Daily Newsletter Newsletter-Commodity 02/11/2010
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MARKET WRAP Gold retreats as dollar recovers Silver breaks through $25/oz for first time since 1980 Oil jumped almost 3 percent towards $84 Copper rallies on strong U.S., China data Dollar index falls ahead of FOMC meeting
Gold eased in Europe on Monday as the dollar firmed, but remained supported after three consecutive months of gains by expectations the Federal Reserve will unveil further U.S. quantitative easing at a meeting on Nov. 2-3. The dollar gained against the euro and yen and rose 0.1 percent against a basket of currencies . Oil jumped almost 3 percent towards $84 a barrel on Monday after Saudi Arabia's oil minister said consumers were looking for prices between $70 and $90, a higher range than previously targeted. Copper rose by more than 2 percent on Monday after U.S. and Chinese manufacturing data boosted demand prospects and was also supported by a backdrop of dollar weakness and increasing market tightness.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Nov 2
2:30pm
EUR
Final Manufacturing PMI
54.1
54.1
2nd-8th
GBP
Halifax HPI m/m
0.4%
-3.6%
3:00pm
GBP
Construction PMI
53.1
53.8
All Day
USD
Congressional Elections
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -20050 • R1 -19820
Resistance
• R2 - 37850 • R1 - 37200
support
• S1 -19630 • S2 -19450
support
• S1 - 36550 • S2 - 35880
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(NOV) CRUDE(NOV Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 384 • R1 - 377
Resistance
• R2 - 3850 • R1 - 3770
support
• S1 - 368 • S2 - 361
support
• S1 - 3670 • S2 - 3590
NATURALGAS(NOV)) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 189 •R1 - 181
Resistance
• R2 - 113.5 • R1 - 111.7
support
•S1 - 171 •S2 - 163
support
• S1 - 108.5 •S2 - 105.7
ZINC(NOV) Trend Strategy
• Consolidate • Buy on dips
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 113.5 •R1 - 110.2
Resistance
•R2 - 1075 •R1 - 1051
support
•S1 - 107.2 •S2 - 104.5
support
•S1 - 1015 •S2 - 978
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 108.5 •R1 - 106.8
support
•S1 - 103.7 •S2 - 100.3
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