Daily Newsletter Newsletter-Commodity 22/12/2010
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MARKET WRAP Copper hits records on supply concerns The euro was firm, but pared early gains Gold steadies in thin trade Oil prices rose for a third straight session Nickel hits multi week high
Gold prices steadied in Europe on Tuesday in holiday-thinned trade, but fresh strength in the euro and buoyant interest in the metal as a haven amid fears of further borrowing strains in the euro zone lent firm support. Oil prices rose for a third straight session on Tuesday, supported by cold weather. Copper set successive record highs on Tuesday as a force majeure in top producer Chile fanned supply concerns and attracted fresh fund buys .
ECONOMIC CALENDAR Date
Data
Currency
Economic Data
Forecast Previous
Wed 12:30pm Dec 22 2:30pm
EUR
German Import Prices m/m
0.5%
-0.2%
EUR
Italian Retail Sales m/m
0.2%
-0.2%
7:00pm
USD
Final GDP q/q
2.8%
2.5%
7:00pm
USD
Final GDP Price Index q/q
2.3%
2.3%
7:30pm
EUR
Belgium NBB Business Climate
1.2
0.8
8:30pm
USD
Existing Home Sales
4.72M
4.43M
8:30pm
USD
HPI m/m
-0.1%
-0.7%
9:00pm
USD
Crude Oil Inventories
-1.1M
-9.9M
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR MAR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -20890 • R1 -20630
Resistance
• R2 - 45750 • R1 - 45050
support
• S1 -20380 • S2 -20180
support
• S1 - 43850 • S2 - 42950
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 439 • R1 - 431
Resistance
• R2 - 4170 • R1 - 4110
support
• S1 - 422 • S2 - 414
support
• S1 - 4030 • S2 - 3950
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 201 •R1 - 193
Resistance
• R2 - 115.3 • R1 - 111.9
support
•S1 - 181 •S2 - 172
support
• S1 - 109.8 •S2 - 106.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 107.5 •R1 - 105.1
Resistance
•R2 - 1167 •R1 - 1135
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1107 •S2 - 1074
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 110.8 •R1 - 108.5
support
•S1 - 106.2 •S2 - 103.7
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