Daily Newsletter Newsletter-Commodity 04/05/2011
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MARKET WRAP Gold eases as dollar gains Silver also came under selling pressure after hitting a near two-week low of $42.58 Aluminium hits highest price since August 2008 Copper inventories rise, at highest since last June Copper ends up on US data Natural gas continues it short term uptrend
Gold fell on Tuesday from record highs above $1,570 an ounce the previous day, as the dollar rose and as safe-haven buying of the metal lost some momentum following the death of al Qaeda leader Osama bin Laden. Copper climbed off seven-week lows to end positive on Tuesday after better-than-expected U.S. factory orders underlined a recovery in the world's top economy.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed May 4
1:30pm
EUR
Final Services PMI
56.9
56.9
2:30pm
EUR
Retail Sales m/m
0.2%
-0.1%
5:00pm
USD
Challenger Job Cuts y/y
5:45pm
USD
200K
201K
7:30pm
USD
ADP Non-Farm Employment Change ISM Non-Manufacturing PMI
57.9
57.3
8:00pm
USD
Crude Oil Inventories
1.9M
6.2M
-38.6%
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Bullish • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -22840 • R1 -22630
Resistance
• R2 - 68500 • R1 - 66350
support
• S1 -22330 • S2 -22080
support
• S1 - 62850 • S2 - 60500
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 435 • R1 - 427
Resistance
• R2 - 5150 • R1 - 5070
support
• S1 - 415 • S2 - 407
support
• S1 - 4965 • S2 - 4870
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Buy on dips
LEAD(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 223 •R1 - 214
Resistance
• R2 - 117.5 • R1 - 114.7
support
•S1 - 202 •S2 - 193
support
• S1 - 110.8 •S2 - 108.5
ZINC(MAY) Trend Strategy
• Consolidate • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 105.8 •R1 - 102.5
Resistance
•R2 - 1257 •R1 - 1228
support
•S1 - 99.3 •S2 - 96.5
support
•S1 - 1183 •S2 - 1165
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ALUMINIUM(MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 126.7 •R1 - 124.8
support
•S1 - 122.8 •S2 - 120.5
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