Daily Newsletter Newsletter-Commodity 18/01/2011
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MARKET WRAP Gold steadies as dollar restricts gains Copper barely firmed on Monday Oil down as dollar rises Dollar stronger, euro weakens
Oil slipped on Monday while the dollar strengthened and equities faltered as OPEC said the market was well supplied and inventories should climb in the first half of the year. Gold held at around $1,360 an ounce on Monday, stabilizing after posting a second successive weekly fall last week, as a stronger dollar tempered some of the gains made from consumer demand for bullion. Copper barely firmed on Monday, supported by equity markets in Europe but constrained by a stronger dollar and concerns that top metals consumer China will step up its fight against inflation and crimp demand.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue Jan 18
All Day
EUR
ECOFIN Meetings
5:00am
EUR
5:00am
EUR
German ZEW Economic Sentiment ZEW Economic Sentiment
8:30am
USD
9:00am
Forecast Previous
6.5
4.3
17.3
15.5
12.6
10.6
USD
Empire State Manufacturing Index TIC Long-Term Purchases
43.4B
27.6B
10:00am
USD
NAHB Housing Market Index
17
16
Tentative
USD
Treasury Currency Report
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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 - 44150
support
• S1 -20150 • S2 -20030
support
• S1 - 43250 • S2 - 42450
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 - 217 •R1 - 209
Resistance
• R2 - 126.5 • R1 - 123.5
support
•S1 - 201 •S2 - 193
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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