Daily Newsletter Newsletter-Commodity 07/12/2010
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MARKET WRAP Oil eases after reaching 2-year high near $90 Gold held near its highest since mid-November The dollar rebounded on Monday to trade nearly 1 percent Copper inched up on Monday
Oil eased from a 26-month high near $90 on Monday as the dollar strengthened, countering support from higher demand caused by cold weather in Europe and parts of the United States. Gold held near its highest since mid-November on Monday as speculation U.S. authorities will have to further extend monetary easing and concerns over euro zone debt boosted interest in the metal as a haven from risk. Copper inched up on Monday, with economic sentiment supported by the U.S. Federal Reserve chairman saying more quantitative easing was possible.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Dec 7
5:31am
GBP
BRC Retail Sales Monitor y/y
7th-8th
GBP
Halifax HPI m/m
0.3%
1.8%
3:00pm
GBP
Manufacturing Production m/m
0.4%
0.1%
3:00pm
GBP
Industrial Production m/m
0.3%
0.4%
4:30pm
EUR
German Factory Orders m/m
1.9%
-4.0%
Tentative
EUR
ECOFIN Meetings
Tentative
GBP
NIESR GDP Estimate
8:30pm
USD
IBD/TIPP Economic Optimism
0.8%
0.5% 48.3
46.7
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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 -21150 • R1 -20893
Resistance
• R2 - 46750 • R1 - 45550
support
• S1 -20670 • S2 -20350
support
• S1 - 44150 • S2 - 43250
COPPER(FEB) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 411 • R1 - 401
Resistance
• R2 - 4110 • R1 - 4040
support
• S1 - 393 • S2 - 385
support
• S1 - 3930 • S2 - 3850
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 213 •R1 - 207
Resistance
• R2 - 109.5 • R1 - 106.8
support
•S1 - 195 •S2 - 187
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 - 103.5 •R1 - 101.3
Resistance
•R2 - 1107 •R1 - 1080
support
•S1 - 98.3 •S2 - 95.8
support
•S1 - 1038 •S2 - 1055
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.2
support
•S1 - 102.5 •S2 - 100.7
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