Daily Newsletter Newsletter-Commodity 31/08/2010
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MARKET WRAP Oil dips as concerns about economy persist Gold edged higher in a tight range on Monday Equities slip, dollar broadly stronger US copper climbs to 3-1/2-mo high on short covering
Oil dipped below $75 on Monday after the bullish impact of a speech from Federal Reserve Chairman Ben Bernanke began to drain away and the focus switched back to brimming fuel stocks. Gold edged higher in a tight range on Monday, starting its fifth straight week in positive territory, with dealers looking to key U.S. jobs reports later this week for clarity on the economy's health.
ECONOMIC CALENDAR Date
Data
Currency
Economic Data
Forecast Previous
Tue Aug 31
1:25pm
EUR
German Unemployment Change
-19K
-20K
1:30pm
EUR
Italian Retail Sales m/m
0.2%
-0.3%
2:30pm
EUR
CPI Flash Estimate y/y
1.6%
1.7%
2:30pm
EUR
Unemployment Rate
10.0%
10.0%
2:30pm
EUR
Italian Prelim CPI m/m
0.2%
0.4%
3:30pm
EUR
8.6%
8.5%
6:30pm
USD
Italian Monthly Unemployment Rate S&P/CS Composite-20 HPI y/y
3.8%
4.6%
7:15pm
USD
Chicago PMI
57.3
62.3
7:30pm
USD
CB Consumer Confidence
50.7
50.4
11:30pm
USD
FOMC Meeting Minutes
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19250 • R1 -19020
Resistance
• R2 - 31480 • R1 - 30650
support
• S1 -18810 • S2 -18630
support
• S1 - 30050 • S2 - 29280
COPPER(AUG) 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(AUG)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 195 •R1 - 187
Resistance
• R2 - 101.5 • R1 - 98.7
support
•S1 - 176 •S2 - 167
support
• S1 - 96.3 •S2 - 93.5
ZINC(AUG) Trend Strategy
• Consolidate • Buy on dips
NICKEL(AUG) NICKEL(AUG 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 - 977 •S2 - 948
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ALUMINIUM(AUG) Trend Strategy
• Consolidate • Sell on higher
Resistance
•R2 - 99.5 •R1 - 97.7
support
•S1 - 95.3 •S2 - 93.5
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