Daily Newsletter Newsletter-Commodity 11/11/2010
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MARKET WRAP Gold's latest bubble pops as dollar rises vs euro Silver tumbles in New York Oil up on surprise U.S. crude stock draw Dollar index rises for fourth consecutive day Copper weaker on firm dollar
Gold prices surrendered gains to turn lower on Wednesday and silver retreated from its earlier 5 percent climb, as the euro wilted versus the dollar amid fresh concerns over euro zone sovereign debt levels. Oil rose above $87 per barrel on Wednesday after U.S weekly oil data showed a surprise fall in crude inventories and larger than expected drops in oil product stocks. Crude stocks fell 3.27 million barrels in the week to Nov. 5. Copper fell 1 percent in London on Wednesday as the market retreated from near record highs under the weight of a firm dollar, weak Chinese import data and concerns recent commodity price gains were too steep.
ECONOMIC CALENDAR Date
Time
Thu 12:30am Nov 11 Day 1
Currency
Economic Data
USD
Federal Budget Balance
ALL
G20 Meetings
All Day
EUR
French Bank Holiday
2:30pm
EUR
ECB Monthly Bulletin
All Day
USD
Bank Holiday
Forecast Previous -151.5B
-34.5B
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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 -20530 • R1 -20270
Resistance
• R2 - 41750 • R1 - 40850
support
• S1 -20030 • S2 -19850
support
• S1 - 39550 • S2 - 38750
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(NOV) CRUDE(NOV Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 405 • R1 - 397
Resistance
• R2 - 4020 • R1 - 3930
support
• S1 - 387 • S2 - 381
support
• S1 - 3850 • S2 - 3770
NATURALGAS(NOV)) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 198 •R1 - 190
Resistance
• R2 - 118.3 • R1 - 115.6
support
•S1 - 177 •S2 - 169
support
• S1 - 111.8 •S2 - 109.5
ZINC(NOV) Trend Strategy
• Consolidate • Sell on high
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 116.3 •R1 - 113.5
Resistance
•R2 - 1125 •R1 - 1095
support
•S1 - 110.2 •S2 - 107.4
support
•S1 - 1065 •S2 - 1033
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 110.7 •R1 - 108.8
support
•S1 - 106.7 •S2 - 104.3
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