Daily Newsletter Newsletter-Commodity 20/10/2010
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MARKET WRAP Gold was set for its largest one-day fall Dollar gains versus currency basket Oil drops as China lifts rates Copper tumbled from 27-month highs Base metals fall on China rate hike
U.S. crude oil future prices fell more than $2 on Tuesday as the dollar climbed after China's central bank raised interest rates for the first time since 2007 to rein in its booming economy. Copper tumbled from 27-month highs on Tuesday as top metals consumer China raised its interest rates for the first time since 2007 to keep a rein on its surging economy, and as the dollar rose. Gold was set for its largest one-day fall since early July on Tuesday, wiping out all the gains of the last week, as the dollar rose broadly after China surprised markets with its first interest rate hike since 2007.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Oct 20
1:30am
USD
Fed Chairman Bernanke Speaks
4:30am
USD
FOMC Member Duke Speaks
11:30am
EUR
German PPI m/m
0.2%
0.0%
8:00pm
USD
Crude Oil Inventories
1.5M
-0.4M
11:30pm
USD
Beige Book
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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 -20050 • R1 -19770
Resistance
• R2 - 36950 • R1 - 36150
support
• S1 -19510 • S2 -19250
support
• S1 - 35550 • S2 - 34780
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 383 • R1 - 376
Resistance
• R2 - 3720 • R1 - 3645
support
• S1 - 368 • S2 - 361
support
• S1 - 3570 • S2 - 3490
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 - 153 •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 - 109.2 •R1 - 106.5
Resistance
•R2 - 1089 •R1 - 1065
support
•S1 - 104.2 •S2 - 101.5
support
•S1 - 1038 •S2 - 1005
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.9 •R1 - 105.3
support
•S1 - 103.2 •S2 - 100.5
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