Daily Newsletter Newsletter-Commodity 01/09/2010
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MARKET WRAP Oil falls more than 3% on Tuesday Gold edged higher on Tuesday Equities up, markets forming support near recent lows US copper climbs to 3-1/2-mo high Naturalgas slips again and touched recent lows
Copper prices rose in Shanghai early on Tuesday, and London metal reversed early losses, buoyed by optimism about China's manufacturing base after a positive purchasing manager report. Gold prices edged higher on Tuesday, after the uncertain economic outlook drove gold to a two-month peak on Tuesday.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Sep 1
5:00pm
USD
Challenger Job Cuts y/y
5:45pm
USD
20K
42K
7:30pm
USD
ADP Non-Farm Employment Change ISM Manufacturing PMI
53.2
55.5
7:30pm
USD
Construction Spending m/m
-0.4%
0.1%
7:30pm
USD
ISM Manufacturing Prices
55.5
57.5
8:00pm
USD
Crude Oil Inventories
1.3M
4.1M
8:15pm
USD
FOMC Member Duke Speaks
All Day
USD
Total Vehicle Sales
11.6M
11.5M
-57.2%
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19420 • R1 -19170
Resistance
• R2 - 31680 • R1 - 30950
support
• S1 -18930 • S2 -18750
support
• S1 - 30250 • S2 - 29580
COPPER(OCT) Trend Strategy
• Bullish • Buy on dips
CRUDE(SEP)) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 363 • R1 - 355
Resistance
• R2 - 3650 • R1 - 3570
support
• S1 - 346 • S2 - 337
support
• S1 - 3480 • S2 - 3410
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on higher
LEAD(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 195 •R1 - 187
Resistance
• R2 - 102.5 • R1 - 99.5
support
•S1 - 176 •S2 - 167
support
• S1 - 96.3 •S2 - 93.5
ZINC(SEP) Trend Strategy
• Consolidate • Buy on dips
NICKEL(SEP) NICKEL(SEP Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 100.8 •R1 - 98.5
Resistance
•R2 - 1055 •R1 - 1012
support
•S1 - 96.3 •S2 - 93.4
support
•S1 - 965 •S2 - 933
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on higher
Resistance
•R2 - 101.5 •R1 - 98.7
support
•S1 - 96.3 •S2 - 94.5
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