Daily Newsletter Newsletter-Commodity 01/12/2010
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MARKET WRAP Gold hits 2-1/2 week high on euro zone jitters The euro fell to its lowest in 11 weeks on Tuesday U.S. oil falls towards $85 as dollar rises Copper up on tight supplies
Gold rallied 1.4 percent to a 2-1/2 week peak on Tuesday and euro-priced bullion set a fresh record high as concern over sovereign debt levels in the euro zone fuelled buying of the metal as a safe store of value. Oil fell towards $85 on Tuesday as the dollar hit a 10-week high on concerns about Europe's debt crisis and on worries over demand in China as it looks to brake energy demand growth and cool inflation. Copper rose on Tuesday, supported by persistent concerns about supply tightness and as the euro trimmed losses after U.S. data lifted risk sentiment.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Dec 1
1:30am
USD
Fed Chairman Bernanke Speaks
6:45pm
USD
70K
43K
7:00pm
USD
ADP Non-Farm Employment Change Revised Nonfarm Productivity q/q
2.4%
1.9%
7:00pm
USD
Revised Unit Labor Costs q/q
-0.2%
-0.1%
8:30pm
USD
ISM Manufacturing PMI
56.4
56.9
8:30pm
USD
Construction Spending m/m
-0.3%
0.5%
8:30pm
USD
ISM Manufacturing Prices
70.9
71.0
9:00pm
USD
Crude Oil Inventories
-0.8M
1.0M
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Bullish • Buy on dips
SILVER(MAR MAR) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -21250 • R1 -20895
Resistance
• R2 - 44750 • R1 - 43850
support
• S1 -20670 • S2 -20450
support
• S1 - 42850 • S2 - 41750
COPPER(FEB) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 402 • R1 - 393
Resistance
• R2 - 4030 • R1 - 3960
support
• S1 - 382 • S2 - 375
support
• S1 - 3870 • S2 - 3810
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 207 •R1 - 198
Resistance
• R2 - 106.5 • R1 - 103.7
support
•S1 - 189 •S2 - 181
support
• S1 - 100.3 •S2 - 97.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 100.5 •R1 - 98.8
Resistance
•R2 - 1107 •R1 - 1070
support
•S1 - 96.3 •S2 - 93.8
support
•S1 - 1033 •S2 - 1005
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.5 •R1 - 105.2
support
•S1 - 103.5 •S2 - 100.7
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