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Analytics, News, and Forecasts for CFD Markets: raw news — 13-07-2012.
Oil rose for a third day, the longest winning streak in a month, as slowing growth in China fueled stimulus speculation and U.S. equities advanced. Crude gained as much as 1.4 percent as China’s growth slowed to the weakest pace in three years, putting pressure on the government to act. U.S. stocks rose, with the Standard & Poor’s 500 Index gaining for the first time in seven days.
China’s economic expansion slowed for a sixth quarter, growing at 7.6 percent in the second quarter, data from the National Bureau of Statistics showed today. That compares with an 8.1 percent gain in the previous period and the 7.7 percent median forecast of economists. Industrial production increased at a slower pace in June while retail sales growth decelerated.
Interest Rate
Oil also advanced on the as the U.S. announced more sanctions on Iran. Yesterday the Obama administration sanctioned the National Iranian Tanker Co. and four alleged front companies for Iran’s oil trade, the latest salvo in a U.S.-led campaign to curtail Iran’s petroleum sales until it abandons illicit aspects of its disputed nuclear program.
The U.S. Treasury Department announced it would freeze American assets belonging to the tanker operator, known as NITC, and block the company’s transactions from the U.S. financial system.
The August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX rose 0.85% and now stands at $ 86.93 a barrel.
August futures price for North Sea petroleum mix of mark Brent rose $ 2.24 to the level of 102.88 a barrel on the ICE Futures Europe Exchange.
Gold futures posted gains Friday, rising for the first in four sessions and getting some support from a pullback in the U.S. dollar and after data showed China’s economy slowed in line with expectations in the second quarter.
China’s economy grew at its slowest pace in more than three years in the second quarter, with gross domestic product expanding at an annual rate of 7.6% versus 8.1% in the first three months of the year. The figure was in line with economists’ forecasts, and it came as a relief as many market participants had been bracing for worse numbers.
The precious metal saw some selling this week after minutes of the Federal Reserve’s latest interest rate setting meeting didn’t send strong signals that the U.S. central bank is set to embark on another round of monetary easing. A stronger dollar also weighed on the precious metal for most of this week. The index recently reached 83.376, retreating from 83.666 in late North American trading on Thursday. While gold may see some gains for the time being, we do not believe gold will be able to mount a convincing rally until high demand for U.S. Treasuries moderates and the euro steadies.
August gold futures on the COMEX today declined by 25.5$ and now stands at $ 1590.8 USD per ounce.
Resistance of 3:1618 (resistance line from Jun 6)
Resistance of 2:1610 (area of Jul 6 high)
Resistance of 1:1600 (area of Jul 10 high)
Current Price: 1591.00
Support 1:1579 (intraday low)
Support 2:1558 (area of July 12 low, support line from May 16)
Support 3: 1548 (low of June)
Resistance 3:91,70 (50,0% FIBO 106,10-77,20, Jun 29 high)
Resistance 2:88,70 (Jul 5 high)
Resistance 1:87,10 (session high)
Current Price: 86.65
Support 1:85,60 (MA (200) for H1)
Support 2:83,40 (Jul 10 low)
Support 3:81,80 (Jul 2 low)
Change % Change Last
Oil $84.01 +0.10 +0.12%
Gold $1,567.90 -11.90 -0.75%
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