Gold lower Today after earlier rising to its highest in more than seven weeks as investors awaited the outcome of Greece's debt deal talks.

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EU leaders will sign off on permanent rescue fund for euro zone at a summit Today & expected to agree on budget rule in national legislation.

Gold traders are bullish for a 4th consecutive week, betting that the Federal Reserve’s pledge to keep interest rates low until late 2014 will extend the metal’s best start to a year in more than three decades.

25 Analysts Survey about Next Week Gold:
19 Forecast Rise
6 Said Fall
0 Member Neutral
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Today's Economic Data:
"Advance GDP q/q"
Actual:2.8%
Forecast:3.0%
Previous:1.8%
*Data Negative for Dollar
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Advance GDP q/q data will be released today, It will have a minor impact on US dollar which will affect base metal and Bullion prices.

Gold continue to trade above 200-day MA, breaching that important technical indicator the move is considered as beginning of a new uptrend.

Gold may rebound, as US central bank is set to release interest rate forecasts for 1st time, weakening dollar & boosting commodities demand.

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RBI kept repo and reverse repo rates unchanged at 8.5% and 7.5% respectively, despite mounting anxiety over slowdown in growth.

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Investors watching outcome of 2-day Fed meeting which ends on Wednesday for any signs that interest rates will stay lower for longer.

Gold looking downside until & unless price will not break 27400 with good volume & Below 27100 prices are expected to trade till 26800.

Oil prices higher in Asian trade today as a weaker US currency encouraged buying of the dollar priced commodity.

Trader said that there still appears to be physical Gold buying support coming from the Asian sector primarily China and India.

"Unemployment Claims"
Actual: 352K
Forecast: 387K
Previous: 399K
*Data Positive for Dollar

US Energy Department scheduled to release it weekly inventories report today and crude inventories is expected to rise by 2.8 million barrels.

Today's Economic Data:
"TIC Long-Term Purchases"
Actual: 59.8B
Forecast: 27.3B
Previous: 4.8B
*Data Positive for Dollar

IMF is estimating it needs to raise up to $600 billion in new resources to lend to countries struggling with the fallout from the euro zone debt crisis.

Newmont predicts attributable Gold production of 5 million to 5.2 million & Copper output of 150 million to 170 million ounces this year.
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Silver Technical:
Pivot: 29.95$
Trend: RSI is mixed to bullish
ST: Bullish
MT: Range

GOLD Technical:
Pivot: 1646$
Trend: RSI is bullish and calls for further upside
ST: Ltd upside
MT: Bullish

EUR/USD Technical:
Pivot: 1.2680
Trend: Pair broken above its intermediary resistance & remains on upside
ST: Consolidation
MT: Bearish

USD/JPY Technical:
Pivot: 76.95
Trend: Pair has struck against its resistance & should face further weakness
ST: Ltd Downside
MT: Bearish

Crude Technical:
Pivot: 100.55$
Trend: upward potential is likely to be limited by the resistance at 100.55
ST: Ltd upside
MT: Ltd upside

Silver Technical:
Pivot: 29.65$
Trend: Intraday support around $29.65
ST: Bullish
MT: Range
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USD/JPY Technical:
Pivot: 77.05
Trend: Pair is under pressure and is challenging its support.
ST: Ltd Downside
MT: Bearish
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EUR/USD Technical:
Pivot: 1.2790
Trend: Pair has broken above its resistance and remains on the upside
ST: Consolidation
MT: Bearish

Today's Economic Data:
"Core Retail Sales m/m"
Actual:-0.2%
Forecast:0.3%
Previous:0.2%
*Data Negative for Dollar

Today's Economic Data:
"Retail Sales m/m"
Actual:0.1%
Forecast:0.3%
Previous:0.2%
*Data Negative for Dollar

Today's Economic Data:
"Unemployment Claims"
Actual:399K
Forecast:373K
Previous:372K
*Data Negative for Dollar

nEws: European Central Bank leaves key interest rate unchanged at 1% despite continued concern about sovereign debt crisis.

Gold prices higher Today on concerns about euro zone debt crisis ahead of Spain's bond auction & a European Central Bank meeting.

USD/JPY Technical:
Pivot: 77.05
Trend: Pair is under pressure and is challenging its support
ST: Ltd Downside
MT: Bearish

USD/JPY Technical:
Pivot: 77.05
Trend: Pair is under pressure and is challenging its support
ST: Ltd Downside
MT: Bearish

EUR/USD Technical:
Pivot: 1.2730
Trend: Pair is rebounding and is challenging its resistance, caution
ST: Consolidation
MT: Bearish

GOLD Technical:
Pivot: 1638$
Trend: Technically, RSI is above its neutrality area at 50
ST: Ltd upside
MT: Bullish

Silver Technical:
Pivot: 29.65$
Trend: Intraday support around 29.65
ST: Bullish
MT: Range

Crude Technical:
Pivot: 101.60$
Trend: Look for choppy price action with a bearish bias
ST: Ltd upside
MT: Ltd upside

EUR/USD Technical:
Pivot: 1.2730
Trend: Pair is challenging its support, caution.
ST: Consolidation
MT: Bearish

Crude Technical:
Pivot: 101.50$
Trend: RSI has just landed on a support around 30% and is reversing up
ST: Bullish
MT: Ltd upside

Silver Technical:
Pivot: 29.65$
Trend: RSI is above its neutrality area at 50%.
ST: Bullish
MT: Range

GOLD Technical:
Pivot: 1629$
Trend: RSI has just landed on its neutrality area at 50% and is turning up
ST: Ltd upside
MT: Bullish

EUR/USD Technical:
Pivot: 1.2695
Trend: Pair has broken above its bearish channel upper boundary and remains on the upside.
ST: Consolidation
MT: Bearish

Dollar Index hovering 81 and is expected to move negatively, if it is breaks level of 80.78 that may have Negative impact on overall base metals.

Crude Technical:
Pivot: 102.75$
Trend: 50% retracement level at 101 should maintain upward pressure
ST: Bullish
MT: Ltd upside

Silver Technical:
Pivot: 28.35$
Trend: Bullish flag is taking place, eye a new up leg toward 30.8
ST: Bullish
MT: Range

GOLD Technical:
Pivot: 1604$
Trend: Technically RSI is above its neutrality area at 50
ST: Ltd upside
MT: Bullish

24 Analysts Survey about Next Week Gold:
8 Forecast Rise.
9 Said Fall.
7 Member Neutral.
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TrendLine:
#Gold Down(-4.50) due to Strengthening of US Dollar
#Gold Rise(+8.70) due to Predominant Buyers
#Finally Gold Gains+4.20$

Analysis: Crude oil is expected to remain in range due to mixed economic data. Expecting Crude oil remains choppy in range of 5300-5400.

EUR/USD Technical:
Pivot: 1.2855
Trend: Pair stands below its resistance and remains under pressure.
ST: Consolidation
MT: Bearish

TrendLine:
#Gold Down(-0.80) due to Strengthening of US Dollar
#Gold Rise(+3.10) due to Predominant Buyers
#Finally Gold Gains+2.30$

Crude Trend:
SHORT positions below $101.6 with targets @ 101 & 100.5. Upside penetration of 102.6 will call for a rebound 103.15 & 103.7

SILVER Trend:
LONG positions above $29.5 with 30.15 & 31 in sight. Downside breakout of 28.7 will open the way to 28 & 27.15.

Crude Technical:
Pivot: 102.60$
Trend: 102.6 is resistance, look for choppy price action with a bearish bias
ST: Bullish
MT: Ltd upside

GOLD Trend:
LONG positions above $1627 with 1635 & 1640 as next targets. Downside breakout of $1609 will open the way to $1594 & 1580.

SILVER Technical:
Pivot: 28.70$
Trend: RSI is above its neutrality area at 50%
ST: Bullish
MT: Range
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GOLD Technical:
Pivot: 1607$
Trend: RSI is mixed to bullish
ST: Ltd upside
MT: Bullish
-sQuareindia.com

TrendLine:
#Gold Down(-2.75) due to Strengthening of US Dollar
#Gold Rise(+4.55) due to Predominant Buyers
#Finally Gold Gains+1.80$

Banks led Wall Street to gains on Thursday even as Europe struggled again, a sign investors are betting a relatively strong U.S. economy will help U.S. stocks outperform other markets. http://bit.ly/y4SyuY

Today's Economic Data:
"Unemployment Claims"
Actual:372K
Forecast:375K
Previous:381K
*Data Positive for Dollar

Today's Economic Data:
"ADP Non-Farm Employment Change"
Actual:325K
Forecast:176K
Previous:206K
*Data Positive for Dollar

Stock index futures fell on Thursday as renewed concerns about the euro zone's financial health pushed down the euro and European shares.

Economists expected a reading of 178,000 for the ADP report, down from 206,000, and a reading of 375,000 for weekly jobless claims, down from 381,000.

Investors awaited U.S. employment data, with the December ADP National Employment report due at 8:15 a.m. EST, and weekly jobless claims figures coming at 8:30 a.m. EST. That will set the tone for Friday's December all-important non-farm payrolls report.

European shares were lower on Thursday, led by bank stocks as sovereign yields rose across the region after a French debt auction.

Tightness in Bullion supply in region will likely ease next week, as refineries just restarted operation after the holidays at end of the year.

TrendLine:
#Gold Down(-6.90) due to Strengthening of US Dollar
#Gold Rise(+8.90) due to Predominant Buyers
#Finally Gold Gains +2.00$

Crude oil expected to trade higher today on back of supply concerns from Iran and expected Crude inventories to decline 1.4 million barrels.

USD/JPY Technical:
Pivot: 77.00
Trend: Pair remains under pressure and is chalenging its support.
ST: Ltd Downside
MT: Bearish

Crude Technical:
Pivot: 102.75$
Trend: RSI is supported by a bullish trend line.
ST: Bullish
MT: Ltd upside
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Silver Technical:
Pivot: 28.70$
Trend: RSI lacks downward momentum
ST: Bullish
MT: Range
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08922-222222

EUR/USD Technical:
Pivot: 1.3000
Trend: Pair remains under pressure and is challenging its support.
ST: Consolidation
MT: Bearish

"Gold Will not Trade Below $1,500 Ever Again, Silver will run 3 times faster than the Gold"
-John Embry
Check Interview at www.6bg.com/3u
-sQuareindia Advisory

John Embry - Gold Will Not Trade Below $1,500 Ever Again

With gold trading $40 higher, silver up nearly $2, crude oil rising $4.25 a barrel and mining shares on the move, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management to get his take on where he sees gold, silver, crude oil and the mining shares headed from here. When asked about the action in gold and silver, Embry said, “I do think there is a strong probability that the end of 2011 marked the bottom for gold and silver and that may be the lows that will ever be seen. That’s a strong statement, but the reality is gold and silver may never trade lower than that again.”

http://bit.ly/xAdCkF

Nov factory new orders +1.8%, below the +2.0% expected, but following upward revised -0.2% in Oct (prev -0.4%). Durable goods orders were +3.7% (revised down from +3.8%), nondurables orders +0.3% on 0.8% rise in petroleum and coal. Total fac orders ex. transport +0.3%, with tranport unrevised +14.7%. Fac shipments flat, but nondefense capital [...] http://bit.ly/wO2Y9K

US factory orders rose 1.8% in November but the headline is close to market expectations so there is little in the release to spark fresh US unit gains. EUR/USD recovered back into the 1.2950s before finding fresh offers but 1.29318 still marks the intraday lows. Further weakness still the longer-term prognosis but dealers await the trigger for a return to the upper-1.28s

The Union Cabinet on Wednesday approved a proposal to make hallmarking of gold compulsory. The move, aimed at protecting the consumers from possible malpractices of jewellers, must be ratified by the parliament for it to become a law.

Expecting crude oil prices to trade higher today on back of supply concerns from Iran coupled with expected fall in US crude oil inventories.

Analysis: Base metals lower Today as European debt crisis fear weighed on sentiments despite of positive US economic data.

TrendLine:
#Gold Down(-1.10) due to Strengthening of US Dollar
#Gold Rise(+4.10) due to Predominant Buyers
#Finally Gold Gains+3.00$

Crude Technical:
Pivot: 101.40$
Trend: further consolidation cannot be ruled out ahead of a new up leg
ST: Bullish
MT: Ltd upside

TrendLine:
#Gold Down(-1.00) due to Strengthening of US Dollar
#Gold Rise(+2.10) due to Predominant Buyers
#Finally Gold Gains +1.10$

Silver Technical:
Pivot: 28.70$
Trend: RSI is above its neutrality area at 50%.
Short Term: Bullish
Medium Term: Range

GOLD Technical:
Pivot: 1590$
Trend: RSI is above its neutrality area at 50%.
Short Term: Limited upside
Medium Term: Bullish

Crude oil demand will increase as manufacturing activity expands in China, Iran's recent threats to shut the Strait of Hormuz.

Financial Astrology: Rahu & Jupiter are at square angel. Combination Rahu & Mars may bring positive movement in Gold.

In short term view Copper may trade lower on MCX, as rising tensions over global economic slow down will create demand concerns for metals.