Market Analysis – Gold struggling to stay above $1,400,
S.A. Rand continues to weaken, and the Euro stages another small rally
In last week’s session we saw some exciting
movement during the end of the week with GOLD rallying to $1,420 to only
selloff by the end of the week to $1,390ish. The commodity is struggling to
keep an upward trend. The reason it may be challenged can be attributed to the
fact that as the stock markets get stronger the reallocation of monies from
GOLD are being funneled back to stocks for higher returns. Thereby resulting in
a selloff in GOLD.
The real story of the week is
the South African Rand, its major escalation last week to above 10 is a major
concern for the currency. We suggest strongly following this currency and waiting
for a major confirmation before shorting the currency.
In other news, the Euro
staged a late week rally, and holding above 1.30 by week’s end. This maybe a
sign that the EURO isn’t as weak as previously anticipated. Keep in mind that
there are a few more economic obstacles the currency still needs to see through
before we can say that it’s back on track for a recovery.
Economic News for the week of June 3rd to
June 7th, 2013
|
Monday
|
Tuesday
|
Wednesday
|
Thursday
|
Friday
|
|
AUD (2:30AM GMT) –
Retail Sales
m/m
GBP (9:30AM GMT)–
Manufacturing PMI
USD (3:00PM GMT) –
ISM Manufacturing
PMI
|
AUD (5:30AM
GMT) –
Cash Rate
RBA Rate Statement
GBP (9:30AM
GMT) –
Construction PMI
CAD (1:30PM
GMT) –
Trade Balance
USD (1:30PM
GMT) –
Trade Balance
|
AUD (2:30AM
GMT) –
GDP q/q
GBP (9:30AM
GMT) –
Services PMI
USD (1:15PM GMT) –
ADP Non-Farm
Employment Change
CAD (1:30PM
GMT) –
Building Permits m/m
USD (3:00PM
GMT) –
ISM Non –
Manufacturing PMI
|
AUD (2:30AM
GMT) –
Trade Balance
CHF (8:15AM
GMT) –
CPI m/m
EUR (Tentative)
–
Spanish 10y Bond
Auction
GBP (10:00PM
GMT) –
Asset Purchase Facility
Official Bank Rate
GBP (Tentative)
–
MPC Rate Statement
EUR (1:30PM
GMT) –
ECB Press Conference
USD (1:30PM
GMT) –
Unemployment Claims
CAD (3:00PM
GMT) –
Ivey PMI
|
CAD (1:30PM GMT) –
Employment Change
Unemployment Rate
USD (1:30PM
GMT) –
Non-Farm Employment Change
Unemployment Rate
|
Technial Trading Gameplan for the week of June 3rd
to June 7th, 2013
EUR/USD
|
RESISTANCE
|
R1: 1.30282
|
R2: 1.30426
|
R3: 1.30563
|
|
SUPPORT
|
S1: 1.30075
|
S2: 1.29986
|
R3: 1.29860
|
USD/JPY
|
RESISTANCE
|
R1: 100.609
|
R2: 100.716
|
R3: 100.075
|
|
SUPPORT
|
S1: 100.289
|
S2: 99.787
|
R3: 97.128
|
USD/ZAR
|
RESISTANCE
|
R1: 10.08695
|
R2: 10.16472
|
R3: 10.26734
|
|
SUPPORT
|
S1: 10.01308
|
S2: 9.97911
|
R3: 9.84712
|
XAU/USD – GOLD
|
RESISTANCE
|
R1: $1,399.38
|
R2: $1,410.30
|
R3: $1,417.05
|
|
SUPPORT
|
S1: $1,391.63
|
S2: $ 1,388.97
|
R3: $1,384.72
|
S & P Futures
|
RESISTANCE
|
R1: 1,640.05
|
R2: 1,646.48
|
R3: 1,651.24
|
|
SUPPORT
|
S1: 1,626.22
|
S2: 1,625.34
|
R3: 1,621.58
|
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