THE PAINTED PIGS WEDNESDAY MORNING WONDERS

THE PIG THINKS THAT INTEREST RATES AND THEIR RECENT RISE, IS A TAD OVERBLOWN.MAINLY BECAUSE ITS NOT ECONOMICS THAT THE BANKS USE A REASON TO GOUGE, ITS BOTTOM LINE. THEY'LL BE COMING BACK DOWN. THE PIG BANKS ON IT....

ON WITH THE SHOW....

DRL.V...FIRST OF THREE BIG SCANNERS ON THE NIGHT. RECENT ACCUMULATION, MOVEMENT UPWARD OF THE MOVING AVERAGE VECTOR VALUES. NOT SDURE OF THE STORY BUT THE NUMBERS SURE SAY  TAKE A LOOK.

TLG.V.... SAME AS OUR FIRST PLACE SCAN. ACCUMULATION, MOVING AVERAGE BREAKOUT AND LARGE DISTRIBUTION NUMBERS. AGAIN, NO STORY, BUT IT LOOKS LIKE SOME ACCUMULATION IS UNDERWAY.

PRR.V...LIKE ITS TWO BROTHERS ABOVE IT, THIS PIGGY IS EXHIBITING SOME BIG NUMBERS. ONCE AGAIN THE STORY IS UNKNOWN TO THE PIG, BUT THE PIG LIKES TO RELY ON NUMBERS FIRST ANYWAY. SOME MONEY STARTING TO MOVE INTO THIS PLAY, ALL AVERAGES TURNING UP AND SETIMENT INDICATORS ARE ALSO SKYWARD. LIKE THE PREVUIOUS TWO, THEY NEED WATCHING AND IF LIQUIDITY CONTINUES....IT MIGHT BE TIME FOR A SPLASH.

Gold edges up in Europe as euro steadies vs dollar

31 Mar 2010, 1252 hrs IST,REUTERS



LONDON: Gold ticked higher in early European trade on Wednesday, as the euro rose above 1.3400 level against the US dollar and was supported by


strong physical buying in Europe. Gold's gains lifted platinum to its highest in two weeks, while sister metal palladium also climbed to its loftiest since mid-March. "Euro/dollar recovered a bit, which is helping gold," a Europe-based trader said. "But we're stuck in a range between $1,110-1,120 an ounce. There's good support at $1,100 an ounce," he said.






While heading for its sixth consecutive quarter of gains, gold was still about 10 per cent below a record high around $1,226 struck in December and hovered below the 100-day moving average. "Whenever gold falls we see good physical buying coming in. Even on the private customer side, there's pretty good demand for coins and bars," the trader said.






PRICES






Spot gold was at $1,107.55 an ounce by 0654 GMT, versus $1,102.50 an ounce last quoted in New York on Tuesday, when it slipped to track a falling euro. Silver was at $17.37 an ounce from $17.25. Platinum gained to $1,639.50 an ounce, its loftiest since March 17 and was last at $1,639 an ounce versus $1,616.50 an ounce late in New York on Tuesday. Palladium rose as high as $475.75 an ounce, its highest in almost two weeks and was last at $473 an ounce, versus Tuesday's $466.50 an ounce.






MARKET NEWS






The dollar hit a three-month high against the yen on Wednesday as the Japanese currency lost ground broadly, while the Australian dollar tripped after retail sales data dented expectations for an interest rate hike next week. The euro held near $1.34, remaining vulnerable above 10-month lows as a bout of short-covering appeared to have run its course, with euro zone fiscal worries never far away.






Japanese shares rose to 18-month highs on Wednesday, continuing to eclipse their peers elsewhere in Asia, as a rebound in US consumer confidence boosted hopes that a global economic recovery will prove to be sustainable.






Oil, steady above $82 on Wednesday, was headed for its fifth consecutive quarterly gain as recovering demand outweighs ample supplies and concern over monetary tightening in leading economies. European shares are set to open higher on Wednesday, with investors likely to focus on a private sector jobs report from the United States for clues on the health of the economy.






FUNDAMENTALS






The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,129.823 tonnes as of March 30, unchanged from the previous business day.






Investors who expect interest rates to rise can reduce risk in an equities-laden portfolio by diversifying their investments to include at least 5 per cent commodities, according to a study by four finance scholars.






TECHNICALS


Gold support at $1,100 resistance at $1,170, 14-day RSI at 51.8. Silver support at $17.06, resistance at $17.90, 14-day RSI at 63.0. Platinum support at $1,615, resistance at $1,650, 14-day RSI at 66.5.

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Gold ticked higher in early European trade on Wednesday, as the euro rose above 1.3400 against US dollar.