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-GBP- Public Sector Net Borrowing (Fcst. -8.9B) -CAD- Core Retail Sales m/m (Fcst. 0.3%).[/TD]
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Inventories -EUR- French Flash Manufacturing PMI (Fcst. 48.7) - German Flash Manufacturing PMI (Fcst. 51.1).[/TD]
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Moody's Downgrades Six European Countries
Moody's Investor Services cut the debt ratings of six European countries including Italy, Spain and Portugal, and said it may strip France and the UK of their top ratings, citing Europe's debt crisis. Slovakia, Slovenia and Malta also had their ratings lowered. The Euro weakened following the announcement from Monday's high of 1.3285 to a low of 1.3150 in early trading on Tuesday.
Greek still on spot
The Greek Saga continued last week as the postponement of the Greek aid package from the troika and the flow of negative news fuelled volatility and uncertainty in the market. The Greek situation remains unclear. However, what had been viewed as constructive developments in the situation over the past month has obviously broken-down alongside the continued delays in getting the Euro-Zone officials to approve the second bailout package for Greece. Meanwhile, the head of the Euro group of EU finance ministers, Jean-Claude Juncker, said that substantial progress had been made on the Greece aid package and expressed confidence that an agreement on the matter would be reached on their next scheduled meeting on February 20. On the other hand, other media reports indicated that Germany, the Netherlands and Finland are taking a tougher position on the Greece aid package conflicting with the more optimistic comments from Mr. Juncker.
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Despite the unexpected improvement in the data issued by the United States as Jobless benefits expectedly dropped last week to the lowest level in four years, indicating that the labor market is gaining momentum. Applications for jobless benefits decreased by 13,000 to 348,000 lower than market expectations, and the least since March 2008. The slowdown in firings coincided with a pick-up in hiring to help repair the damaged US labor market But the major currencies continued to move within the same range by rolling over the past week.
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[TD][TR]
[TD]DJI [TD]12949 [TD]45.0+[TR]
[TD]NASDAQ [TD]2951.7 [TD]8.07-[TR]
[TD]S&P500 [TD]1361.2 [TD]3.71+[/TABLE]
Improvement in the housing data had a clear impact on the close of the U.S. stock indexes the Builders took initiative on more homes than expected in January, helped by better weather conditions, adding signs that the real estate market is stabilizing. Housing Starts rose to 699,000 annually from December's 689,000 pace. Builders reported that more orders are a result of a pick-up in hiring, cheaper properties and borrowing costs at record lows.
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[TD] [TD]Close [TD]Open[TR]
[TD]Gold [TD]1722.6 [TD]1733.10[TR]
[TD]SILVER [TD]33.22 [TD]33.83Precious metals prices reduced the gains against the U.S. dollar during the trading week as the fall in the price of gold per ounce levels of $ 1733 an ounce with the start of trading week, the lowest level at 1705 dollars an ounce before trading ended the week at 1722 dollars an ounce, we will take a close look on the gold movement for this week. the following table shows the opening and closing prices of precious metals during the last week.
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[TD] [TD]Close [TD]Open[TR]
[TD]Oil [TD]103.61 [TD]99.34[TR]
[TD]NG [TD]2.687 [TD]2.448Crude oil was biggest ginner for the second week A bullish movement bush the price to close above 103.30 and that make us reconsider the uptrend movement will continue, the next trading target will be around the 106 , 107 levels we do expect that Any trading above 100.00 shall maintain the bullish bias this week.
This week we will take a close look at the gold chart and the expectations of the gold movement for the week.
Fell slightly on Friday as the market cooled a bit in the end. The $1,700 level is just below, and obviously supportive at this point in time. The area that the market has been trading in looks set to continue to be restrictive to overall movement,1762 levels will lead the gold price to the key era around 1804$ levels but the support should be taken into account as the recent surge has been so impressive. The sideways action looks more and more like a simple consolidation of gains and a pause before the next leg up than any real threat of falling. Because of this, we are buying still, and look at the recent action as the perfect opportunity. We do not recommend to sell unless the market close below 1700$ .
Chief Technical Analyst
Mohammed AL Mariri