IMF completes $3.8 billion Gold profit distribution

WASHINGTON: Six months after allocating the first part of profits from the 2009-10 403.3 tons gold sales to member country's, IMF agreed to release the remaining $2.7 billion to boost financing to low-income countries. According to a statement, IMF said it's executive board earmarked the money for the global lender's concessional lending program, the Poverty Reduction and Growth Trust. The IMF earlier earmarked the release the total $3.8 billion windfall from the gold sales to it's 188 member country's and released the first part of $1.1 billion in March.

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Gold drops as global data points to a cooling economy

Gold prices dropped in Asian trading on Monday after Chinese factory figures coupled with Japanese and U.S. sentiment data fueled fears that the global economy continues cooling, which sent investors snapping up safe-haven dollar positions. Gold and the dollar normally trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.30% at USD1,768.65 a troy ounce, up from a session low of USD1,766.85 and down from a high of USD1,768.95 a troy ounce. Gold futures were likely to test support at USD1,755.35 a troy ounce, Thursday's low, and resistance at USD1,785.65, Friday's high. Soft Chinese factory data sent gold prices falling on sentiment the global economy continues softening.

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Crude slides on Chinese factory output figures, U.S. data

Crude oil futures fell in Asian trading on Monday on weaker-than-expected output data in China and in the U.S. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.53 a barrel on Friday, down 0.72%, off from a session high of USD91.63 and up from an earlier session low of USD91.47. Soft Chinese factory data sent oil prices falling on sentiment the global economy continues cooling. The HSBC China Manufacturing purchasing managers index came to 47.9 for September from 47.6 in August. A reading of 50 separates expansion and contraction. In the U.S., meanwhile, the Chicago purchasing managers' index contracted for the first time since September 2009, dipping to seasonally adjusted 49.7 compared to 53.0 August. Analysts had expected the Chicago PMI to remain unchanged at 53.0 in September. The Thomson Reuters/University of Michigan's final index on consumer sentiment for September fell to a seasonally adjusted 78.3 from 79.2 the previous month. Analysts had expected the index to fall to 79.0 in September. The numbers painted a picture of a global economy in need of less fuels and energy to operate. On the ICE Futures Exchange, Brent oil futures for November delivery were down 0.35% and trading at USD111.75 a barrel, up USD20.22 from its U.S. counterpart.

Courtesy: ForexPros

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Today Market View (INTRADAY LEVELS)

01-OCT-2012	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
GOLD	31296	31375	31433	31159	31101	31022
SILVER	63145	63476	63736	62554	62295	61963
COPPER	442.20	443.80	445.60	438.80	437.00	435.40
NICKEL	985.50	993.70	999.40	971.60	965.90	957.70
ZINC	111.30	112.20	112.85	109.75	109.10	108.20
LEAD	121.10	122.10	122.75	119.45	118.80	117.80
ALUMINIUM	112.00	112.90	113.60	110.40	109.70	108.80
CRUDEOIL	4916	4936	4968	4864	4832	4812
NATURAL GAS	176.90	178.60	180.60	173.20	171.20	169.50

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