Daily Newsletter Newsletter-Commodity 10/05/2011
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MARKET WRAP Gold rises, silver climbs as dollar retreats Copper ended higher on Monday Dollar gains ground against euro Nickel stocks fell to their lowest since mid-August Copper and lead inventories in LME warehouses rose Oil rallied more than 4 percent on Monday
Gold climbed back above $1,500 an ounce on Monday and silver rallied more than 6 percent as a retreating dollar and rising concerns of euro zone debt helped the metals recover some ground after last week's hefty losses. Copper ended higher on Monday on a relief rally following steep losses last week, but a downgrade of Greece's credit rating added to global slowdown fears and capped the metal's advance. Oil rallied more than 4 percent on Monday, rebounding as last week's record double-digit losses attracted bargain hunters.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue May 10
12:15pm
EUR
French Industrial Production m/m
0.5%
0.4%
1:30pm
EUR
Italian Industrial Production m/m
0.6%
1.4%
6:00pm
USD
Import Prices m/m
1.8%
2.7%
7:00pm
USD
FOMC Member Duke Speaks
7:30pm
USD
IBD/TIPP Economic Optimism
41.5
40.8
7:30pm
USD
Wholesale Inventories m/m
1.0%
1.0%
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Consolidate • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -22340 • R1 -22180
Resistance
• R2 - 59500 • R1 - 57850
support
• S1 -21880 • S2 -21650
support
• S1 - 55850 • S2 - 54500
COPPER(JUNE) Trend Strategy
• Consolidate • Sell on high
CRUDE(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 416 • R1 - 407
Resistance
• R2 - 4685 • R1 - 4590
support
• S1 - 393 • S2 - 384
support
• S1 - 4465 • S2 - 4380
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Bearish • Sell on high
Resistance
•R2 - 206 •R1 - 197
Resistance
• R2 - 109.5 • R1 - 106.3
support
•S1 - 183 •S2 - 175
support
• S1 - 101.8 •S2 - 97.5
ZINC(MAY) Trend Strategy
• Bearish • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 99.5 •R1 - 97.9
Resistance
•R2 - 1164 •R1 - 1125
support
•S1 - 94.5 •S2 - 91.8
support
•S1 - 1093 •S2 - 1058
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 120.5 •R1 - 117.7
support
•S1 - 115.2 •S2 - 112.5
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