Document 6600575
Transcription
Document 6600575
Strategist Contact Information Global Research Russell Browne - [email protected] Trading Contacts Gold & Silver Marketwatch Reuters MMCN or (212) 225-6200 Stephen Abbriano - [email protected] Robert Lockwood - [email protected] Daily Update Friday, November 14, 2014 Market Commentary 1-Day Commodity Moves (%) Gold moved lower overnight to open the day at 1150.00/1151.00. It dipped to a low of 1146.50/1147.50 following U.S. data that showed an increase in consumer spending. A reversal in the dollar sparked a short covering rally that took gold to high of 1193.00/1194.00 as oil prices recovered. Gold ended the day at 1186.50/1187.50. Silver drifted lower overnight, opening the session at 15.32/15.37. It declined to a low of 15.27/15.32 before advancing past the $16 level to post a high of 16.37/16.42, prior to concluding the session at 16.31/16.36. Gold 2.4 Silver 4.2 Platinum 1.4 Palladium -0.2 Oil WTI fut 2.4 Copper fut 1.8 EUR 0.4 S&P 500 -0.1 CRB 0.8 -1 0 1 2 3 4 5 5-Day Commodity Moves (%) Gold 4.3 Technical Commentary Silver 5.9 Gold has closed at 1187, breaking above expected resistance at 1178 to reach its highest level since late October. The failure to maintain gains above the October closing low of 1191 hints to the potential for near term resistance, beyond which we look to the 21 day MA (1195) and 1200. On a weekly basis, we note the formation of a second consecutive bullish hammer doji, with this week’s high and low rising from the previous week. Silver has closed at 16.34, decisively breaking above its 9 day MA (15.73) while failing to reach the 21 day MA (16.45). As with gold, the weekly candles for silver are bullish given the formation of a second consecutive hammer doji and rise above the October 31st close of 16.15. We look to the 4 week and 9 week MA’s (16.36 and 16.93 respectively) as the next key upside levels. Platinum 1.5 Palladium 2.1 Oil WTI fut -3.4 Copper fut 0.3 EUR 0.6 S&P 500 0.2 CRB -0.9 -4 -3 -2 -1 0 1 2 3 4 5 6 7 1 Month Commodity Moves (%) Gold -3.7 Silver -6.7 Platinum -4.0 Palladium -2.3 Oil WTI fut -7.2 The gold-silver ratio has plunged to a 7-session low, making a decisive break below its recent consolidation range near 74 while failing to reach its 21 day MA (72.68). The weekly candles hint to a bullish trend that remains unbroken, as we note this week’s range that has provided for a fresh high with a low that has failed to break to the previous week’s open of 72.73. Copper fut -1.4 EUR -1.1 S&P 500 8.5 CRB -2.6 -8.0 -6.0 -4.0 -2.0 0.0 11/14/14 15:03 (last updated) Notable Ranges & Technical Levels Gold Open High Low Close / Last Mid* London Pricing AM London Pricing PM Handy Harman (Base) Gold / Silver Ratio Open Interest COMEX CBOT Total 1150.00/1151.00 1193.00/1194.00 1146.50/1147.50 1186.50/1187.50 1,154.00 1,169.00 1,169.00 76.16 Gold OI 450,363 24 450,387 2.0 4.0 6.0 8.0 10.0 Source: Bloomberg Technical Levels etc. Technical Levels, Silver 15.32/15.37 16.37/16.42 15.27/15.32 16.31/16.36 15.35 NA 15.905 NA Platinum 1,196.20 1,216.05 1,177.50 1,213.25 1,193.00 1,178.00 1,178.00 NA Silver OI 175,263 7 175,270 Gold Palladium 768.50 773.70 755.35 767.00 767.00 760.00 760.00 NA Pivot Primary Support (Buy) Primary Resistance (Sell) HBOP LBOP Bollinger Band Upper Bollinger Band Mid Bollinger Band Lower Relative Strength 9 Day Relative Strength 14 Day 1,177.03 1,160.27 1,207.09 1,253.91 1,113.45 1,269.96 1,197.03 1,124.10 54 49 Silver 15.999 15.593 16.721 17.849 14.465 17.962 16.498 15.033 53 46 Platinum Palladium 1,202 1,188 1,227 1,266 1,150 1,291 1,237 1,184 44 40 767.47 754.73 779.58 804.43 729.88 803.59 776.04 748.49 45 45 Close/last mid refers to the spot closing floor price in gold and silver, and spot’s last mid price as provided by Bloomberg in platinum & palladium spot. All other data provided by Bloomberg. Actual market levels may differ. 1 Gold and Silver Market Watch Friday, November 14, 2014 Gold: 2-Year Close with Moving Averages ($/oz) Gold: 2-Month Candlesticks ($/oz) 1725 1250 1625 1225 1525 1200 1425 1175 1325 1150 1225 1125 Dec-12 Apr-13 Aug-13 Spot Dec-13 100-Day Apr-14 200-Day Aug-14 1125 22-Sep 2-Oct 12-Oct 22-Oct 1-Nov 11-Nov 22-Oct 1-Nov 11-Nov 400-Day Silver: 2-Year Close with Moving Averages ($/oz) Silver: 2-Month Candlesticks ($/oz) 18.5 33.0 18.0 31.0 17.5 29.0 27.0 17.0 25.0 16.5 23.0 21.0 16.0 19.0 15.5 17.0 15.0 Dec-12 Apr-13 Spot Aug-13 Dec-13 100-Day Apr-14 200-Day 15.0 22-Sep Aug-14 2-Oct 12-Oct 400-Day Source: Bloomberg (may differ from market spot prices) Moving Averages 5 Day MA 10 Day MA 20 Day MA 30 Day MA 60 Day MA 100 Day MA 200 Day MA 400 Day MA Markets FX Majors Gold 1,166.27 1,162.58 1,193.24 1,204.58 1,223.52 1,257.03 1,280.06 1,294.12 Silver 15.802 15.774 16.417 16.734 17.600 18.749 19.422 20.278 Platinum 1,203 1,209 1,234 1,243 1,302 1,372 1,408 - Palladium 769.22 771.86 776.72 777.16 808.75 833.80 814.15 - CAD EUR GBP CHF AUD ZAR JPY as of: 1.1282 1.2525 1.5681 0.9590 0.8755 11.0956 116.2600 11/14/2014 15:03 CRB DJAIG CRUDE (fut) S&P 500 US 10 Yr US 30 Yr CDN 10 Yr as of: 266.79 116.88 75.97 2036.88 2.32 3.05 2.04 11/14/2014 15:03 This report has been prepared on behalf of Scotiabank and is not for the use of private individuals. 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