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Analytics, News, and Forecasts for CFD Markets: raw news — 11-03-2013.
Oil prices fell today, helped by the data provided by China. Meanwhile, we note that the dynamics of trade affected the information that oil production in Saudi Arabia, the world's largest exporter of "black gold" has increased in February to 9.15 million barrels a day, or 100,000 barrels more than the value of the previous month. It should also be noted that the increase in oil production was recorded after reaching a record low in January, starting in May 2011.
Note that the report submitted by the National Bureau of Statistics showed that the inflation rate in China has increased significantly in February, while still achieving a ten-month high, while other indicators have worsened, signaling a slowdown in recovery is the second largest economy in the report mire.Soglasno , consumer price inflation rose last month to 3.2 percent, compared with 2 percent in January. Note that such a sharp increase was slightly more than the average forecast of economists at 3 percent. In addition, we add that this was the highest level since April last year. In addition, other reports showed that house prices rose by 2.8 per cent per annum, which has been associated with the introduction of new government measures, which were aimed at reducing the cost of housing and avoid "bubble" in the market. Also note that the producer prices continued to fall in February, against which the producer price index fell by 1.6 percent year on year.
Note that other factors that were submitted by the National Bureau of Statistics showed that the pace of economic recovery, which started in October last year, a little slow at the beginning of 2013. As it became known, the volume of industrial production increased by 9.9 percent in the first two months of 2013, compared with an increase of 10.3 percent over the previous two months.
April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 91.13 dollars a barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of mark Brent fell 37 cents to $ 110.09 a barrel on the London Stock Exchange ICE Futures Europe.
Price of gold futures rose slightly, rising above the level at the same time opening day, but, nevertheless, continues to trade in the range of $ 1575-1583, as many traders continue to assess the strengths Friday's employment data in the U.S., which greatly influenced the dynamics of Friday's trading. Recall that the data from the U.S. Department of Labor showed that the number of people employed in non-agricultural sectors of the economy in the past month increased by 236 thousand people, compared with a revised downward from the previous month's level of 119 thousand (originally reported 157 thousand ) and the average forecast of experts at around 158 thousand also report showed that following February private companies added 246,000 jobs, while manufacturers have increased the number of jobs at 14,000. The Labour Department also reported that the unemployment rate fell to 0.2%, down to the level with 7.7%, and showed the lowest value since the end of 2008.
Meanwhile, we note that the official data from China, which were published over the weekend showed that the following February, consumer prices rose by 3.2%, which was higher than expected at 3%, and more than the increase in the 2% in January. In addition, a separate report showed that industrial production rose last month by 9.9%, which was lower than the forecast of 10.5% and an increase of 10.3% in the previous month.
Persistent concerns about the deteriorating economic situation in Italy has also remained in the spotlight after Friday, Fitch Ratings cut Italy's sovereign credit rating to BBB + from A to B, citing the inconclusive results of the parliamentary elections last month and a deeper recession .
In connection with the situation, analysts say that the price of gold is likely to find support at $ 1, 554.80 a troy ounce, which is a minimum of 21 February, and resistance at $ 1, 602.20 (maximum of 28 February) .
April futures price of gold on COMEX has increased, and now stands at 1579.10 dollars per ounce.
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