Daily Newsletter Newsletter-Commodity 08/10/2010
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MARKET WRAP Gold turns lower after hitting record high Oil slips after hitting 5-month high above $84 Base metals tumbled on Thursday Copper tumbled on Thursday
Gold slid below $1,340 an ounce in its most volatile trading day in two months on Thursday, having earlier hit a record high on investor expectations for the Federal Reserve to support flagging U.S. growth. Oil slipped from a five-month high above $84 a barrel on Thursday on concerns that a rally driven by a weakening dollar had run ahead of the market's fundamentals of supply and demand. Copper tumbled on Thursday as the dollar recovered against the euro in a move that coincided with a World Bank warning currency tensions could lead to trouble.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 12:30am Oct 8 11:30am
USD
Consumer Credit m/m
-2.9B
-3.6B
EUR
German Trade Balance
12.3B
12.7B
12:15pm
EUR
French Gov Budget Balance
6:00pm
USD
Non-Farm Employment Change
6:00pm
USD
6:00pm
-93.1B 1K
-54K
Unemployment Rate
9.7%
9.6%
USD
Average Hourly Earnings m/m
0.2%
0.3%
7:30pm
USD
Wholesale Inventories m/m
0.6%
1.3%
Day 1
ALL
IMF Meetings
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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 - 375 • R1 - 367
Resistance
• R2 - 3740 • R1 - 3680
support
• S1 - 360 • S2 - 353
support
• S1 - 3610 • S2 - 3530
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT)) Trend Strategy
• Consolidate • Sell on higher
Resistance
•R2 - 181 •R1 - 174
Resistance
• R2 - 102.9 • R1 - 100.5
support
•S1 - 165 •S2 - 157
support
• S1 - 97.8 •S2 - 94.7
ZINC(OCT) Trend Strategy
• Consolidate • Sell on higher
NICKEL(OCT) NICKEL(OCT Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 104.2 •R1 - 101.7
Resistance
•R2 - 1120 •R1 - 1089
support
•S1 - 98.5 •S2 - 95.8
support
•S1 - 1055 •S2 - 1021
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.8 •R1 - 105.1
support
•S1 - 102.6 •S2 - 100.7
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