Daily Newsletter Newsletter-Commodity 19/11/2010
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MARKET WRAP Gold rises over 1 pct as Ireland relief boosts euro Euro climbs versus dollar Oil rebounds on Irish hopes Copper ends up on easing Irish debt fears Base metals recovers from early lows
Gold rose more than 1 percent on Thursday, breaking its longest stretch of consecutive declines in almost six months, as anticipation of an emergency loan for Ireland boosted the euro and lured investors back into commodities. Oil prices closed nearly 2 percent higher on Thursday after four days of losses as worries over Ireland's debt crisis eased, pushing the dollar lower and whetting appetites for risk in stocks and other commodities. Copper jumped nearly 3 percent by the close on Thursday, retracing part of an earlyweek collapse, as concerns over Ireland's debt crisis eased. Copper prices were hit hard this week by fears China may take aggressive action to curb inflation, which is running at 25-month highs.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Fri 12:30pm Nov 19 3:45pm
EUR
German PPI m/m
USD
7:45pm
EUR
Fed Chairman Bernanke Speaks ECB President Trichet Speaks
Forecast Previous 0.4%
0.3%
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -20350 • R1 -20080
Resistance
• R2 - 41750 • R1 - 40850
support
• S1 -19850 • S2 -19620
support
• S1 - 39900 • S2 - 39150
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 395 • R1 - 387
Resistance
• R2 - 3870 • R1 - 3790
support
• S1 - 377 • S2 - 369
support
• S1 - 3710 • S2 - 3630
NATURALGAS(NOV)) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 194 •R1 - 186
Resistance
• R2 - 108.5 • R1 - 105.8
support
•S1 - 176 •S2 - 167
support
• S1 - 102.2 •S2 - 99.2
ZINC(NOV) Trend Strategy
• Consolidate • Sell on high
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 104.5 •R1 - 101.3
Resistance
•R2 - 1033 •R1 - 1005
support
•S1 - 98.3 •S2 - 94.8
support
•S1 - 978 •S2 - 950
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 106.7 •R1 - 104.8
support
•S1 - 102.5 •S2 - 100.5
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