Daily Newsletter Newsletter-Commodity 04/11/2010
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MARKET WRAP Gold, silver tumble ahead of Fed announcement Oil extends gains after EIA data U.S. crude inventories rose by a more-than-expected Copper eases as dollar gains after U.S. data
Gold slid more than 2 percent on Wednesday and silver tumbled as spot prices were knocked by heavy liquidation of New York metals futures ahead of an announcement on monetary policy from the Federal Reserve. Oil prices extended gains on Wednesday to trade above $84 after U.S. data showed oil product inventories fell sharply last week, as the spotlight remained on a Federal Reserve statement awaited later. Copper slipped in London on Wednesday as the dollar firmed on upbeat U.S. data ahead of a Federal Reserve decision on further monetary policy easing to shore up the world's largest economy.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu 2:30pm Nov 4 6:00pm
EUR
Final Services PMI
53.2
53.2
USD
Unemployment Claims
437K
434K
6:00pm
USD
Prelim Nonfarm Productivity q/q
0.9%
-1.8%
6:00pm
USD
Prelim Unit Labor Costs q/q
0.8%
1.1%
6:15pm
EUR
Minimum Bid Rate
1.00%
1.00%
7:00pm
EUR
ECB Press Conference
8:00pm
USD
Natural Gas Storage
62B
71B
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -19780 • R1 -19550
Resistance
• R2 - 37350 • R1 - 36750
support
• S1 -19330 • S2 -19150
support
• S1 - 35550 • S2 - 34880
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 - 3860 • R1 - 3790
support
• S1 - 368 • S2 - 361
support
• S1 - 3690 • S2 - 3610
NATURALGAS(NOV)) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 183 •R1 - 176
Resistance
• R2 - 113.5 • R1 - 110.7
support
•S1 - 168 •S2 - 161
support
• S1 - 107.5 •S2 - 104.7
ZINC(NOV) Trend Strategy
• Consolidate • Sell on higher
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 111.5 •R1 - 108.7
Resistance
•R2 - 1079 •R1 - 1059
support
•S1 - 105.4 •S2 - 102.5
support
•S1 - 1032 •S2 - 985
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 110.7 •R1 - 108.5
support
•S1 - 105.7 •S2 - 103.3
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