Monday, October 31, 2011

Yen Intervention: Negative for Gold and Silver (New Blog Posting)

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	Post name :	Yen Intervention: Negative for Gold and Silver
	Post Contents :
	The widely believed inter-relationship between the US Dollar Index and precious metals is an importa more.
	Posted Date:	11/1/2011 11:29:14 AM

Personal Finance Daily: 5 reasons it's tough to get lowest mortgage rates

Personal Finance Daily

OCTOBER 31, 2011

5 reasons it's tough to get lowest mortgage rates

By MarketWatch

Don't miss these top stories:

If you're among those who, at the sight of record-low mortgage rates, rushed out to buy a house or refinance your current mortgage, only to find that those ultralow mortgage rates are not available, then read Amy Hoak's column right away. You'll feel better.

If you've been planning to talk to a mortgage lender to ask for a purchase or refinance loan, read her story so you can steel yourself. Because it turns out that plenty of people can't get those low-low rates, and it's not always their own fault (though some of the reasons do include not being willing to pay points and having a less-than-stellar credit score).

Read her story for five reasons why; plus, don't miss Chuck Jaffe's column on why you may not want to buy bank stocks, despite the bargains you might see in that sector.

— Andrea Coombes , Personal Finance editor

Why you can't get the lowest mortgage rates

Mortgage rates are near historical lows, but the rates lenders are quoting you aren't as great as those you see in the news. Here are five reasons why.
Read more: Why you can't get the lowest mortgage rates.

Car Review: 2012 Dodge Charger

There are plenty of pleasant surprises in this updated pony car.
Read more: 2012 Dodge Charger.

Dig deep if checking out smaller charities

The expectation is that because there's less of the red tape associated with large organizations, the money will be put to the right use faster.
Read more: Dig deep if checking out smaller charities.

Time to buy into bank stocks? Not necessarily

For months now, bargain-hunters and market contrarians have been looking at the financial-services sector, thinking it was on sale and due for a rebound. But there are plenty of pitfalls for investors to watch for before they buy in.
Read more: Time to buy into bank stocks? Not necessarily.

Target-date funds fall short delivering income

Retirees can't catch a break these days. As if rock-bottom interest rates and a lousy stock market weren't bad enough, even many mutual funds touted as providing retirement income aren't offering much in the way of attractive payouts to investors.
Read more: Target-date funds fall short delivering income.

JetBlue, AA face fines over stranded planes

JetBlue Airways Corp. (JBLU) and AMR Corp.'s (AMR) American Airlines are facing huge U.S. fines on Monday after their passengers sat for hours in jets stranded on a snow-covered tarmac near Hartford, Conn., this weekend.
Read more: JetBlue, AA face fines over stranded planes.

ECONOMY & POLITICS

White House says growth to be pushed at G-20

The White House will push G-20 nations to take steps to protect the fragile global economy, U.S. officials said.
Read more: White House says growth to be pushed at G-20.

Fed may hibernate until spring

The Federal Reserve could hold policy steady until next spring, given new signs that a double-dip recession has been avoided for now, analysts said.
Read more: Fed may hibernate until spring.

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EU Stocks Closed Down On Monday

Monday October 31 , 2011 17:12 GMT

EU Stocks Closed Down On Monday

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EU Stocks Closed Down On Monday

Monday October 31 , 2011 17:12 GMT

EU Stocks Closed Down On Monday

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EU Stocks Closed Down On Monday

Monday October 31 , 2011 17:12 GMT

EU Stocks Closed Down On Monday

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US hit by a rare Oct. snowstorm

Monday October 31 , 2011 15:27 GMT

US hit by a rare Oct. snowstorm

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Fundamental Precious Metals

Monday October 31 , 2011 14:44 GMT

Gold drops after BoJ intervention

Gold pared some of last week's gains as the BoJ's intervention to curb the yen's advance pushed the dollar higher, thereby damping demand on dollar-denominated commodities.

The BoJ took a unilateral monetary action today, the third intervention in the FOREX market this year, causing the greenback to advance against a basket of major currencies.

The U.S. dollar rebounded after falling over the previous four weeks. The dollar index, which tracks the greenback's movements versus six major currencies, is currently hovering around 75.93 compared with the day's starting level of 75.00, while it gained more than 1% versus the yen.

Moreover, there are worries regarding the implementation of the measures announced by European leaders last week, where investors are keeping an eye lid on any details concerning the debt deal.

The outlook in the coming period will rely on the implementation of euro area officials to the measures announced last week to contain the debt crisis in addition to the monetary policy adopted by both Federal Reserve and ECB, Secretary General of the OECD Angel Gurria said.

Eyes will be on the G-20 leaders as they meet in Cannes, France, on Nov. 3-4 to continue their discussions on the repercussions of the financial crisis on global markets.

This week, the attention will be on fundamentals from the advanced economies in addition to rate decisions by the ECB and other major central banks.

The shiny metal was pushed up last week by optimism in markets following the European debt-relief accord which boosted demand on shares and commodities.

European leaders agreed on Wednesday to make private sector bondholders to bare 50% of losses of Greek debt to cut the Greek debt by 100 billion euros, while leveraging the firepower of the EFSF to 1 trillion euros from the current 440 billion euros.

In addition, the cheerful U.S. data has added to the positive sentiment. U.S. policymakers will discuss more measures to bolster the world's no.1 economy and to alleviate joblessness, where the main focus will be on the infamous non-farm payrolls report.

Spot gold is traded around $1727.20 an ounce after recording a low $1744.79 and a high of $1704.60.

Crude oil for December delivery retreated to trade around $92.50 barrel compared with the day's starting level of $93.42.

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The U.S. dollar appreciates after the BoJ intervention

Monday October 31 , 2011 12:55 GMT

The U.S. dollar appreciates after the BoJ intervention

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European stocks fall by midday trading

Monday October 31 , 2011 12:45 GMT

European stocks fall by midday trading

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Canada GDP report

Monday October 31 , 2011 12:35 GMT

Canada GDP report

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Canada's Industrial and Raw Materials Prices

Monday October 31 , 2011 12:31 GMT

Canada's Industrial and Raw Materials Prices

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Technical Oil Report

Monday October 31 , 2011 10:59 GMT

Technical Oil Report

Oil Report

Midday Report: Crude oil futures for December settlement

Oil traded a bit higher after our morning report to reach just above 93.00 activating our morning scenario. We look for further decline within the rest of the session, as the commodity breached the 20 SMA over four-hour basis in addition to an intraday ascending trend line. An hourly closing below 92.30 may accelerate the downside move.

The trading range for the week is among the major support at 89.60 and the major resistance at 96.00.

The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.

*The provided chart based on GMT+3

Weekly Report

Support	92.00	90.60	89.60	88.75	87.50

Resistance	93.15	94.50	95.00	96.30	98.00

Recommendation	Our morning expectations remain valid.

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Technical Precious Metals Report

Monday October 31 , 2011 09:27 GMT

Technical Precious Metals Report

Gold

Midday Report

The metal has moved within a very tight range since morning while stabilizing below SMA 50 as seen on the provided daily chart. The negativity on Stochastic and Friday's hanging man candlestick pattern prevent us from predicting upside resumption despite the solidity of 1702.00. Therefore, we hold onto our neutrality for the rest of the day. A daily closing below 1702.00 will trigger a sell-off.

The trading range for today is among the key support at 1635.00 and key resistance now at 1753.00.

The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

Weekly Report

Support	1702.00	1695.00	1687.00	1673.00	1665.00

Resistance	1728.00	1735.00	1745.00	1753.00	1763.00

Recommendation	Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move.

Silver

Midday Report

Silver is still biased to the downside, where the metal reached areas below 34.60 and then started to decline again. Our temporal negative outlook remains valid, but we signal that this downside movement could be only a correction, while the level of 32.95 should determine the depth of the current correction.

The trading range for today is among the key support at 30.30 and key resistance now at 37.80.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

Weekly Report

Support	34.00	33.75	33.40	32.95	32.50

Resistance	34.60	35.05	35.65	36.20	36.80

Recommendation	Based on the charts and explanations above, we recommend selling silver around 34.60 and take profit in stages at (33.85 and 32.95) and stop loss with daily closing above 35.25 might be appropriate.

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Technical Major Currencies Report

Monday October 31 , 2011 09:27 GMT

Technical Major Currencies Report

Euro

Midday Report

The pair is trading now below 61.8% Fibonacci correction at 1.4015 and is expected to test the ascending main support level. Stochastic is within oversold areas, but the Relative Strength Index is sill negatively biased, while the extension of the current downside movement depends on the pair’s behavior around the ascending channel’s main support. Therefore, we remain neutral, awaiting further confirmations.

The trading range for this week is among the major support at 1.3680 and the major resistance at 1.4550.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Weekly Report

Support	1.3970	1.3940	1.3910	1.3880	1.3840

Resistance	1.4075	1.4120	1.4205	1.4250	1.4300

Recommendation	Based on the charts and explanations above we remain neutral awaiting more confirmations

Great British Pound (GBP)

Midday Report

Tranquility controlled the movements of the pair during the previous session after the Asian session's collapse; whilst the RSI 14 is still reflecting a case of losing upside momentum as seen on the provided daily graph. Therefore, we hold onto our weekly anticipations intact for the rest of the day; noting that a break of 1.5935 will confirm that the bullishness of the positive harmonic AB=CD pattern was limited earlier at 61.8% retracement of CD leg.

The trading range for today is among key support at 1.5720 and key resistance at 1.6295.

The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Weekly Report

Support	1.5935	1.5880	1.5820	1.5780	1.5720

Resistance	1.6075	1.6125	1.6150	1.6225	1.6295

Recommendation	Our weekly expectations remain valid.

Japanese Yen (JPY)

Midday Report

Normal bounce for the intervention by BOJ was seen during the early session after touching very solid resistance areas. The most impressive technical factors was the positivity on momentum and trend indicators despite the correctional movements that started from the pivotal resistance of 79.55 zones; thus, we keep our bullish predictions intact for the rest of the day and a break of 79.55 will accelerate the incline.

The trading range for today is among key support at 76.95 and key resistance now at 82.25.

The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.

Weekly Report

Support	77.90	77.20	76.95	76.60	76.10

Resistance	78.80	79.55	79.90	80.05	81.15

Recommendation	Our weekly expectations remain valid.

Swiss Franc (CHF)

Midday Report

The pair reaches now around 38.2% Fibonacci correction, which represents the first target of the bearish Butterfly harmonic pattern; however, the pair didn’t confirm stability below this level. But on the other hand, the pair is stable below the Exponential Moving Average, while momentum indicators provide mixed signs. Therefore, we remain neutral for the rest of the session today.

The trading range for this week is among the major support at 0.8310 and the major resistance at 0.8930.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Weekly Report

Support	0.8695	0.8675	0.8605	0.8580	0.8550

Resistance	0.8775	0.8850	0.8930	0.9030	0.9080

Recommendation	Based on the charts and explanations above we remain neutral awaiting more confirmations

Canadian Dollar (CAD)

Midday Report

We can see the bearish bias is getting more significant due to consolidation below 50% Fibonacci correction at 1.0030, where stability below this level triggers continuous effect of the previously breached ascending support shown in red. Therefore, our weekly expectations remain as they are.

The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0365.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Weekly Report

Support	0.9960	0.9905	0.9885	0.9825	0.9780

Resistance	1.0000	1.0030	1.0055	1.0110	1.0185

Recommendation	Based on the charts and explanations above, we recommend selling the pair below 1.0030, and take profit in stages at (0.9905 and 0.9885) and stop loss above 1.0140 might be appropriate.