Daily Newsletter Newsletter-Commodity 19/01/2011
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MARKET WRAP Copper rose on Tuesday as the dollar fell Gold draws strength from dollar decline The dollar extended losses against the euro Oil slips on reports of higher OPEC output Nickel hits multi week high
Copper rose on Tuesday as the dollar fell and European equities surged to a 28-month high on signs of improving economic growth and better prospects for industrial metals demand. Gold rose on Tuesday for a second day, drawing strength from the dollar's decline against the euro as well as from Asian consumption and a degree of uncertainty over Europe's debt crisis. Oil slipped on Tuesday after the International Energy Agency (IEA) said OPEC members had been quietly raising output while the oil producing group insisted the market was already amply supplied.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Jan 19
3:00pm
GBP
Claimant Count Change
-0.3K
-1.2K
3:00pm
GBP
Average Earnings Index 3m/y
2.2%
2.2%
3:00pm
GBP
Unemployment Rate
7.9%
7.9%
3:30pm
GBP
CB Leading Index m/m
7:00pm
USD
Building Permits
0.56M
0.54M
7:00pm
USD
Housing Starts
0.55M
0.56M
10:30pm
GBP
MPC Member Posen Speaks
0.4%
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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 -20650 • R1 -20440
Resistance
• R2 - 45500 • R1 - 44850
support
• S1 -20250 • S2 -20030
support
• S1 - 43850 • S2 - 43150
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 - 125.5 • R1 - 122.8
support
•S1 - 201 •S2 - 193
support
• S1 - 118.9 •S2 - 115.5
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 - 1205
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 - 115.5 •R1 - 112.3
support
•S1 - 110.3 •S2 - 108.7
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