Daily COMEX Reports for 11th Feb, 2014

Global Research Limited

11th February, 2014

Report Report COMEX COMEX


2 www.capitalvia.com

DATE TIME: IST DATA PRV EXP

11.02.14

Global Economic Data

11th February,2014

IMPACT

Fed Chair Yellen Testifies

Fed Chair Yellen Testifies 8:30 PM

Due to testify on the Semiannual Monetary Policy Report before the House Financial Services

Committee, in Washington DC;Description

Federal Reserve Chair Janet Yellen;Speaker

Federal Reserve (latest release)Source

Next Release

Text of the speech due to be released 90 minutes earlier than the speaking time listed;FF Alert

- -

More hawkish than expected = Good for currency;Usual Effect

Feb 13, 2014

STRONG

FF Notes The testimony usually comes in 2 parts: first she reads a prepared statement (a text version is made available on the Fed's website at the start), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility;

11.02.14 JOLTS Job Openings 8:30 PM 4.00M 4.04M STRONG

Why TradersCare

As head of the central bank, which controls short term interest rates, she has more influence over the nation's currency value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy;

Federal Reserve (Fed);Acro Expand



11th February,2014

JOLTS Job Openings

Number of job openings during the reported month, excluding the farming industry;Measures

Released weekly, 5 days after the week ends;Frequency

Actual > Forecast = Good for currency;Usual Effect

FF Notes

Bureau of Labor Statistics (latest release)Source

Mar 11, 2014Next Release

It's released late, but can impact the market because job openings are a leading indicator of overall employment;

Acro Expand Job Openings and Labor Turnover Summary (JOLTS);



11th February,2014

Gold advanced overnight to open at 1277.50/1278.50, which was also the intraday high, as investors turned cautious

amidst last week's weaker-than-expected U.S. jobs data and the ongoing financial crisis in emerging economies. The

metal then dipped to a low of 1272.50/1273.50 while the dollar remained largely unchanged. Choppy trading for the

remainder of the session led it to close at 1274.50/1275.50.

Gold closed higher today at 1274 and tried to break through resistance in the 1278/79 area. RSI is at 61.13, and is testing

resistance at the previous high of 62. This is an encouraging sign, and a break would be bullish. Support is at the most

recent low of 1238.

Gold edged higher on speculation that Fed would slow the pace of its stimulus tapering after a weak U.S. jobs report raised

questions over the state of economic recovery.

China's gold consumption jumped 41 percent in 2013 to exceed 1,000 tonnes for the first time, as a sharp slide in prices

attracted buyers for jewellery and bullion.

The U.S. central bank has said it aims to finish the tapering by the end of this year depending on the health of the labour

market.

Silver moved higher overnight to open at the session high of 20.27/20.32. It retreated to a low of 20.07/20.12 prior to concluding

the session at 20.10/20.15.

Silver closed unchanged today at 20.10. Despite breaking up through a daily downtrend last week, silver is still lacking in

momentum. RSI has moved higher to 54.90, but needs to break through resistance at 57.28, the January high. Price resistance is

at the top of the range at 20.64, with support at the low of 18.83.

The gold-silver ratio is trading higher at 63.55. After a big drop last week, it has found some support in the high 62's. There is

strong support from the uptrend which currently comes in at 61.70. Resistance is at the recent high of 65.37.

Silver gained as traders reassessed their expectations for how quickly Fed will roll back its stimulus program following the release

of mixed U.S. employment data.

Mixed U.S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve's

monetary policy.

Data on Friday showed that the U.S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000.

Gold

Silver

Global Research Limited11th February,2014


Crude

Copper The March copper contract ended Friday's session up 0.22% to settle at USD3.236 a pound.

Futures were likely to find support at USD3.191 a pound, the low from February 6 and resistance at USD3.258 a pound, the high from

January 30.

On Thursday, China will release its monthly trade data, which will be followed by inflation numbers Friday. The Asian nation is the

world's largest copper consumer, accounting for almost 40% of world consumption last year.

Meanwhile, in the U.S., data on Friday showed that the economy added 113,000 jobs in January, well below expectations for jobs

growth of 185,000, after December's lackluster gain of 75,000 jobs.

It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.

Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last

month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

Market players now looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the week for clues

regarding the future of course of U.S. monetary policy.

Copper futures were little changed near a one-week high on Monday, as investors looked ahead to key economic data out of China later

in the week to gauge the strength of the world's second largest economy.

On Monday, the New York-traded oil futures hit a session low of USD99.89 a barrel and a high of USD100.07 a barrel. The March contract

settled at USD100.06 a barrel. Nymex oil futures were likely to find support at USD97.14 a barrel, Friday's low, and resistance at

USD100.75 a barrel, the high from Dec. 27.

Oil prices rose on sentiments that recent blasts of cold air have hiked demand for heating fuel and other distillates, though forecasts for

moderating temperatures in the coming weeks capped gains.

Also capping gains were reports of an end to supply snags in the North Sea, while increased exports from Libya to the global market also

watered down gains.

Armed protestors have occupied oil facilities in Libya up until recently, and exports from the Middle Eastern nation are normalizing. Markets

were also eager to listen to Federal Reserve Chair Janet Yellen's testimony before Congress on Tuesday, hoping the nation's new top

economist will shed insight on the direction of the U.S. central bank's USD65 billion in monthly bond purchases.

Nymex crude oil prices fluctuated between small gains and losses on Tuesday during Asian trading hours on fears that recent blasts of

winter storms have taken their toll on heating oil stockpiles more

than anticipated, though reports of increased supply from Libya capped the commodity's gains.

INDEX ROLLOVER


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Technical levels

Support1 Support2 Resistance1 Resistance2

GOLD 1267 1256 1284 1291

SILVER 19.95 19.64 20.43 20.58

COPPER 3.2083 3.1921 3.3468 3.2691

CRUDE 99.26 98.46 100.70 101.34

Daily COMEX Reports for 11th Feb, 2014

Economy & Finance

Transcript of Daily COMEX Reports for 11th Feb, 2014