Live commodity Calls & Breaking News
- Thread starter vinodjaiswal
- Start date
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LIVE:BULLION INSIGHT- The Euro lost further grounds against the dollar after report showed that Greece’s new austerity plan fall short of target by the European lenders. Greece’s government approved 6.6 billion Euros of austerity measures to trim its budget deficit and to ensure a pending aid payment and a second rescue package. European finance chiefs will be meeting today to discuss how to shield banks from debt crisis and a further boost to the region’s second rescue fund.
Asian stocks fell on the news, while, the Asian benchmark extended the decline after US consumer spending slowed as incomes unexpectedly dropped. However, from the economic data front, German, Euro zone and UK PMI manufacturing numbers may improve which might support the eight months low Euro to revive, while, a likely weak US manufacturing and construction spending might also provide the space to the currency to gain against the dollar.
Anticipating so, gold might remain strong ahead of the Euro crisis meeting. However, any positive signs from the debt-beleaguered Euro zone will cheer up investors, and money may flow out of gold into stocks and other asset classes. So, gold might remain pretty volatile
the Euro fell ahead of the Euro crisis meeting. The finance chiefs will be discussing how to shield the banks from debt crisis and to boost the region’s second bail out fund. Despite Greece’s government approved 6.6 billion Euros of austerity measures to trim its budget deficit, they fell short of the target. This might led the Euro to decline to its eight months low against the dollar
Asian stocks fell on the news, while, the Asian benchmark extended the decline after US consumer spending slowed as incomes unexpectedly dropped. However, from the economic data front, German, Euro zone and UK PMI manufacturing numbers may improve which might support the eight months low Euro to revive, while, a likely weak US manufacturing and construction spending might also provide the space to the currency to gain against the dollar.
Anticipating so, gold might remain strong ahead of the Euro crisis meeting. However, any positive signs from the debt-beleaguered Euro zone will cheer up investors, and money may flow out of gold into stocks and other asset classes. So, gold might remain pretty volatile
the Euro fell ahead of the Euro crisis meeting. The finance chiefs will be discussing how to shield the banks from debt crisis and to boost the region’s second bail out fund. Despite Greece’s government approved 6.6 billion Euros of austerity measures to trim its budget deficit, they fell short of the target. This might led the Euro to decline to its eight months low against the dollar
Gold
Fundamental View: Gold prices continued to
trade range bound treaded water, failing to make
any substantial movement on the either side. On
the European debt front, The Greek Finance
Ministry has cleared an austerity plan for approval
by Parliament that falls short of targets set by the
European lenders. The draft budget calls for a
deficit of 8.5% of Greece’s gross domestic product
in 2011, falling short of a target of 7.6%. Greek
Parliament may vote on the austerity package
today, according to reports, which could include
layoff of or reduced pay for 30,000 government
workers. Greece is seeking a tranche of aid
totaling US$10.7 billion as part of a larger bailout
package by IMF, EU & ECB.
Fundamental View: Gold prices continued to
trade range bound treaded water, failing to make
any substantial movement on the either side. On
the European debt front, The Greek Finance
Ministry has cleared an austerity plan for approval
by Parliament that falls short of targets set by the
European lenders. The draft budget calls for a
deficit of 8.5% of Greece’s gross domestic product
in 2011, falling short of a target of 7.6%. Greek
Parliament may vote on the austerity package
today, according to reports, which could include
layoff of or reduced pay for 30,000 government
workers. Greece is seeking a tranche of aid
totaling US$10.7 billion as part of a larger bailout
package by IMF, EU & ECB.
GOLD TECHNICAL OUTLOOK- However, if 1631 arrests such dips and brings in
reason to the waywardiness, stopping it from another plunge,
expect a series of bold attempts to rise, which should face first
challenge near 1660, and then soar towards 1690-1702 (the
reaction low of 15th Aug 2011) pause and thereafter 1762, before
going astray. This is the favoured trajectory on the upside in the
ensuing days....
SUPP 1632-1619-1595-1545-1534-1526
RESS- 1648-1663-1690-1702-1730-1762
reason to the waywardiness, stopping it from another plunge,
expect a series of bold attempts to rise, which should face first
challenge near 1660, and then soar towards 1690-1702 (the
reaction low of 15th Aug 2011) pause and thereafter 1762, before
going astray. This is the favoured trajectory on the upside in the
ensuing days....
SUPP 1632-1619-1595-1545-1534-1526
RESS- 1648-1663-1690-1702-1730-1762
The US dollar jumped to nine-month highs in the Asian trades today as the Greece debt troubles continued to rattle the global markets and risk aversion remained firmly entrenched. Greece's government yesterday acknowledged it will miss its deficit targets this year, but moved ahead with a controversial plan to slash thousands of public sector jobs to meet the demands of its international creditors.
Risk aversion sustained amid the concerns on the global economic slowdown still lurking out in the market and dampening the demand for metals. European officials meeting in Luxembourg today on Monday will discuss on further measures to be taken to protect the banks from debt crisis and boost the rescue fund. Meanwhile, Greek government approved 6.6 billion euros ($8.8 billion) of austerity measures as part of efforts to secure a pending aid payment and a second rescue package resembled that it may miss deficit target set months ago in a bailout package
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