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Spot gold targets $1,219 SINGAPORE: Spot gold has found a temporary support around $1,228 per ounce, and may hover above this level for half a trading session before falling towards the next support at $1,219.The depth of the fall from the Oct. 21 high of $1,255.20 suggests a reversal of the uptrend from the Oct. 6 low of $1,183.46. Even if this trend could extend, gold may still have a better chance of falling into a range of $1,211-$1,219, formed by the 61.8 percent and the 50 percent Fibonacci retracements on the uptrend.The support at the 38.2 percent level of $1,228 has triggered a moderate bounce, but it may not be strong enough to cause a bullish reversal.** 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 ...

LME copper to test support at $6,643 SINGAPORE: LME copper is expected to test a support at $6,643 per tonne, as it failed to break a resistance at $6,712. The resistance is identified as the 61.8 percent Fibonacci retracement on the fall from the Oct. 14 high of $6,825 to the Oct. 17 low of $6,530. Copper has failed twice to overcome this barrier, signalling a completion of the rebound from $6,530. The metal has broken a support at $6,678, ...
LME aluminium to fall more to $1,966 SINGAPORE: LME aluminium is expected to fall more to $1,966 per tonne, as it has broken a support at $1,985.The support was provided by the 23.6 percent Fibonacci retracement on the rise from the Oct. 2 low of $1,885 to the Oct. 22 high of $2,016. The next support will be at $1,966, the 38.2 percent retracement. A bounce from the current level could be limited to $1,985, now a resistance.Eventually, aluminium may fall into ...
Shanghai copper still targets 46,620 yuan SINGAPORE: Shanghai copper third-month is expected to drop to 46,620 yuan per tonne, as it failed to break a resistance at 47,320 yuan.The resistance is provided by the 114.6 percent Fibonacci projection level of a downward wave c that has presumably started at the Aug. 25 high of 50,750 yuan. A rebound triggered by the support at 46,620 yuan, the 138.2 percent level, could be ending around the resistance.The wave c may soon resume towards ...
Palm oil to rise to 2,223 ringgit SINGAPORE: Palm oil is expected to rise to 2,223 ringgit per tonne, as it has broken a resistance at 2,178 ringgit.The resistance was identified as the 14.6 percent Fibonacci retracement on the rise from the Sept. 2 low of 1,914 ringgit to the Oct. 1 high of 2,223 ringgit. The next resistance will be at 2,223 ringgit.Wave pattern suggests that palm oil is riding on a (c), which is likely to travel a similar distance ...
CBOT soybeans to test resistance at $10.10-1/4 SINGAPORE: CBOT soybeans November contract is expected to test a resistance at $10.10-1/4 per bushel, a break above which will lead to a further gain to $10.35-1/4.The resistance is identified as the 50 percent Fibonacci retracement on the fall from the July 29 high of $11.16-1/2 to the Oct. 1 low of $9.04, blocking the way towards the 61.8 percent retracement at $10.35-1/4.Wave pattern suggests that soybeans are riding on a wave (c), which could ...
CBOT corn may break resistance at $3.63 SINGAPORE: CBOT December corn may break a resistance at $3.63 per bushel and rise more towards $3.69-3/4.The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave 3 that developed from the Oct. 20 low of $3.42. It is the last barrier towards $3.69-3/4, the 100 percent projection level.The wave 3 has a fierce character and may easily break the resistance to extend further. Support is at $3.59, the 61.8 percent ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln