Daily Newsletter Newsletter-Commodity 21/12/2010
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MARKET WRAP Copper up on supply, inflation worries euro slid versus the dollar Gold draws in safe-haven flows Oil falls despite freeze, Nigeria as dollar rallies Lead hit multi week high
Gold rose on Monday, overcoming weakness in the euro, after a warning from the European Central Bank on the region's finances and Moody's claim that it may cut the ratings of some Spanish banks boosted safe-haven flows. Copper rose towards record highs again on Monday as inflation expectations, robust Chinese demand and supply kinks ahead attracted fund inflows. Oil fell on Monday ahead of a January futures contract expiry and due to a stronger dollar, after failing to capitalize on support from freezing temperatures in the United States and Europe and a pipeline attack in Nigeria.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Dec 21
5:31am
GBP
GfK Consumer Confidence
-21
-21
12:30pm
EUR
GfK German Consumer Climate
5.8
5.5
3:00pm
GBP
Public Sector Net Borrowing
16.8B
9.8B
3:30pm
EUR
Italian Quarterly Unemployment Rate
8.3%
8.5%
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR MAR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -20890 • R1 -20630
Resistance
• R2 - 45750 • R1 - 45050
support
• S1 -20380 • S2 -20180
support
• S1 - 43850 • S2 - 42950
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 433 • R1 - 425
Resistance
• R2 - 4170 • R1 - 4080
support
• S1 - 414 • S2 - 405
support
• S1 - 4010 • S2 - 3930
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 201 •R1 - 193
Resistance
• R2 - 115.3 • R1 - 111.9
support
•S1 - 181 •S2 - 172
support
• S1 - 109.8 •S2 - 106.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.5 •R1 - 104.7
Resistance
•R2 - 1167 •R1 - 1135
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1107 •S2 - 1074
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 110.8 •R1 - 108.5
support
•S1 - 106.2 •S2 - 103.7
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