Daily Newsletter Newsletter-Commodity 15/09/2010
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MARKET WRAP Gold hit record highs above $1,274 Strong U.S. retail sales support oil prices Oil steady at $77 Euro up V/s Dollar Base metals cut losses on Tuesday
Gold hit record highs above $1,270 an ounce on Tuesday in its biggest one-day rally in four months, as the U.S. dollar declined broadly after upbeat data failed to convince investors to shift into risk-linked assets. Oil remained on Tuesday below Monday's onemonth high, with traders reluctant to take strong positions ahead of eagerly awaited inventory numbers. Base metals cut losses on Tuesday as a better-than-expected retail sales report in the United States boosted demand expectations and eased concerns about a double-dip downturn.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed 2:30pm Sep 15 2:30pm
EUR
CPI y/y
1.6%
1.6%
EUR
Core CPI y/y
0.9%
1.0%
6:00pm
USD
Empire State Manufacturing Index
8.7
7.1
6:00pm
USD
Import Prices m/m
0.2%
0.2%
6:45pm
USD
Capacity Utilization Rate
75.1%
74.8%
6:45pm
USD
Industrial Production m/m
0.3%
1.0%
8:00pm
USD
Crude Oil Inventories
-2.6M
-1.9M
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19480 • R1 -19250
Resistance
• R2 - 32950 • R1 - 32280
support
• S1 -19040 • S2 -18850
support
• S1 - 31650 • S2 - 30880
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 363 • R1 - 357
Resistance
• R2 - 3680 • R1 - 3610
support
• S1 - 352 • S2 - 344
support
• S1 - 3530 • S2 - 3450
NATURALGAS(SEP) Trend Strategy
• Consolidate • Buy on dips
LEAD(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 195 •R1 - 188
Resistance
• R2 - 105.8 • R1 - 103.5
support
•S1 - 178 •S2 - 167
support
• S1 - 100.3 •S2 - 98.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) NICKEL(SEP Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 102.7 •R1 - 100.5
Resistance
•R2 - 1110 •R1 - 1083
support
•S1 - 98.2 •S2 - 95.5
support
•S1 - 1052 •S2 - 1018
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on dips
Resistance
•R2 - 101.5 •R1 - 99.5
support
•S1 - 97.2 •S2 - 94.5
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