Daily Newsletter Newsletter-Commodity 22/10/2010
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MARKET WRAP Gold on course for first weekly fall in 12 weeks G20 meeting starting Friday Oil falls on Chinese growth data Dollar up V/S euro Copper falls on recovering dollar
Gold was set for its first weekly decline in 12 weeks on Thursday after U.S. jobs data lifted the dollar and further eroded investor demand for bullion. The dollar pared losses against a basket of currencies after weekly U.S. jobless claims fell by more than expected. Copper fell on Thursday, reversing earlier gains, as a recovering dollar weighed and investors fretted about the size and shape of expected monetary easing in the United States, the world's largest economy. Oil slipped towards $82 per barrel on Thursday, consolidating after a slight slowing in Chinese economic growth and following another build in U.S. crude oil stocks.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 7:15am Oct 22 Day 1
USD
FOMC Member Hoenig Speaks
ALL
G20 Meetings
1:30pm
EUR
German Ifo Business Climate
106.5
106.8
1:30pm
EUR
Italian Retail Sales m/m
0.0%
0.0%
6:30pm
EUR
Belgium NBB Business Climate
-3.5
-3.4
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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 -19950 • R1 -19620
Resistance
• R2 - 36750 • R1 - 35950
support
• S1 -19350 • S2 -19180
support
• S1 - 35350 • S2 - 34780
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(NOV) CRUDE(NOV Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 385 • R1 - 377
Resistance
• R2 - 3770 • R1 - 3790
support
• S1 - 368 • S2 - 361
support
• S1 - 3590 • S2 - 3525
NATURALGAS(OCT) Trend Strategy
• Bearish • Sell on high
LEAD(OCT)) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 163 •R1 - 155
Resistance
• R2 - 113.5 • R1 - 110.5
support
•S1 - 149 •S2 - 142
support
• S1 - 107.5 •S2 - 105.3
ZINC(OCT) Trend Strategy
• Bullish • Buy on dips
NICKEL(OCT) NICKEL(OCT Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 112.5 •R1 - 109.7
Resistance
•R2 - 1093 •R1 - 1068
support
•S1 - 107.2 •S2 - 104.5
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 - 103.1 •S2 - 100.5
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