Daily Newsletter Newsletter-Commodity 07/10/2010
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MARKET WRAP Gold hits new record as dollar slips Euro jumps against dollar Oil hits fresh 5-month high after US stocks Lead hit its highest since late April Copper powered to 26-month highs on Wednesday
Gold hit a fresh record high on Wednesday, the eighth in nine sessions, and base metals surged, riding a wave of optimism that central banks will open the taps and flood markets with cheap money to keep growth from stalling. copper powered to 26-month highs on Wednesday for a second successive session and other industrial metals rose to multi-month highs, lifted by a weak dollar . Crude oil reached a fresh five-month high after the release of U.S. government figures that showed a large fall in product inventories.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu 12:15pm Oct 7 3:30pm
EUR
French Trade Balance
-4.0B
-4.2B
EUR
German Industrial Production m/m
0.4%
0.1%
5:15pm
EUR
Minimum Bid Rate
1.00%
1.00%
6:00pm
EUR
ECB Press Conference
6:00pm
USD
Unemployment Claims
454K
453K
8:00pm
USD
Natural Gas Storage
78B
74B
11:00pm
USD
FOMC Member Hoenig Speaks
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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 -19870 • R1 -19620
Resistance
• R2 - 35300 • R1 - 34550
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 - 371
Resistance
• R2 - 3830 • R1 - 3740
support
• S1 - 363 • S2 - 355
support
• S1 - 3650 • S2 - 3570
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 - 104.2
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 - 105.8 •R1 - 103.5
Resistance
•R2 - 1145 •R1 - 1120
support
•S1 - 100.3 •S2 - 97.8
support
•S1 - 1085 •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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