Daily Newsletter Newsletter-Commodity 06/10/2010
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MARKET WRAP Gold rallied to record highs above $1,335 Euro jumps against dollar Oil rises after Japan cuts rates Nickel, zinc, lead rally to new multi-month highs Copper hits new 26-month top
Gold rallied to record highs above $1,335 an ounce in Europe on Tuesday as the dollar slipped sharply against the euro, with recent volatility in the currency markets boosting demand for the metal as a safe store of value. Oil prices rose on Tuesday, building on a week of gains after Japan unexpectedly lowered interest rates, raising expectations of further boosts for other major economies. Copper hit new 26-month peaks on Tuesday, as the euro jumped versus the dollar and after Japan unexpectedly lowered interest rates.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Oct 6
2:30pm
EUR
Final GDP q/q
1.0%
1.0%
3:30pm
EUR
German Factory Orders m/m
0.9%
-2.2%
5:00pm
USD
Challenger Job Cuts y/y
5:45pm
USD
23K
-10K
6:30pm
USD
ADP Non-Farm Employment Change Treasury Sec Geithner Speaks
8:00pm
USD
Crude Oil Inventories
0.5M
-0.5M
-54.5%
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Bullish • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19750 • R1 -19570
Resistance
• R2 - 35100 • R1 - 34250
support
• S1 -19370 • S2 -19150
support
• S1 - 33550 • S2 - 32880
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 377 • R1 - 369
Resistance
• R2 - 3790 • R1 - 3710
support
• S1 - 361 • S2 - 353
support
• S1 - 3620 • S2 - 3530
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 181 •R1 - 174
Resistance
• R2 - 106.3 • R1 - 103.5
support
•S1 - 165 •S2 - 157
support
• S1 - 100.5 •S2 - 97.8
ZINC(OCT) Trend Strategy
• Consolidate • Buy on dips
NICKEL(OCT) NICKEL(OCT Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 104.8 •R1 - 102.5
Resistance
•R2 - 1135 •R1 - 1113
support
•S1 - 100.3 •S2 - 97.8
support
•S1 - 1075 •S2 - 1048
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.8 •R1 - 105.7
support
•S1 - 103.5 •S2 - 100.7
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