Daily Newsletter Newsletter-Commodity 03/12/2010
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MARKET WRAP Gold ticks higher, euro zone fears fade The euro rose on Thursday Shanghai copper seen higher as LME extends gains Crude trades near 25-month high
Oil was steady near 25-month highs on early morning trade of Friday after a slew of upbeat U.S. economic data that boded well for oil consumption by the world's top user, ahead of a jobs report expected to show employment expanded for a second straight month in November. Gold ticked higher on Friday after a volatile trade in the previous session, which saw speculators book profits as the price of the metal failed to breach a key resistance of $1,400 an ounce on waning Europe. Shanghai copper is expected to open stronger on Friday as London futures extended gains to a third day in the previous session to come within striking distance of a record hit last month.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 12:30am Dec 3 7:00pm
USD
FOMC Member Duke Speaks
USD
Non-Farm Employment Change
143K
151K
7:00pm
USD
Unemployment Rate
9.6%
9.6%
7:00pm
USD
Average Hourly Earnings m/m
0.2%
0.2%
8:30pm
USD
ISM Non-Manufacturing PMI
54.7
54.3
8:30pm
USD
Factory Orders m/m
-0.7%
2.1%
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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 -2090 • R1 -20755
Resistance
• R2 - 44750 • R1 - 43850
support
• S1 -20470 • 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 - 409 • R1 - 401
Resistance
• R2 - 4050 • R1 - 3990
support
• S1 - 391 • S2 - 383
support
• S1 - 3910 • S2 - 3830
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 - 108.1
support
•S1 - 189 •S2 - 181
support
• S1 - 105.3 •S2 - 102.5
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 - 109.5 •R1 - 107.2
support
•S1 - 104.5 •S2 - 101.7
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