Daily Newsletter Newsletter-Commodity 23/12/2010
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MARKET WRAP Copper dips but remains in reach of record high U.S. third-quarter growth revised up to 2.6 pct Gold firms as dollar retreats after U.S. data Oil hits 2-year high on U.S. inventories
Copper stayed within reach of record highs on Wednesday as supply concerns persisted, but investor book-squaring undermined prices of base metals. Gold was firmer in Europe on Wednesday, building on three straight sessions of gains, as the dollar extended losses after data showed U.S. growth was slightly stronger than expected in the third quarter. Oil hit a two-year high on Wednesday, coming close to $91 per barrel and boosted by a drop in U.S. oil inventories and cold weather on both sides of the Atlantic.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu Dec 23
7:00pm
USD
Core Durable Goods Orders m/m
1.7%
-2.7%
7:00pm
USD
Unemployment Claims
421K
420K
7:00pm
USD
Core PCE Price Index m/m
0.1%
0.0%
7:00pm
USD
Durable Goods Orders m/m
-0.5%
-3.4%
7:00pm
USD
Personal Spending m/m
0.5%
0.4%
8:25pm
USD
74.7
74.2
8:30pm
USD
Revised UoM Consumer Sentiment New Home Sales
301K
283K
9:00pm
USD
Natural Gas Storage
-170B
-164B
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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 - 4210 • R1 - 4130
support
• S1 - 422 • S2 - 414
support
• S1 - 4060 • S2 - 3970
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 197 •R1 - 189
Resistance
• R2 - 115.3 • R1 - 111.9
support
•S1 - 180 •S2 - 172
support
• S1 - 109.3 •S2 - 106.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.1
Resistance
•R2 - 1135 •R1 - 1117
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1077 •S2 - 1045
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info@capitalheight.com Phone- (0731)4295950
ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 113.8 •R1 - 111.3
support
•S1 - 108.9 •S2 - 106.7
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