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Daily Newsletter Newsletter-Commodity 02/12/2010

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MARKET WRAP Gold retreats but euro zone debt woes Euro recovers some lost ground Oil rallies above $85 on China manufacturing U.S. crude inventories unexpectedly rise Copper hits two-week high

Gold eased back towards $1,380 an ounce on Wednesday as some appetite for risk returned to the European equity, debt and currency markets, but remained firmly underpinned by persistent concerns over euro zone debt levels. Oil rose to above $85 a barrel on Wednesday as positive data from the United States and China, the world's top two oil consumers, boosted investor confidence about economic recovery. Copper rose to its highest level in two weeks on Wednesday due to data that showed growth in top consumer China as well as to a weak dollar.

ECONOMIC CALENDAR Date

Time

Currency

Economic Data

Forecast Previous

Thu 12:30am Dec 2 7:00pm

USD

Beige Book

USD

Unemployment Claims

425K

407K

8:30pm

USD

Pending Home Sales m/m

-0.7%

-1.8%

9:00pm

USD

Natural Gas Storage

-26B

-6B

11:00pm

USD

FOMC Member Bullard Speaks

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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 -20570 • S2 -20250

support

• S1 - 42850 • S2 - 41750

COPPER(FEB) Trend Strategy

• Consolidate • Buy on dips

CRUDE(DEC)) Trend Strategy

• Consolidate • Buy on dips

Resistance

• R2 - 405 • R1 - 397

Resistance

• R2 - 4030 • R1 - 3960

support

• S1 - 386 • S2 - 377

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 - 104.8

support

•S1 - 189 •S2 - 181

support

• S1 - 101.3 •S2 - 97.5

ZINC(DEC) Trend Strategy

• Consolidate • Sell on high

NICKEL(DEC) NICKEL(DEC Trend Strategy

• Consolidate • Sell on high

Resistance

•R2 - 102.5 •R1 - 99.5

Resistance

•R2 - 1107 •R1 - 1080

support

•S1 - 97.3 •S2 - 94.8

support

•S1 - 1053 •S2 - 1025

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ALUMINIUM(DEC) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 109.5 •R1 - 107.2

support

•S1 - 104.5 •S2 - 101.7

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