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Gold prices fell in Asia on Friday after Fed Chair Janet Yellen said that an interest rate hike this year is still very much on the cards. Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year. In prepared remarks for a speech at the University of Massachussetts-Amherst, Yellen emphasized that most of her colleagues will likely support raising the target range for the Federal Funds Rate at some point this year. FOMC only disclosed that 13 of 17 of its members were in favor of raising rates this year. Yellen had not personally associated herself with a rate hike since July.

Overnight, LME copper once dipped to USD 5,013/mt but later rebounded due to softer dollar, to close up USD 21/mt at USD 5,080/mt. Safety-seeking sentiment is boosted in market. German’s auto industry is attacked and Caterpillar will lay off workers. European and US stocks all dropped. US durable goods orders are soft. US dollar index fell initially but later rallied thanks to the dovish tone of Yellen’s speech, weighing down base metals. Investors will exit market to seek safety ahead of holiday. LME copper should move between USD 5,020-5,120/mt during Asian trading hours

Oil markets remained subdued in early trading in Asia on Friday after weak data from Japan reinforced concerns over global economic growth. Japan's core consumer prices fell 0.1 percent in August from a year earlier, government data showed on Friday, marking the first year-on-year drop since April 2013. The index includes oil products but excludes fresh food prices. HSBC cautioned not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a global oversupply that analysts estimate at 2.5 million barrels per day remains largely in place due to high production.

Gold jumped in Asia on Friday after a tepid start as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 1.20% to $1,130.40 a troy ounce. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.

LME copper kept fluctuating during European and US trading hours with closing price up USD 5/mt at USD 5,395/mt. Investors stayed wary ahead of the release of US interest rate meeting minutes. The earthquake in Chile gave no solid support to copper prices . US dollar ended down 1% following US interest rate meeting yesterday evening. But COMEX copper finally still slipped from highs despite the sliding dollar. US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. LME copper meets resistance at highs and should move between USD 5,360-5,440/mt during Asian trading hours.  

Crude oil prices eased in early Asia on Friday as investors took stock of the Federal Reserve decision to hold rates and comments on global economnic weakness. On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81 a barrel. On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness.

GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26250
SUP 2: 26170
STRATEGY: BUY ON DIPS

SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:36500
RESIST 1:36290
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS