Daily Newsletter Newsletter-Commodity 08/12/2010
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MARKET WRAP Crude Oil hits two-year high above $90 a barrel Gold retreated from record highs on Tuesday Silver touches highest since 1980 above $30.65/oz Copper hits record on supply worries
Oil pared gains on Tuesday after earlier touching a more than two-year high above $90 a barrel as the dollar fell and the freeze in Europe and the United States stoked fuel demand. Gold retreated from record highs on Tuesday as traders cashed in some gains, but the prospect of more U.S. monetary easing and investor nervousness over the European debt crisis still firmly underpinned the market. Copper rallied to a record high on Tuesday above $9,000 a tonne on rising demand expectations for 2011 against a backdrop of tight supply.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Dec 8
1:30am
USD
Consumer Credit m/m
All Day
EUR
Italian Bank Holiday
12:30pm
EUR
German Trade Balance
1:15pm
EUR
French Gov Budget Balance
1:15pm
EUR
French Trade Balance
-4.2B
-4.7B
4:30pm
EUR
1.1%
-0.8%
9:00pm
USD
German Industrial Production m/m Crude Oil Inventories
-1.3M
1.1M
9:30pm
EUR
Buba President Weber Speaks
-0.9B
2.1B
15.1B
15.6B -124.2B
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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 -20830
Resistance
• R2 - 46750 • R1 - 45750
support
• S1 -20630 • 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 - 417 • R1 - 409
Resistance
• R2 - 4110 • R1 - 4040
support
• S1 - 399 • S2 - 391
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 - 110.5 • R1 - 108.3
support
•S1 - 195 •S2 - 187
support
• S1 - 105.5 •S2 - 101.8
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.3 •R1 - 104.5
Resistance
•R2 - 1123 •R1 - 1091
support
•S1 - 101.3 •S2 - 98.8
support
•S1 - 1057 •S2 - 1018
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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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