Category: Featured

Gold continued its decline and has been influenced by events that took place in America and declined a request by investors as a safe haven after the receding prospects of a military strike and Hikhvy Syria and worries about the Federal Reserve Board to reduce a meeting Monetary stimulus program is expected mid-next week.

Gold closed at a price of 1312 dollars per ounce after it was opened at $ 1333 price per ounce.

GOLD support and resistance points

R1 1329.4 S1 1307.8

R2 1336 S2 1301.2

R3 1346.8 S3 1290.4

Pivot Point: 1318.6

Indicators rise after Syria agreed to the Russian proposal

U.S. stock market

Major U.S. stocks ended the dealings today on green after Syria’s decision to hand over its chemical weapons, which helped to return goods such as oil and gold prices to normal. The Dow Jones rose 0.49%, the S & P index rose 0.26% and the Nasdaq Composite Index rose 0.09%. Technically, the Dow Jones added already 1000 points to its value since August, according to the daily chart is characterized by the index positive momentum heading into a new historical records. In addition, the bypass resistance at the 15,600 level may lead the index to rise to 15,700, and if unable to do so, it will fall towards the 15,450 price.

USD

The dollar fell against most foreign currencies after forecasts showed investors the possibility of a significant reduction in the cash incentive plan. In addition, the retail sales report came in worse than expected at predicting 0.2% versus 0.5%, and consumer confidence report came from the University of Michigan at 76.8 versus 82.6. Stay tuned during this week’s Federal Reserve meeting, which will lead to high exposure in relation to the U.S. role after the announcement of the new incentive plan, whether to reduce the bond purchases or not. Investors were waiting for this incentive for months.

Gold

Gold dropped 0.08%, to close at 1,326 an ounce after the truce in the Middle East where Syria will deliver the chemical weapons. And technically, according to Fibonacci retracement level on the scheme eight hours, if you skip the Gold turnpike resistance level at 1,334 dollars, it pays price towards 1,353 dollars, however, you may drop gold in terms of prices in the direction of the support level at 1,304 dollars, and if you skip the metal this level is expected to decline in prices up to $ 1,272.

Resistance	1353	1372	1385
Support	1314	1304	1272

Crude oil

Crude oil fell 0.08%, to settle at $ 108.53 a barrel. And technically, according to the scheme of four hours, the gold index head and shoulders pattern, while the current is trading in the black gold under the right shoulder, which supports negative momentum, and if you skip the black gold without the support level at 106.80 dollars and may lead to a decline in prices around 105 dollars. If the oil remains higher than support it rises to 108.70 again.

Last: 107.31

Resistance	106.80	105.90	105.00
Support	107.90	108.70	110.00

EUR/USD

EUR rose against the U.S. dollar due to the low level of the dollar on the basis of economic data worse than expected in the United States of America. Technically According to the scheme eight hours using a pointer MACD, has skipped the pair the highest level of resistance at 1.3322 with a gap GAP great, though, if it exceeds EUR / USD up from 1.3400 may rise towards 1.3470 and possibly more. The report functional changes better than expected expectation of -0.1% versus -0.2. Is expected today announced the consumer price index annual base at 1.3% versus 1.3% previously. Stay tuned for the speech of Mr. Draghi today at 08:00 GMT, which may give a significant risk to the local currency and European indices.

Last: 1.3366

Resistance	1.3400	1.3470	1.3540
Support	1.3322	1.3240	1.3110

GBP/USD

The pound rose against the U.S. dollar before the release of the minutes of the September meeting of the Bank of England with the expectation of higher interest rates sooner than expected. And artistically, it has made ​​the pair a double bottom, as shown in the weekly chart, which push the British pound / U.S. dollar to a new level at 1.5940, and the last time you seen the pair traded at this level was in January. In addition, bypassing the U.S. dollar / pound sterling resistance level to reach 1.5880, reaching 1.5940. It will be the next target at 1.6300 for a long time. Stay tuned for the announcement of the CPI decide the annual base is expected to be released at 8:00 am GMT.

Last: 1.5950

Resistance	1.6000	1.6090	1.6180
Support	1.5900	1.5880	1.5750

AUD/USD

The Australian dollar fell against the U.S. dollar to come back again after a significant rise for two weeks as a result of the report of the functional changes worse than expected. Technically and according to plan four hours using Bollinger Bands 20, has exceeded the pair bullish momentum and failed to go beyond the level after a gap GAP positive for more than 70 points, though, if it exceeds the pair support level at 0.9300, it leads to a decline in prices towards the 0.9220. It is expected to be announced for accurate key economic data today from Australia.

Last: 0.9338

Resistance	0.9390	0.9450	0.9600
Support	0.9300	0.9220	0.9120

French statistics agency announced on Friday that the Consumer Confidence Index in France rose unexpectedly to the level of 84 points in August, compared to 82 points in July.

The analysts’ average forecast is likely to rise to 83 index points, and was higher optimistic forecasts 85 points and likely the most pessimistic expected 82 points.

The index thus recorded the best level since last April, when he ascended to the same level as August at 84 points. It was the lowest level standard at 79 index points in May and June.

Gold at lower levels 1373.00, it is likely to reach the main bullish trend line on the horizontal support levels at 1350.00. Based on this bearish scenario will remain a favorite today. Negative RSI suggests cancel the bearish momentum.

Support 1368.00 1358.00 1352.00 1346.00 1335.00

Resistance 1373.00 1380.00 1390.00 1400.00 1415.00

Recommendations

Sell ​​gold without 1373.00 targeting 1358.00 and 1350.00 might be appropriate, and stop scenario with four-hour closing above 1382.00 may invalidate scenario.

The dollar rose to its highest level in seven weeks against the euro on Thursday after President Mario Draghi said the European Central Bank The Bank ‘s Board of Governors is expected to keep interest rates at current levels or less for an extended period .

The dollar also rose after the release of strong U.S. economic data on Thursday before the non-farm payrolls data due out on Friday and that could enhance prospects for the U.S. Federal Reserve cut its monetary stimulus program this month.

Earlier on Thursday, the European Central left key interest rates unchanged at a record low of 0.5 percent in the time in which it showed recently released data coherence of the emerging recovery in the euro zone.

And a report on Thursday showed that the U.S. private sector added 176 thousand jobs in August, almost in line with economists’ expectations .

The report showed industrial on Thursday , the U.S. service sector growth in August, the fastest pace in nearly eight years .

The dollar index rose in the latest insider 0.7 percent to 82.626 near 82.6271 , which touched earlier in New York trading .

The euro was down 0.7 percent to $ 1.3123 after it fell to the lowest level in seven weeks at $ 1.3109 .

The pound rose 0.3 percent to $ 1.5584 after the Bank of England announced not to change interest rates or bond-buying program , without giving further details of the monetary policy.

The dollar tested the 100 yen level as it recorded its highest level in six sessions of 100.17 yen before trading in the latest trading at 100 yen, up 0.3 percent

Mumbai: The Indian rupee fell past 65 to the dollar to a record low on Thursday, after Federal Reserve minutes hinted that the US was on course to begin tapering stimulus as early as next month and as foreign investors become sellers of Indian stocks.

In an ominous sign for Asia’s worst-performing currency this year, overseas investors who had been net buyers of Indian stocks so far in 2013 headed for the exits this week, selling a net $500 million worth of shares in the four sessions through Wednesday.

Foreigners have also sold a net $1.3 billion of Indian government and corporate bonds so far this month.

“Unless growth signals emerge in the next few quarters, FIIs (foreign institutional investors) will continue to pare down Indian equities, which will weigh on the rupee,” said Deven Choksey, managing director of KR Choksey Securities.

The rupee fell as much as 2.2 per cent to 65.52, heading for a sixth straight session of declines, and is down/s16 per cent so far this year despite efforts by policymakers to prop it up.

Currencies in Indonesia, Malaysia and Thailand all hit multi-year lows on Thursday on concerns that the Fed’s scaling back of stimulus would lead to further capital outflows from emerging markets, which have benefited for the last two years from waves of cheap money printed by Western central banks.

Rupee buyers in the forex market seemed to be drying up, with the central bank suspected to have intervened in the last several sessions to support the currency, although dealers said its dollar selling was not substantial enough to stop the decline.

Meanwhile, some strategists made increasingly bearish calls on the rupee, with Credit Agricole saying that unless capital flows returned, it did not see the fundamental value for the rupee below 70 to the dollar and would not recommend buying it for fundamental reasons below 75. Deutsche Bank said on Wednesday the rupee could fall to 70 in a month or so.

The 1-month offshore non-deliverable forward contract was quoted at 65.83 compared to the onshore one-month forward of 65.49, suggesting offshore players are betting against the rupee.

The Mumbai stock index fell 0.2 per cent, and has lost some 12 per cent of its value over the last month.

The Reserve Bank of India’s efforts to support the currency have failed to do so but have sent bond yields surging, pushing up borrowing costs and undermining an economy that grew at its weakest in a decade in the last fiscal year to March 2013.

Meanwhile, a weak coalition government facing national elections by May has been unable to push through structural reforms that would bring in more long-term foreign investment, with the current parliamentary session all-but paralysed by political bickering.

“Barring a galvanising economic crisis, pending tax, land acquisition and insurance reforms will likely be delayed for several years, providing no respite for India’s faltering economy,” Eurasia Group analyst Anjalika Bardalai wrote.

In what was seen as a partial roll-back that some market participants say sent a mixed message, the RBI late on Tuesday took steps to support a bond market which has been bludgeoned by its rupee defence steps.

Some analysts said the move was similar to the Fed’s “Operation Twist” begun in 2011 to buy long-end bonds.

“Policymaking is essentially in a quandary, as the framework comprises of multiple and often conflicting objectives,” said Radhika Rao, economist at DBS Bank in Singapore.

“To this end, a single-minded focus on correcting the currency’s course entails collateral damage – dampens equity and bond markets and carries risks to growth,” she added.

After tumbling on Wednesday, bond yields rose on Thursday, with the benchmark 10-year yield up 14 bps at 8.55 per cent. India’s benchmark share index was flat after earlier marking its lowest intraday level in almost a year.

International Monetary Fund warned Dubai on Tuesday that the emirate may have to intervene in the market to prevent the real estate bubble burst new like those pushed to the brink of default on debt repayment four years ago.

Real estate prices plummeted in Dubai more than 50 percent in 2009 and 2010, which triggered a corporate debt crisis caused shock in financial markets around the world.

The recovering economy and the real estate market now, but in a manner very strong which raises concern Monetary Fund of a new bubble due to Dubai’s debt continue to rise, it may be difficult to cope with the new disorder.

Harald Wenger pointed Director of the IMF mission to the United Arab Emirates to be registered real estate prices in Dubai increased 35 percent year-on-year in June, according to estimates of a commercial bank.

He said after the annual economic consultations between the IMF and the United Arab Emirates “It’s too early to talk about a bubble but if price increases continue at the current pace, there will be a need to take action to prevent bubble

In the last year, the UAE Central Bank tried to impose restrictions on mortgage lending to prevent the formation of a new bubble to but froze the procedure after pressure from commercial banks, which feared the impact on its business.

The central bank is currently negotiating a modified restrictions with the banks, but Wenger said that many of the purchases of houses in the UAE are in cash and not by mortgages should therefore not only the rules of the mortgage.

Told the media on a conference call that among the appropriate steps if rising real estate prices continued to impose fees on the activities of the real estate market.

But the success of the Dubai model is based on low taxes and it is clear that the emirate was ready to step study of this kind.

Wenger said he had discussed the idea with officials of the Dubai duties who answered that it met the study but it will require coordination with the rest of the UAE in order not to hurt the competitiveness of Dubai.

And announced that real estate companies in Dubai, many of which are semi-governmental plans for large-scale real estate projects over the last nine months, including luxury housing projects, shopping centers and cities recreational returned to the minds of the memory of a previous large-scale projects such as building artificial islands in the form of palm fronds.

The newspaper said the UAE statement that the financing requirements for such projects if implemented all will exceed 666 billion dirhams ($ 180 billion).

Wenger said that it was necessary because of the accumulated debt of quasi-governmental institutions to Dubai since the recent crisis caution to avoid risks if renewed global financial markets volatility and affected the real estate sector in the emirate.

He said “these projects increases the confidence of companies, but also require prudent economic policies to avoid a new bubble burst in the UAE

Emaar Properties leadership index rose in Dubai on Tuesday after the company posted a profit exceeded analysts’ expectations, which launched in the market buying to rise to near their highest level in five years.

And achieved a reconstruction of the largest real estate company in Dubai ten percent increase in profit for the second quarter of the year with a rise in domestic sales.

Emaar climbed 2.9 percent to reach its gains since the beginning of the year to 57.3 percent.

Said Amer Khan, fund manager at Shuaa Asset Management “Prices rose in the United Arab Emirates over the chapters or the last three seasons and justify the value of the key factors need to pillars and this is provided by the strong numbers for the reconstruction.”

The Dubai Financial Market index rose two percent to its highest close since November 2008 after selling it for a profit in the previous few sessions.

Khan said that the performance of the reconstruction is an indication of Dubai’s economy, which relies heavily on real estate and tourism sector.

The luau Blechih said Assistant Vice President of Research at the National Investment in a note that the jump made by Emaar in retail revenue from the Dubai Mall, one of the largest shopping centers and busiest in the region could lead to the lifting of the fair price for the company’s shares.

The index rose Abu Dhabi’s 0.4 percent, taking its gains since the beginning of the year 47.6 percent.

The Qatar Exchange index rose 0.3 percent, up for the first time in the last three sessions since it recorded its highest level in 58 months on Thursday.

And reduced trading hours on Tuesday due to technical problems.

Investors turned to buy shares of banks after the results of Industries Qatar disappointing. Industries shares fell 2.9 percent, while the diameter of Doha Bank shares rose 2.6 percent.

In Saudi Arabia, Banks led up after it reached Zain Saudi Telecom, which incurred losses to an agreement with creditors to extend in order to facilitate the Islamic value of $ 2.3 billion for five years.

And Zain Saudi Arabia rose 0.5 percent, but also increased confidence in the banks, including those with exposure to the company’s debt.

And Al Rajhi Bank shares rose largest bank in the Kingdom in terms of market value, 1.7 percent Shares of small banks such as Bank of the country, which increased 9.9 percent and Bank of the island, which rose 5.4 percent.

Mohammed Omran said independent financial analyst in Riyadh, “Zain Saudi agreement is good news for the banking sector, but shares of small banks have achieved better performance due to speculation.”

The main index rose for the Saudi market 0.9 percent to 7864 points, stop losses lasted four sessions and is approaching its highest level in 16 months. The index faces resistance at 7944 points, set in April 2012. Trading volume rose to its highest level since June 17.

The main index rose for the Egyptian market 0.8 percent to stop losses that lasted four sessions.

Catherine Ashton is trying to be responsible foreign policy of the European Union to mediate between the interim government backed by the army and supporters of President Mohamed Morsi isolated. Ashton said she met Marsa.

Investors are optimistic that the government is pushing ahead with the road map for the election of the Parliament within six months and stimulate the economy.

And stock exchange data showed that Egyptian investors bought shares than they sold in the market.

The following levels of closing stock market indices in the Middle East:

Dubai .. The index rose two percent to 2565 points.

Abu Dhabi .. The index rose 0.4 percent to 3882 points.

Qatar .. The index rose 0.3 percent to 9667 points.

Egypt .. The index rose 0.8 percent to 5326 Nqtz.

Saudi Arabia .. The index rose 0.4 percent to 7794 points.

Kuwait .. The index fell 0.2 percent to 8064 points.

Oman .. The index fell 0.6 percent to 6673 points.

Bahrain .. The index rose 0.09 percent to 1192 points