Technical Analysis 13 March 12, ACPL Commodities

	2:30 AM (GMT+5) | GOLD - Trend Neutral
	Technical Analysis: Pivot: $1702 Our Preference: Buy gold above $1702 next upside targets will $1712, $1724 and $1734. Alternative scenario: Sell gold below $1702 downside targets will $1689 $1680 and $1669. Comment: Stay sideline ahead of the Federal Reserve's policy statement on Tuesday at 11.15 P.M. IN SUMMARY -- the downside has the advantage. LOOK for resistance for the remainder of the day to be 1706-1714 and support is the 1685-1692 area. With the FOMC meeting on Tuesday, a log of traders will probably wait for that meeting to pass before looking for a position. The trend remains down in gold and the potential for a strong move in these next two weeks is much greater than normal. 1705-1714 is now resistance for the remainder of the day. The most likely place for a low today is the 1693 area or the lower dotted blue line at around 1685. BOUNCES ASIDE -- THE TREND REMAINS DOWN. Fundamental Analysis: Gold fell on Monday, retreating from the previous session's rally as investors worried about data showing a massive drop in money managers' bullish position on gold and silver futures. Gold prices briefly fell below platinum, reversing platinum's unusual discount for the first time since September. Better US economic data have pressured gold, while supply fears in top producer South Africa have boosted platinum. Advertisement: Story continues below The precious metal dropped along with oil on economic worries after China posted its biggest trade deficit in a decade, and some buyers stayed on the sidelines ahead of the Federal Reserve's policy statement on Tuesday. Bullion investors grew cautious after Friday's US data showed net long futures positions held by money managers, including hedge funds, posted the biggest one-week drop since August. Bullish bets in silver futures also tumbled.
	2:30 AM  (GMT+5)| SILVER - Trend Neutral
	Technical Analysis: Pivot: $33.800 Our Preference: Buy silver above $33.800 next upside target will $34.200, $34.750, $35.200. Alternative scenario: Sell silver below $33.800 downside targets will $33.250, $32.850, $32.300.  Comment: Stay sideline ahead of the Federal Reserve's policy statement on Tuesday at 7:00 P.M. Silver is trying to find support also. We can see the first key support --its that tail or spike on FEB 15th at the 32.60 area. Resistance continues to be that 34.50 area and we've started that way again this week. 33.90-34.30 is now resistance for the remainder of the day. Support is the 33.00-33.40 area and then the lows of last Friday near 33.10-33.20. IF price break below the lower dotted line the downside pressure will be extended. With the FED meeting on Tuesday --a lot of traders are standing aside until after the data comes out. In summary -- the trend remains down ---and bounces aside, the bears still have the advantage. Fundamental Analysis: Silver futures slipped Monday as investors bet that disappointing Chinese trade data foreshadowed a drop in the country's demand for the precious metal. The market advanced last week by an upbeat US non-farm payrolls report and after Greece clinched a vital debt-swap deal with private creditors to avert bankruptcy.
	2:30 AM (GMT+5)| CRUDE OIL -  Trend Neutral
	Technical Analysis: Pivot: $106.35 Our Preference: Buy crude oil above $106.35 next upside targets will $107.35, $108.20 and $110. Alternative scenario: Sell Crude Oil below $106.35 downside targets will $105.50, $104.60 and $103.70. Comment: Stay sideline ahead of the Federal Reserve's policy statement on Tuesday at 7:00 P.M. Fundamental Analysis: World oil prices dropped as investors fretted over the strength of worldwide energy demand following weak Chinese economic data. West Texas Intermediate crude for in April, shed $US1.06 to $US106.34 a barrel on Monday Concerns over China's energy demand were stoked after customs data released on Saturday showed the economy swung to a trade deficit of $US31.48 billion ($29.93 billion) in February. The deficit - which is the largest for at least 12 years - comes as demand continues to falter in China's key US and European export markets. The data follow figures on Friday which showed China's inflation rate slowed sharply in February and factory output growth also slipped. China's weak figures outweighed bullish data showing that its monthly crude oil imports reached a record monthly high in February and US figures showing a further surge in jobs growth in the world's leading economy, analysts said. It imported 23.64 million tonnes of crude oil last month, equivalent to 5.98 million barrels a day. China is the world's biggest energy consumer, while the United States is the largest consumer of crude oil.