Markets - Commodities
Thursday, 13 June 2013 12:20
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SINGAPORE: CBOT July wheat is expected to hover above a support at $6.79-1/2 for one trading session or rebound slightly to $6.83-1/2 per bushel before falling towards $6.74-1/2.The support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, only a break below which could open the way towards the 76.4 percent level at $6.74-1/2.The wave c is capable of travelling the same distance as the wave a, to arrive at $6.67, its 100 percent projection level. As a result, any rebound triggered around the $6.79-1/2 level will be weak, to be limited to the 50 percent projection level at $6.83-1/2.Copyright Reuters, 2013
SINGAPORE: Gold extended gains into a second session on Thursday, as Asian stock markets fell sharply and the U.S dollar dropped to a 10-week low on persistent uncertainty over the Federal Reserve's massive stimulus programme.Investors were still weighing the Bank of Japan's decision on Tuesday to leave its policies unchanged and Standard & Poor's Monday upgrade of the US credit outlook, viewing the moves as a sign of economic recovery and a trigger for the ...
SINGAPORE: New York July sugar is expected to drop further to 16.08 cents, as it may break a support at 16.20 cents per lb.The support is provided by the 276.4 percent Fibonacci projection level of a downtrend that developed from the May 9 high of 17.64 cents. It is the second time that sugar has pierced below this support, chances are high for a valid break.A sudden rise above 16.27 cents will indicate the support ...
SINGAPORE: CBOT July wheat is expected to fall into a range of $6.79-1/2 to $6.83-1/2 per bushel, as indicated by its wave pattern and a Fibonacci projection analysis.The rise from the June 10 low of $6.80-1/2 is classified as a rebound, and the downtrend from the June 4 high of $7.13-1/4 remains intact.Wheat is riding on a wave c, which is unfolding towards $6.83-1/2, its 50 percent projection level, or towards $6.79-1/2, the 61.8 percent ...
SINGAPORE: New York July coffee remains neutral in a range of $1.2505-$1.3020 per lb, and an escape will point a future direction.The range is formed by the May 31 low and the 23.6 percent Fibonacci retracement on the fall from the May 14 high of $1.4685 to this low.The duration of the consolidation within this range indicates a completion of a downtrend from the May 10 high of $1.4880. Unfortunately, the completion could only be ...
SINGAPORE: Copper hovered at its lowest in nearly six weeks on Wednesday on concerns over slowing demand in top consumer China and the outlook for US economic stimulus.Commodities were broadly lower, extending overnight declines on the absence of fresh steps from the Bank of Japan to quell turbulent domestic bond markets and lingering fears the US Federal Reserve could curb its bond-buying sooner rather than later.The growing risk that China's economic growth will slide further ...More Articles...
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