Daily Newsletter Newsletter-Commodity 23/11/2010
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MARKET WRAP Gold was little changed on Monday Euro sheds early gains versus dollar Oil slips below $82 as Ireland optimism fades Copper slips on dollar, China demand worries
Gold was little changed on Monday as optimism over Ireland's request for financial aid was overtaken by concern about possible contagion to other euro zone nation, weighing on the euro. The pick-up in the dollar against a weaker euro undermined demand from investors for perceived safe-haven assets such as gold, which tends to struggle if the U.S. currency strengthens. Oil slipped back below $82 on Monday, erasing earlier gains as a brief bout of general market optimism on a debt bailout for Ireland gave way to concern about possible problems in other highly indebted euro zone states.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue Nov 23
12:30pm
EUR
GfK German Consumer Climate
12:30pm
EUR
2:00pm
EUR
2:00pm
Forecast Previous 5.1
4.9
German Final GDP q/q
0.7%
0.7%
57.0
56.6
EUR
German Flash Manufacturing PMI German Flash Services PMI
55.9
56.0
7:00pm
USD
Prelim GDP q/q
2.3%
2.0%
7:00pm
USD
Prelim GDP Price Index q/q
2.3%
2.3%
8:30pm
USD
Existing Home Sales
4.51M
4.53M
8:30pm
USD
Richmond Manufacturing Index
6
5
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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 -20180
Resistance
• R2 - 43250 • R1 - 42350
support
• S1 -19980 • S2 -19750
support
• S1 - 41400 • S2 - 40650
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 389 • R1 - 381
Resistance
• R2 - 3830 • R1 - 3760
support
• S1 - 371 • S2 - 363
support
• S1 - 3670 • S2 - 3610
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 215 •R1 - 207
Resistance
• R2 - 105.5 • R1 - 102.8
support
•S1 - 196 •S2 - 187
support
• S1 - 100.2 •S2 - 96.7
ZINC(NOV) Trend Strategy
• Consolidate • Sell on high
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 102.5 •R1 - 99.3
Resistance
•R2 - 1027 •R1 - 993
support
•S1 - 96.3 •S2 - 93.8
support
•S1 - 965 •S2 - 933
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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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