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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