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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Today Market View (INTRADAY LEVELS)

27-SEP-2012	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
GOLD	31194	31077	30950	31438	31565	31682
SILVER	62060	61465	61101	63020	63385	63980
COPPER	439.55	437.10	434.40	444.70	447.40	449.85
NICKEL	958.00	951.20	940.00	976.10	987.20	994.00
ZINC	109.25	108.40	106.85	111.65	113.20	114.05
LEAD	120.30	119.35	117.95	122.65	124.05	125.00
ALUMINIUM	109.25	108.65	107.90	110.60	111.35	112.00
CRUDEOIL	4783	4745	4690	4878	4933	4972
NATURAL GAS	167.20	162.30	159.30	175.10	178.10	183.00

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Today Market View (INTRADAY LEVELS)

25-SEP-2012	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
GOLD	31290	31147	31022	31558	31683	31826
SILVER	61924	61435	60837	63011	63609	64098
COPPER	440.55	438.60	436.35	444.75	447.00	448.95
NICKEL	952.50	945.30	939.40	965.60	971.50	978.70
ZINC	109.90	109.00	108.35	111.45	112.10	113.00
LEAD	119.75	119.10	118.65	120.85	121.30	122.00
ALUMINIUM	109.80	109.25	108.55	111.05	111.75	112.30
CRUDEOIL	4875	4849	4806	4944	4987	5013
NATURAL GAS	150.40	148.50	146.60	154.20	156.10	158.00

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Crude Drops Fifth Time in Six Days on European Debt Concern

Oil dropped for the fifth time in six days as discord among European leaders on when to introduce a banking union renewed concern that the region’s debt crisis will reduce oil demand. Prices fell as much as 1.8 percent after German Chancellor Angela Merkel and French President Francois Hollande disagreed over closer integration of Europe’s banking system at the weekend. The euro dropped against the dollar as German business confidence unexpectedly fell to the lowest level in more than two years in September. “The news out of Europe is not good and the dollar is stronger, and the combination is putting pressure on oil demand expectations,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It’s making people thinking that even $90 for oil is a little too high.”

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Gold futures drop as U.S. dollar firms against euro

Gold futures declined during U.S. morning hours on Monday, holding on to earlier losses as renewed concerns over the euro zone’s debt crisis and uncertainty over whether Spain will need a full-scale bailout boosted demand for the U.S. dollar. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,767.15 a troy ounce during U.S. morning trade, shedding 0.6%. Earlier in the session prices fell by as much as 1% to trade at a session low of USD1,757.95 a troy ounce. Gold futures rose to a high of USD1,787.55 a troy ounce on September 21, the strongest level since February 29.

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Copper futures drop more than 1% as growth jitters weigh

Copper futures tumbled to the lowest level in more than a week during European morning hours on Monday, as appetite for growth-linked assets weakened amid mounting concerns over global growth prospects, while uncertainty over whether Spain will request a full scale sovereign bailout also weighed. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.736 a pound during European morning trade, tumbling 1.4%. Earlier in the day, prices fell by as much as 1.6% to trade at a session low of USD3.731 a pound, the weakest level since September 13. Futures rallied to a four-month high of USD3.838 on September 19.

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Gold slides as fresh European concerns spark profit taking

Gold prices fell in Asian trading on Monday as talk that France and Germany are at odds as to when the currency zone should centralize banking supervision sent the precious metal falling amid profit taking. Gold last week rose to a few dollars shy of 2012's record-high price of USD1,792.15 hit on Feb. 29 on talk of a Spanish bailout as well on the coattails of central bank decisions around the world to stimulate their economies with monetary easing measures. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.53% at USD1,768.65 a troy ounce, up from a session low of USD1,768.25 and down from a high of USD1,772.55 a troy ounce early during the session.

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