Daily Newsletter Newsletter-Commodity 08/09/2010
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MARKET WRAP Oil extends drop to $73 as dollar gains Copper slips on firm dollar Gold rises towards $1,260/oz euro fell 1 percent against the dollar U.S. stocks fall Base metals recovers from days low
Gold erased early losses to rise to its highest since late June on Tuesday as investors returning from the U.S. Labor Day holiday bought the metal as a haven amid concerns over the health of the European banking system. Oil fell below $74 a barrel on Tuesday as the dollar strengthened and Tropical Storm Hermine came ashore near the MexicoTexas border with no signs of disruption to crude or refining output.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Wed 11:30am Sep 8 12:15pm
EUR
German Trade Balance
EUR
French Gov Budget Balance
12:15pm
EUR
French Trade Balance
1:15pm
EUR
Buba President Weber Speaks
3:30pm
EUR
11:30pm
USD
German Industrial Production m/m Beige Book
Forecast Previous 12.8B
12.3B -61.7B
-4.1B
-3.8B
1.1%
-0.6%
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19480 • R1 -19250
Resistance
• R2 - 32380 • R1 - 31650
support
• S1 -19030 • S2 -18850
support
• S1 - 31050 • S2 - 30380
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(SEP)) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 371 • R1 - 363
Resistance
• R2 - 3580 • R1 - 3510
support
• S1 - 354 • S2 - 347
support
• S1 - 3410 • S2 - 3330
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on higher
LEAD(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 193 •R1 - 185
Resistance
• R2 - 105.5 • R1 - 102.8
support
•S1 - 178 •S2 - 167
support
• S1 - 100.3 •S2 - 97.8
ZINC(SEP) Trend Strategy
• Consolidate • Buy on dips
NICKEL(SEP) NICKEL(SEP Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.7 •R1 - 102.5
Resistance
•R2 - 1068 •R1 - 1045
support
•S1 - 99.3 •S2 - 96.4
support
•S1 - 1018 •S2 - 995
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 104.5 •R1 - 101.7
support
•S1 - 99.2 •S2 - 97.5
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