Daily Newsletter Newsletter-Commodity 06/12/2010
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MARKET WRAP U.S. oil prices rose to a 25-month high on Friday Gold rises above $1,400 on dollar drop U.S. non-farm payrolls disappoint Silver tracked gold higher, trading up 2.7 percent Copper ends firm despite soft U.S. employment data
U.S. oil prices rose to a 25-month high on Friday, the third straight rise, as a weaker U.S. dollar spurred commodities investment and cold weather in Europe . Gold rose almost 2 percent on Friday, rising above $1,400 an ounce as the dollar tumbled after disappointing jobs data cast doubt on the strength of the U.S. economic recovery. COMEX gold and silver volume was sharply lower than their 30-day average, as investors have completed contract rollover prior to December's first notice day on Tuesday. Copper notched its biggest weekly gain in four months on Friday, ending firm despite below-forecast U.S. employment data that failed to deter demand for the metal as a hedge against inflation. Investor confidence was shaken after data showed U.S. employment increased far less than expected in November and the jobless rate jumped to a seven-month high of 9.8 percent.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Mon Dec 6
5:30am
USD
Fed Chairman Bernanke Speaks
6th-7th
GBP
Halifax HPI m/m
0.3%
1.8%
3:00pm
EUR
Sentix Investor Confidence
13.8
14.0
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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 -21120 • R1 -20850
Resistance
• R2 - 45650 • R1 - 44750
support
• S1 -20570 • S2 -20250
support
• S1 - 43680 • S2 - 42750
COPPER(FEB) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 411 • R1 - 403
Resistance
• R2 - 4150 • R1 - 4070
support
• S1 - 394 • S2 - 387
support
• S1 - 3970 • S2 - 3890
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 207 •R1 - 198
Resistance
• R2 - 110.5 • R1 - 107.2
support
•S1 - 189 •S2 - 181
support
• S1 - 104.3 •S2 - 101.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.8 •R1 - 102.5
Resistance
•R2 - 1107 •R1 - 1083
support
•S1 - 99.7 •S2 - 96.8
support
•S1 - 1053 •S2 - 1025
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 108.5 •R1 - 106.2
support
•S1 - 104.0 •S2 - 101.7
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