Daily Newsletter Newsletter-Commodity 27/12/2010
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MARKET WRAP Copper steady in thin trade Euro rebounds from three-week low versus dollar Gold rises towards $1,385/oz as dollar retreats Oil near 2-yr high on cold weather SPDR gold ETF heads for biggest weekly outflow since July
Gold prices edged higher in Europe on Friday, supported by the euro's rebound from a three-week low versus the dollar, and as a further ratings downgrade stoked concerns over euro zone debt. Shanghai copper held steady on Friday, supported by upbeat U.S. data and ongoing supply concerns. Demand for a range of long-lasting U.S. manufactured goods surged in November and consumer spending rose for a fifthstraight month. Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally.
ECONOMIC CALENDAR Date
Time
Currency
Mon Dec 27
5:20am
JPY
5:20am
JPY
5:20am
Economic Data
Forecast Previous
JPY
Monetary Policy Meeting Minutes Monetary Policy Meeting Minutes CSPI y/y
-1.1%
-1.2%
10:30am
JPY
Housing Starts y/y
5.0%
6.4%
All Day
GBP
Bank Holiday
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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 -20570
Resistance
• R2 - 45750 • R1 - 44750
support
• S1 -20350 • S2 -20050
support
• S1 - 43750 • S2 - 42950
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 437 • R1 - 429
Resistance
• R2 - 4270 • R1 - 4190
support
• S1 - 422 • S2 - 414
support
• S1 - 4110 • S2 - 4030
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 201 •R1 - 193
Resistance
• R2 - 114.3 • R1 - 111.9
support
•S1 - 183 •S2 - 175
support
• S1 - 109.3 •S2 - 106.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.1
Resistance
•R2 - 1118 •R1 - 1097
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1068 •S2 - 1045
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 113.8 •R1 - 110.9
support
•S1 - 108.9 •S2 - 106.7
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