DAILY MARKET COMMENTARY, 2nd of Sep, 2013, Monday

Precious-Gold stood at the beginning of the week as investors attention shift from Syria strike to
Fed stimulus.
Gold is currently trading around $1392.94 an ounce after hitting a high of $1398.01 and a low of
$1373.71.
The shiny metal failed to end last week on a gain but closed August on an advance as it benefited
from threats of a military action from the U.S. and its allies on Al-Assad for using chemical weapons.
Yet, fears have eased after U.S. President Barack Obama surprisingly have made a shift in his
position as he will seek approval from the U.S. Congress before launching any military strike on
Syria.
Hence, Obama decided to delay any military action until getting an unguaranteed approval from the
Congress that will need at least 10 days, if it comes at all.
Prime Minister David Cameron has lost a vote in the Parliament, which would rule out the
participation of the U.K. in any possible military work on Syria.
Now, the main focus will turn to U.S. data due this week as investors aim to gather clues about the
timing of the Fed stimulus taper, where the most improvement have showed progress.
Eyes will focus on U.S. non-farm payrolls report for August as it will give an update about the status
of the labor market.
With the improvement in data, gold is facing a pressure from the possibility of seeing a start in
withdrawing QE to $65 billion a month in the coming Fed meeting on September 17-18.
Data released yesterday from China showed progress in manufacturing as the PMI gauge rose to 51
in August from a prior of 50.3.
From a technical perspective, gold halted its rally after it failed to remain above key level of $1400,
noting that it fell from 3-1/2 month high of $1,433.31 hit last week.

GOLD TECHNICAL LEVELS:

Pivot: 1348.
Our Preference: As long as 1348 is support, look for rise towards 1488 & 1522.
Alternative scenario: A downside breakout of 1348 would open the way towards 1273.
Comment: the bullish cross between the 20-day and 50-day moving average is a positive signal and
both moving averages are now ascending.
Trend: ST Bullish; MT Bullish, we have been bullish since 16 AUG 2013 (1370).
Key levels Comment
1550 Key horizontal resistance
1522 Horizontal resistance
1488 Fib retracement (50%)
1395 Last
1348 Pivot point
1273 Horizontal support
1180 Horizontal support

SILVER TECHNICAL LEVELS:

Pivot: 22.
Our Preference: As long as 22.25 is support, look for rise towards 25.1 & 26.
Alternative scenario: A downside breakout of 22.25 would open the way towards 20.6.
Comment: the bullish cross between the 20-day and 50-day moving average is a positive signal and
both moving averages are now ascending.
Trend: ST Bullish; MT Range, we have been bullish since 19 AUG 2013 (23.5).
Key levels Comment
28 Horizontal resistance
26 Horizontal resistance
25.1 Fib projection
24.18 Last
22.25 Pivot point
20.6 Horizontal support
18.2 Horizontal support

 2013, September, Monday 2

.
62:20 %6220 $50.7231
$50.3202 $5070203 .$50.1235

$5366
05 /
.
/

.
%5

.

.


.%6221-%6266

.

 ( )5033266 :
: 5033 5333 .5122
: 5033 5270 5536.
: .

1550
1522
1488
1395
1348
1273
1180

 ( )22221 :
: 22221 2125 .20
: 22221 2620 5322.
: .

28
26
25.1
24.18
22.25
20.6
18.2