Daily Newsletter Newsletter-Commodity 17/01/2011
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MARKET WRAP Gold falls 1 pct after China's tightening Silver fell 1 percent Copper moves up with equities Base metals trading near recent high U.S. crude oil prices up marginally
Gold dropped 1 percent on Friday to notch its biggest two-week loss in nearly a year, after China tightened bank reserves to rein in inflation and as safe-haven demand faded on a better economic outlook. Earlier this week, Federal Reserve Chairman Ben Bernanke said the U.S. economy should grow around 3 to 4 percent this year, a healthier clip than in 2010. Copper made modest gains in London on Friday, but U.S. copper surged to near record levels as an improved U.S. economic outlook. Stocks of copper in London Metal Exchange fell 1,125 tonnes to 376,225 tonnes. Zinc closed at $2,457 from $2,462 a tonne while battery material lead was at $2,678 from $2,635 a tonne.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Mon Jan 17
5:31am
GBP
Rightmove HPI m/m
10:30am
JPY
Household Confidence
5:45pm
USD
FOMC Member Plosser Speaks
All Day
USD
Bank Holiday
Forecast Previous -3.0% 41.7
40.4
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Consolidate • Sell on high
SILVER(MAR MAR) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 -20550 • R1 -20380
Resistance
• R2 - 44900 • R1 - 44350
support
• S1 -20150 • S2 -20030
support
• S1 - 43450 • S2 - 42750
COPPER(FEB) Trend Strategy
• Consolidate • Buy on dips
CRUDE(FEB)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 459 • R1 - 451
Resistance
• R2 - 4330 • R1 - 4270
support
• S1 - 439 • S2 - 431
support
• S1 - 4180 • S2 - 4110
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 215 •R1 - 207
Resistance
• R2 - 126.5 • R1 - 123.5
support
•S1 - 197 •S2 - 189
support
• S1 - 120.9 •S2 - 117.5
ZINC(JAN) Trend Strategy
• Consolidate • Buy on dips
NICKEL(JAN) NICKEL(JAN Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 114.5 •R1 - 112.4
Resistance
•R2 - 1235 •R1 - 1198
support
•S1 - 109.3 •S2 - 107.5
support
•S1 - 1167 •S2 - 1139
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ALUMINIUM(JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 116.5 •R1 - 113.3
support
•S1 - 111.3 •S2 - 109.7
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