Daily Newsletter Newsletter-Commodity 26/04/2011
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MARKET WRAP Silver turns lower after rally Gold falls after hitting record high Shanghai copper closed lower on Monday Aluminium supported by strong Brent Crude U.S. oil turns lower after hits highest since Sept. 2008 Spot silver prices dropped nearly 2 percent on Monday, wiping out sharp initial gains after a technical failure to take out a 1980 high triggered a bout of heavy selling. Silver's sharp reversal also coincided with weakness in gold and crude oil prices. Gold hit a record high of $1,518.10 an ounce. It fell in tandem with silver to $1,504.90 an ounce. It was last up 0.1 percent. Shanghai copper closed lower on Monday, tracking losses in U.S. futures, which dropped as much as 1.3 percent, ahead of possibly weak economic data from the United States and Britain this week. Oil turned lower on Monday as a bout of profit-taking was sparked when silver reversed after a sharp rally
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue 6:30pm Apr 26 7:30pm
USD
S&P/CS Composite-20 HPI y/y
USD
CB Consumer Confidence
7:30pm
USD
Richmond Manufacturing Index
Forecast Previous -3.2%
-3.1%
64.6
63.4
20
20
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Bullish • Buy on dips
SILVER(MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -22480 • R1 -22170
Resistance
• R2 - 72700 • R1 - 71350
support
• S1 -21880 • S2 -21650
support
• S1 - 69100 • S2 - 67350
COPPER(APR) Trend Strategy
• Consolidate • Buy on dips
CRUDE(MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 434 • R1 - 425
Resistance
• R2 - 5190 • R1 - 5080
support
• S1 - 418 • S2 - 411
support
• S1 - 4935 • S2 - 4850
NATURALGAS(APR) Trend Strategy
• Consolidate • Sell on high
LEAD(APR)) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 209 •R1 - 201
Resistance
• R2 - 118.3 • R1 - 114.7
support
•S1 - 187 •S2 - 179
support
• S1 - 110.8 •S2 - 107.5
ZINC(APR) Trend Strategy
• Consolidate • Sell on high
NICKEL(APR R) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.2 •R1 - 104.5
Resistance
•R2 - 1217 •R1 - 1187
support
•S1 - 100.7 •S2 - 98.5
support
•S1 - 1153 •S2 - 1118
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ALUMINIUM(APR) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 125.7 •R1 - 122.3
support
•S1 - 119.3 •S2 - 116.5
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