Daily Newsletter Newsletter-Commodity 19/10/2010
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MARKET WRAP Gold recovered lost ground on Monday Dollar steadies versus currency basket Oil rose towards $83 a barrel on Monday Copper up as dollar pares gains Other base metals also recovered sharply
Gold recovered lost ground on Monday to turn higher as the dollar surrendered earlier gains, lifting interest in the precious metal as a haven from volatility in the foreign exchange market. Oil rose towards $82 a barrel on Monday, after earlier hitting its lowest in over a week, as strikes at French refineries made up for losses wrought by a rallying dollar and doubts over the U.S. economic outlook.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue Oct 19
1:30am
USD
Treasury Sec Geithner Speaks
1:30pm
EUR
Current Account
2:30pm
EUR
2:30pm
EUR
German ZEW Economic Sentiment ZEW Economic Sentiment
6:00pm
EUR
ECB President Trichet Speaks
6:00pm
USD
6:00pm
Forecast Previous
-1.9B
-3.8B
-7.0
-4.3
-2.0
4.4
Building Permits
0.58M
0.57M
USD
Housing Starts
0.59M
0.60M
6:30pm
USD
FOMC Member Yellen Speaks
7:30pm
EUR
Buba President Weber Speaks
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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 -20150 • R1 -19970
Resistance
• R2 - 37350 • R1 - 36600
support
• S1 -19670 • S2 -19350
support
• S1 - 35850 • S2 - 35180
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 387 • R1 - 379
Resistance
• R2 - 3780 • R1 - 3710
support
• S1 - 371 • S2 - 365
support
• S1 - 3630 • S2 - 3570
NATURALGAS(OCT) Trend Strategy
• Bearish • Sell on high
LEAD(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 167 •R1 - 159
Resistance
• R2 - 110.5 • R1 - 107.8
support
•S1 - 154 •S2 - 145
support
• S1 - 104.5 •S2 - 101.3
ZINC(OCT) Trend Strategy
• Consolidate • Buy on dips
NICKEL(OCT) NICKEL(OCT Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 109.8 •R1 - 107.5
Resistance
•R2 - 1120 •R1 - 1085
support
•S1 - 104.2 •S2 - 101.5
support
•S1 - 1053 •S2 - 1019
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.9 •R1 - 106.3
support
•S1 - 104.2 •S2 - 101.5
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