Gold futures edge higher with Ukraine events in focus

Gold prices edged higher on Wednesday, as the conflict between pro-Russian separatists and Ukrainian forces continued to escalate, boosting demand for safe haven assets.

Prices held in a range between $1,291.70 and $1,301.70 an ounce. Gold eased down 0.08%, or $1.00, on Tuesday to settle at $1,294.80 an ounce.On the Comex division of the New York Mercantile Exchange, goldfor June delivery advanced 0.46%, or $5.90, to trade at $1,300.70 a troy ounce, during European morning hours.

Gold prices were likely to find support at $1,277.70 an ounce, the low from May 12 and resistance at $1,315.00, the high from May 7.

Also on the Comex, silver for July delivery rallied 1.01%, or 19.8 cents, to trade at $19.74 a troy ounce.

Investors remained cautious after seven Ukrainian soldiers were killed and seven wounded in an ambush by pro-Russian separatists in eastern Ukraine on Tuesday, stoking fears that the crisis will further escalate and drag the U.S. deeper into the standoff.

Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.

Meanwhile, market players looked ahead to the release of U.S. data on producer price inflation due later in the session for further indications on the strength of the economy and the need for stimulus.

Data released Tuesday showed that U.S. retail sales inched up by just 0.1% last month, missing expectations for a 0.4% increase.

Elsewhere in metals trading, copper for July delivery inched up 0.42%, or 1.3 cents, to trade at $3.149 a pound amid speculation demand from top consumer China will increase in the near-term.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

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European stocks hold steady, easing hopes still support; Dax up 0.04%

European stocks were steady on Wednesday, recovering from Tuesday's strong rally in global equities, while expectations for further easing measures by the European Central Bank continued to support.During European morning trade, the DJ Euro Stoxx 50 eased 0.07%, France’s CAC 40 dipped 0.06%, while Germany’s DAXinched up 0.04%.

European equities strengthened after reports on Tuesday that Germany’s Bundesbank is open to more stimulus measures from the ECB.

The Wall Street Journal reported the German central bank would back monetary easing measures if they were needed to keep persistently low levels of inflation from becoming entrenched in the euro zone.

The news came after the ECB indicated last week that it is “comfortable” with acting at its next meeting in June after it has a chance to review the latest economic projections.

Financial stocks were mixed, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) declined 0.49% and 0.55%, while Germany's Deutsche Bank (XETRA:DBKGn) rose 0.21%.

Among peripheral lenders, Intesa Sanpaolo (MILAN:ISP) slipped 0.13% and Unicredit (MILAN:CRDI) added 0.20% in Italy, while Spain's BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) fell 0.23% and 0.27% respectively.

Elsewhere, RWE (XETRA:RWEG) gained 0.76% even as the German power producer said first-quarter profit dropped 36%.

Allianz (XETRA:ALVG) added to gains, up 0.58%, after the Munich-based insurer said profit at its asset management unit declined by 29%, fueling a decline in total earnings.

In London, FTSE 100 slipped 0.17%, led by ITV (LONDON:ITV), whose shares plummeted 4.29% even as the company said total revenues rose in the first quarter and that it expects advertising revenue to climb 12% to 13% in the second quarter.

ICAP (LONDON:IAP) was also on the downside, tumbling 1.61%, as the world’s biggest broker of transactions between banks reported full-year operating profit of £295 million, missing expectations for £304.5 million.

In the mining sector, stocks were mostly lower as Bhp Billiton (LONDON:BLT) eased 0.03% and Rio Tinto (LONDON:RIO) fell 0.21%, while Glencore Xstrata (LONDON:GLEN) and Randgold Resources (LONDON:RRS) retreated 1.84% and 1.94% respectively.

Earlier Wednesday, Bhp Billiton said it was considering selling all or part of its Australian nickel unit, in the face of rising prices.

Meanwhile, financial stocks were mixed. Shares in the Royal Bank of Scotland (LONDON:RBS) slid 0.30% and Barclays (LONDON:BARC) lost 0.63%, while HSBC Holdings (LONDON:HSBA) edged up 0.15% and Lloyds Banking (LONDON:LLOY) gained 0.58%.

In the U.S., equity markets pointed to a steady open. The Dow 30 futurespointed to a 0.02% uptick, S&P 500 futures signaled a 0.04% gain, while the Nasdaq 100 futures indicated a 0.08% rise.

Later in the day, the euro zone was to produce data on industrial production, while the U.S. was to release data on producer price inflation.

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Forex Signal for 14th May 2014

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

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EUR/USD

 Down Trend : 

 (1) SELL

Entry Point: 1.37210 

Take Profit: 1.36800

Stop Loss:   1.37600

 

GBP/USD

Down Trend:

(1) SELL

Entry Point: 1.68420 

Take Profit: 1.68000

Stop Loss:   1.68800

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