Daily Newsletter Newsletter-Commodity 11/10/2010
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MARKET WRAP Gold rises 1 pct on weak payrolls SPDR gold ETF sees biggest one-day outflow since July silver was up 5 percent on weekly basis copper recover sharply after U.S. data dollar fell 7.5 percent last month versus the euro,
Gold rebounded 1 percent on Friday a day after a sharp retreat, as a weak U.S. employment report spurred buying by investors who expect the Federal Reserve will start buying government debt again to stimulate the economy. It was the fourth consecutive weekly rise for both gold and silver. For the week, silver was up 5 percent, outperforming gold's 2 percent rise. Oil prices rose on Friday as investors bet that worse-than-expected unemployment in the United States bolstered the case for looser monetary policy that would weaken the dollar. The dollar fell 7.5 percent last month versus the euro, its biggest monthly decline since December of 2008.
ECONOMIC CALENDAR Date
Time
Mon 12:15pm Oct 11 1:30pm
Currency
Economic Data
Forecast Previous
EUR
French Industrial Production m/m
0.3%
0.9%
EUR
Italian Industrial Production m/m
0.0%
0.1%
All Day
USD
Bank Holiday
9:30pm
EUR
ECB President Trichet 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 - 35500 • R1 - 34850
support
• S1 -19370 • S2 -19150
support
• S1 - 34150 • S2 - 33480
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 385 • R1 - 373
Resistance
• R2 - 3790 • R1 - 3710
support
• S1 - 361 • S2 - 353
support
• S1 - 3610 • S2 - 3530
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 175 •R1 - 166
Resistance
• R2 - 103.9 • R1 - 101.5
support
•S1 - 158 •S2 - 147
support
• S1 - 99.2 •S2 - 96.7
ZINC(OCT) Trend Strategy
• Consolidate • Buy on dips
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 - 109.5 •R1 - 107.2
support
•S1 - 105.3 •S2 - 103.5
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