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Gold drops on China
(Reuters) - Gold fell in choppy trade on Monday as a reduced target for Chinese economic growth pressured commodities and equities, and the metal's losses could accelerate if it fails to hold key support after last week's sell-off.
Bullion fell 1 percent earlier after China cut its 2012 growth target to an eight-year low of 7.5 percent from 8 percent. The country, viewed by many as the world's economic engine, kept its inflation target unchanged at 4 percent.
Gold recovered somewhat on a slightly weaker dollar, but investors remained cautious toward the metal after last week's sudden, 3.5 percent drop.
"The bears will score a major victory if they are able to send prices below the longer-term 200-day moving average. Until then, one can expect sideways action to ensue," said Adam Sarhan, ...
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Gold slips below $1,700/oz as dollar firms
(Reuters) - Gold prices slid below $1,700 an ounce in Europe on Monday as weaker-than-expected euro zone economic data lifted the dollar versus the euro, and as appetite for assets seen as higher risk, like stocks and commodities, suffered after China set its lowest annual growth target in eight years.
Spot gold hit a low of $1,693.99 an ounce and was down 0.9 percent at $1,697.09 an ounce at 1037 GMT, while U.S. gold futures for April delivery were down $11.20 an ounce at $1,698.60.
Spot prices fell 3.9 percent last week, their worst weekly performance since mid-December, after Federal Reserve chairman Ben Bernanke gave no further hints, in a key speech, of a third round of quantitative easing in the United States.
"Markets had really hoped for QE3, and that did create a plunge for ...
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SunBirdFX Daily Market Analysis : 03/05/2012
www.sunbirdfx.com
Wall Street closed another green trading week as NASDAQ kept setting new highs, S&P 500 crossed above the important level of 1370 points, though eventually it closed under this resistance. The rising came on the background of improving economic data as GDP showed an annual growth of 3% and continuing jobless claims fell to new low.
This week was extremely volatile in the commodities market as oil prices touched the level of $110 after rumors regarding attack on one of Saudi Arabia important oil fields, but the largest oil producer denied the rumors and the oil closed around $106 on Friday. The precious metals were also on the center after Bernanke said that the price of $1800 for an ounce of gold reflects a bubble and caused heavy sales of the metal that shed $80 that ...
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Euro falls as Greece moves back in spotlight
The euro ended a roller coaster week sharply lower and may come under further selling pressure as Greece's bailout moves back into focus, and as the European Central Bank chimes in on monetary policy next week.
The euro dropped against the dollar for a third straight day on Friday and was on track for its worst week since mid-December after debt-burdened Spain challenged the European Union's new fiscal pact.
Spain, the euro zone's fourth-largest economy, set a softer 2012 deficit target than originally agreed to under the euro zone's austerity drive.
Earlier in the global session, the euro was pressured by a surprise slide in retail sales in Germany, the euro zone's largest economy.
However, the euro initially gave up ground on Wednesday after the European Central Bank offered 530 ...
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Insight: Wall Street, Fed face off over physical commodities
Wall Street's biggest banks are locked in an increasingly frantic struggle with the Federal Reserve over the right to retain the jewels of their commodity trading empires: warehouses, storage tanks and other hard assets worth billions of dollars.
While the battle over proprietary trading and new derivatives regulations has taken place largely in public view since the 2008 financial crisis, the fight by JPMorgan Chase, Morgan Stanley and Goldman Sachs to retain or expand their prized physical commodity operations - most acquired in only the past six years - has remained hidden.
The debate is nearing an inflection point: Within 18 months, the Fed will likely either allow banks more freedom to invest in the physical commodity world than ever; or force them to sell off the assets that many ...
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JPMorgan trumped competitors in commodities last year
Blythe Masters, JPMorgan's global head of commodities, has steered the bank's expanded franchise to record revenues exceeding $2.8 billion in 2011, more than long-time industry leaders Goldman Sachs and Morgan Stanley, the three banks' data showed this week.
The more than threefold surge in revenues marks a dramatic turnaround for British-born Masters, one of the top female executives on Wall Street, who came under pressure in 2010 as revenues fell following the acquisition of RBS Sempra's large metals and energy trading desks, according to sources and company data.
By contrast, Wall Street's commodity trading pioneers have stumbled, with Morgan Stanley's revenues shrinking for a third consecutive year -- the worst streak since at least 1995 -- and Goldman Sachs commodity unit J. Aron is ...
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Exclusive: JPMorgan trumped competitors in commodities last year
(Reuters) - Blythe Masters, JPMorgan's global head of commodities, has steered the bank's expanded franchise to record revenues exceeding $2.8 billion in 2011, more than long-time industry leaders Goldman Sachs and Morgan Stanley, the three banks' data showed this week.
The more than threefold surge in revenues marks a dramatic turnaround for British-born Masters, one of the top female executives on Wall Street, who came under pressure in 2010 as revenues fell following the acquisition of RBS Sempra's large metals and energy trading desks, according to sources and company data.
By contrast, Wall Street's commodity trading pioneers have stumbled, with Morgan Stanley's revenues shrinking for a third consecutive year -- the worst streak since at least 1995 -- and Goldman Sachs commodity ...
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Gold rebounds after price rout draws buyers
Gold rebounded on Thursday as buyers were tempted back to the market by the previous day's 5 percent price plunge, its biggest one-day drop since October 2008, after Federal Reserve Chairman Ben Bernanke gave no hints of a third round of quantitative easing.
Prices failed to gain much traction as they rose, however, retreating from an early high of $1,724.76 an ounce as the euro surrendered gains against the dollar, declining further after dollar-supportive U.S. economic data mid-afternoon.
Spot gold was up 0.8 percent at $1,708.04 an ounce at 1437 GMT. Spot prices fell more than 5 percent on Wednesday as expectations for further easing in the world's biggest economy, which had been a key support of gold prices, faded.
Bullion's healthy bounce from lows and broader support offered to ...
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Gold rebounds after price slump as buyers return
(Reuters) - Gold rebounded on Thursday as physical bullion investors were tempted back to the market by the previous session's 5 percent price plunge, its biggest one-day drop since before the collapse of Lehman Brothers in October 2008.
Spot gold was up 1.3 percent at $1,716.94 an ounce at 1058 GMT, while U.S. gold futures for April delivery were up $7.20 an ounce at $1,718.50.
Spot prices fell more than 5 percent on Wednesday after Federal Reserve chair Ben Bernanke gave no hints that a third round of quantitative easing, which had been a key support of gold prices, was imminent in the world's largest economy.
Activity in COMEX gold futures spiked to 342,000 lots that day, more than double both the previous session's volume and the one-month rolling average.
"We had a sense that the ...
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