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Spot gold to temporarily hover above $1,211 before a fall SINGAPORE: Spot gold has found a support at $1,211 per ounce and may hover above this level for a trading session or rebound moderately to $1,219, before falling towards $1,200.The support is identified as the 61.8 percent Fibonacci retracement on the rise from the Oct. 6 low of $1,183.46 to the Oct. 21 high of $1,255.20, temporarily blocking the way towards the 76.4 percent level at $1,200.A moderate rebound has been triggered, which could most likely be limited to the 50 percent retracement at $1,219, now a resistance. A drop to $1,208 will confirm both a break below $1,211 and the target at $1,200.** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, ...


Soymeal hits 7-wk high on tight US supply, wheat at 2-mth top SINGAPORE: US soymeal rose to a seven-week high on Thursday as a slow start to a record soybean harvest and traffic congestion on the country's railroads prompted processors to cover short cash positions in the futures market.Soybeans were little changed after hitting a seven-week peak, while corn was trading at its highest since July 18 in step with the gains in soymeal prices.Wheat rose 0.4 percent to a two-month top with adverse weather in United ...

Gold near 3-week low after Fed optimism over US economy SINGAPORE: Gold was languishing near a three-week low on Thursday after the US Federal Reserve ended its bond-buying stimulus programme and expressed confidence in the economic recovery, dimming bullion's safe-haven appeal.Ending its monthly bond purchases, the Fed dropped a characterisation of US labour market slack as "significant" in a show of confidence in the economy's prospects.In a statement on Wednesday after a two-day meeting, the central bank largely dismissed recent financial market volatility, dimming growth ...

LME copper may retrace to $6,730 SINGAPORE: LME copper may fall to $6,730 per tonne, as it has broken a support at $6,791.The support was provided by the 50 percent Fibonacci retracement on the fall from the Sept. 8 high of $7,052.25 to the Oct. 17 low of $6,530. The next support will be at $6,730, the 38.2 percent retracement, a break below which will lead to a further loss to $6,653, the 23.6 percent retracement.A rise above $6,791, now a ...

London copper drops as dollar rallies on Fed comments SYDNEY: London copper led other metals lower on Thursday after encouraging comments by U.S. monetary officials on the state of the world's top economy sparked a dollar rally.The Federal Reserve on Wednesday ended its monthly bond purchase program and dropped a characterization of U.S. labour market slack as "significant" in a show of confidence in the economy's prospects.A reduction in cheap liquidity weakens support for metals prices and a stronger dollar tends to weigh on ...

LME aluminium to fall to 2,002 SINGAPORE: LME aluminium is expected to drop to $2,002 per tonne, as it has failed to break a resistance at $2,029.The resistance has been identified as the 61.8 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Oct. 2 low of $1,885. The metal's failure to overcome this barrier signals the completion of a rising wedge that developed from $1,885.The immediate support will be at $2,002, the 50 percent ...

Palm oil to rise to 2,340 ringgit SINGAPORE: Palm oil is expected to rise to 2,340 ringgit per tonne, as it has cleared a resistance at 2,295 ringgit. The resistance was provided by the 61.8 percent Fibonacci projection level of an upward wave C that developed from the Oct. 16 low of 2,104 ringgit. This wave will extend a three-wave cycle that rose from the Sept. 2 low of 1,914 ringgit. The next resistance will be at 2,340 ringgit, the 76.4 percent ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln