining in Friday from 1210$ and rose to 1219$.

The analysts said that Gold has done well over the last few days to enjoy some support at $1200 and rally higher to a one week high at $1220 before easing in recent hours. It is presently trading in a narrow range right below $1210 after easing back from $1220. For the last month now gold has drifted steadily lower down to a one month low near the key $1200 level before finding solid support at this key level over the last week. A few days ago saw gold move back and forth and tease the $1200 level a little however the demand kicked in and brought it right back above the key $1200 level before moving a little higher in the last 24 hours. A couple of weeks ago it rallied higher after dropping through $1220 before running into some resistance around the key $1240 level. The last month or so has now undone some great work earlier in the year which saw it surge to a five month high near $1308, before reversing and moving back to $1200. It presently finds itself trading in a narrow range right around $1200 where it is experiencing solid support. A few weeks ago gold eased back a little and steadied below the $1280 level after surging to that area and a four month high, before its recent strong surge higher.

Gold pared gains on Thursday after stronger-than-expected U.S. data lifted the dollar and impetus from Chinese buying petered out, but it remained higher after the Federal Reserve indicated this week that it was in no rush to raise interest rates. The dollar rose against a currency basket as data on U.S. durable goods orders in January beat forecasts, boosting confidence in business activity despite worries of the recent surge in the dollar hurting exports. That weighed on gold, which is priced in the U.S. unit. Spot gold was up 0.5 percent at $1,210 an ounce. Earlier it hit a session high of $1,220.00 above the 100-day moving average at $1,216.20, before retreating as the dollar firmed. “The market feels a bit top heavy,” MKS head of trading Afshin Nabavi said. “We’ve had good buying of physical gold from the Far East as China opened up after the Lunar Week holiday, but above $1,210-1,212, that stopped.” Gold prices have fallen around 10 percent over the last year, largely due to the prospect of higher U.S. rates, which would increase the opportunity cost of holding non-yielding bullion, while boosting the dollar.


Oil Price back under 50$

Crude oil prices have seen a sharp decline today as oil prices dropped during trading on Thursday of $ 50.94 after it opened trading at 50.92 & price fell to $ 47.84 to close above this point a little and at 48.94

Analysts have said the main reason was the abundance of global production and lack of demand from oil-consuming countries.

Also, Investing.com posted today that Crude Oil prices fell sharply on Thursday erasing all of February’s gains as the price approaches a 52-week low.

On the New York Mercantile Exchange, crude oil for April delivery fell 5.57% or 2.84 to $48.15 a barrel in afternoon trading. With one trading day left in the month of February, the price of WTI Crude nears a 52-week low of $44.37.

The precipitous drop in crude on Thursday came one day after the Energy Information Administration (EIA) said in its weekly report that U.S. crude oil inventories rose by 8.4 million barrels last week. The increase more than doubled its forecasts of a 4.0 million barrel weekly spike. In Cushing, Oklahoma, storage increased from 46.3 million barrels to 48.7 million — the highest level in over a year.

Oil prices often weaken when the U.S. dollar becomes stronger, as the dollar-denominated commodity becomes more costly for holders of other currencies.

The dollar index, which measures the greenback’s strength against a basket of six other major currencies, rose 1.12 points or 1.20% to reach a three-week high of 95.37 during midday trading.

The dollar strengthened amid the release of mixed U.S. data on Thursday. The Consumer Price Index (CPI) fell 0.7% in January, above estimates of a 0.6% decline. The drop in inflation was the largest decline since December, 2008. The CPI, which slipped 0.3 percent in December, experienced a decline for the third straight month.

On Wednesday, crude oil rose above $50 a barrel as Saudi Arabia oil minister Ali al-Naimi told reporters that oil markets had settled down after a prolonged period of volatility. Naimi’s reassuring comments on global oil demand outweighed the negative data.

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Akio Toyoda Taking Toyota Motors To Other Level

They said ” What Doesn’t Kill You Makes You Stronger ” and this was fact for Akio Toyoda Toyota motors president five years ago when Toyota’s sudden-acceleration recall crisis put him on the hot seat before members of the U.S. Congress and in tears before sympathetic dealers. Today, the founding-family scion was at a factory to formally mark the roll out of a car named after the Japanese word for “future.”

Toyota Motor Corp. chose an unlikely birthday for its Mirai fuel-cell vehicle, the car it pitches as nothing less than “a turning point in automotive history.”

“Every Feb. 24, we at Toyota take the opportunity to reflect on the recall crisis, doing everything we can to ensure its lessons do not fade from memory,” Toyoda said today. “For us, that date marks a new start.”

Rare as it might be for companies to draw attention to a low point in their history, the Motomachi plant that’s building Toyota’s hydrogen-powered Mirai won’t be alone in getting a reminder. The February edition of an internal company magazine highlighted the anniversary, reminding employees to think about the customer and keep quality up to snuff.

“It is quite unusual that Toyota is holding this event on an anniversary of a time many in Toyota would think was a time best forgotten,” said Jeff Kingston, director of Asian Studies at Temple University’s Japan campus in Tokyo. “Do you think Ford Motor Co. launches any product on the day they retired the Pinto? It’s not just in Japan that this is unusual — worldwide, companies usually don’t draw attention back to rough patches.”

To read more, click here.

The Oil prices all down today

The dollar gains strength against the other major currencies on Monday, When the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.30% to 94.69.

Oil prices fell on Monday as worries about oversupply in North America and a strong dollar pushed Brent futures towards $59 a barrel and U.S. contracts below $49 a barrel.

After an initial rise along with global markets on optimism that another euro zone crisis over Greek debt had been averted for now, prices began dipping as analysts said crude markets remained oversupplied, especially in the United States.

“The term structure of oil continues to weaken and inventories keep piling up,” Bank of America (NYSE:BAC) Merrill Lynch (NYSE:BAC) said in a note.

Brent crude was trading $1 lower at $59.34 at 6.23 a.m. ET. Benchmark U.S. WTI crude April futures were trading down 63 cents at $49.71 a barrel.

WTI’s March futures settled at $50.34 a barrel on Friday, expiring as the front-month contract.

To read more, Click here.

Limited recovery for Oil price

Record-high oil inventories in the United States the largest oil consumer in the world, Oil prices fell for a second day, but prices bounced sharply off session lows on relief the builds were less than an industry group had estimated.

Also, Investing.com posted today that the Crude oil futures slipped lower on Friday, as concerns over a global glut in supplies persisted after data on Thursday showed that oil supplies in the U.S. rose to the highest level on record.

On the New York Mercantile Exchange, U.S. crude oil for delivery in April traded $0.13 or 0.25% higher to $51.70 a barrel during European early afternoon trade.

Prices tumbled $0.99 or 1.87% on Thursday to settle at $51.83.

Futures were likely to find support at $49.82, Thursday’s low and resistance at $54.22, the high from February 18.

Crude oil prices came under pressure after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.7 million barrels in the week ended February 13, compared to expectations for an increase of 3.3 million barrels.

Total U.S. crude oil inventories stood at 425.6 million barrels as of last week, the most on records dating back to August 1982.

Meanwhile, the crude benchmarks recovered some ground in recent trade. This was despite another generally negative Inventories Report from the DOE. Crude stockpiles declined less than anticipated, refinery utilization dropped and the rate of US production climbed to another fresh multi-decade high. This suggests crude’s rebound is more reflective of a corrective bounce / profit taking. Rather than a shift in the supply glut story, which may in turn limit the extent of a recovery.

The oil price bounce today

Today, after U.S. supply data the oil prices slipped below $50 a barrel a round 16:00 GMT but after that the price recover to reach $ 52.70 near to the end of the day.

Also,The Reuters posted today that the Oil prices fell for a second day on Thursday, after the U.S. government reported another record high in crude inventories, but prices bounced sharply off session lows on relief the builds were less than an industry group had estimated.

Prices also retraced losses as investors covered more short positions in U.S. crude futures a day ahead of the expiry of the front-month contract.

U.S. commercial crude oil inventories rose 7.7 million barrels last week to a record 425.6 million barrels, , the U.S. Energy Information Administration (EIA) said. It was the sixth straight week levels were at a seasonal record peak.

The build was more than double the 3.2 million barrels expected by analysts in a Reuters poll, but far below the 14.3 million barrels estimated on Wednesday by industry group American Petroleum Institute (API).

Benchmark Brent and U.S. crude futures, which fell about 5 percent on Wednesday after the API report, came off session lows on the EIA data.

“It is still a bearish number though it provides a little bit of a relief rally if you’d been going with the API estimate,” Tariq Zahir, managing member at New York’s Tyche Capital Advisors said, explaining why the market pared losses.

To read more, click here.

Gold still under pressure

Gold price did not make any progress today and kept trade in a narrow range also according to investing.com remained in negative territory on Wednesday, despite the release of surprisingly weak U.S. housing data.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery shed $1.40, or 0.12%, to trade at $1,207.10 a troy ounce during U.S. morning hours. 

Prices hit a session low of $1,202.20 earlier, a level not seen since January 6.

Futures were likely to find support at $1,201.60, the low from January 6, and resistance at $1,236.70, the high from February 16.

The U.S. Commerce Department said that the number of building permits issued last month decreased by 0.7% to 1.053 million units. Analysts expected building permits to rise by 0.8% to 1.069 million units in January.

The report also showed that U.S. housing starts declined by 2.0% last month to hit 1.065 million units from December’s total of 1.087 million units, worse than expectations for a decline of 1.7% to 1.070 million.

A separate Commerce Department report said that producer prices fell by 0.8% last month, compared to forecasts for a 0.4% decline. Year-over-year, the producer price index was flat in January.

The core producer price index eased down by 0.1% last month, compared to forecasts for a gain of 0.1% and following an increase of 0.3% in December. 

Core producer prices rose at an annualized rate of 1.6% in January, below expectations for a 2.0% increase.

Investors are looking ahead to the release of the minutes of the Federal Reserve’s latest meeting for further indications on when the central bank may start to hike interest rates.

Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.

A day earlier, gold lost $18.50, or 1.51%, to settle at $1,208.60 as hopes that a compromise between Greece and its European partners would eventually be reached dampened appetite for safe-haven assets.

According to sources familiar with the matter, Athens intends to ask for a six-month extension of its loan agreement with its international lenders later in the day, easing concerns over the country’s future in the euro zone.

Greece’s current €240 billion bailout is due to expire at the end of the month, fuelling worries the country will run out of money.


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Gold fell today to 1203$

Despite of the disappointing news from the United Stats that kept greenback under pressure as down beat manufacturing data from the New York area added to concerns over the strength of the U.S. economic recovery today.

The precious metal is shedding further ground as markets enter the last part of the US session, currently hovering over the $1,200 key barrier.

Gold down from $1,230

The ounce troy of the yellow metal is falling since the beginning of the session. Poor results from today’s US docket – Empire State index and NAHB index came in below expectations – intensified the decline, while market participants on the other side commenced to gauge the FOMC minutes due tomorrow.

Gold key levels

At the moment the metal is losing 1.54% at $1,208.20. The initial support lies at $1,201.60 (low Jan.6) and then $11.67.30 (low Jan.2). On the other hand, a break above $1,236.40 (high Feb.16) would allow $1,238.70 (high Feb.11).

The Oil moving above 53$

The Oil price today was trading in a narrow area Monday almost between 52.94 Low and 54.42 high.

And according to investing.com report today that:

Oil futures swung between gains and losses in choppy trade on Monday, ith volumes expected to remain light as markets in the U.S. remain closed for the Presidents’ Day Holiday.

On the New York Mercantile Exchange, crude oil for delivery in April inched up 3 cents, or 0.06%, to trade at $53.70 a barrel during U.S. morning hours. Nymex oil held in a range between $52.92 and $54.53 a barrel.

Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.

Meanwhile, officials from Greece and the European Union were due to hold fresh talks on Monday after discussions on a new debt deal last week ended without an agreement.

Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

On Sunday Athens said it was confident of reaching an agreement but reiterated it would not accept harsh austerity measures in any new deal.

Elsewhere, in Japan, data on Monday showed that the economy emerged from recession in the final quarter of 2014, but growth was still weaker than expected, indicating that the recovery remain fragile.

Japan’s economy expanded at an annual rate of 2.2% in the three months to December official data showed, falling short of forecasts for 3.7%.