Daily Newsletter Newsletter-Commodity 28/10/2010
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MARKET WRAP Gold falls as dollar rises ahead of Fed meeting Oil falls on stronger dollar Dollar firms as markets await Fed talks Copper fell below recent two-year highs U.S. crude stocks rose by a more-than-expected 5 million barrels
Gold fell 1.5 percent on Wednesday as the dollar rose versus the euro after a report said the Federal Reserve would likely adopt a gradual approach to further U.S. monetary easing at a meeting next week. Oil fell towards $81 a barrel on Wednesday, as mounting doubts about the size and timing of U.S. economic stimulus pushed up the dollar. Copper fell below recent two-year highs on Wednesday responding to a firmer dollar amid speculation that fresh monetary easing in the United States would not be as pronounced as previously thought.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Thu Oct 28
1:30am
USD
FOMC Member Dudley Speaks
12:30pm
EUR
Buba President Weber Speaks
1:25pm
EUR
German Unemployment Change
2:00pm
EUR
ECB President Trichet Speaks
6:00pm
USD
8:00pm
USD
Forecast Previous
-28K
-40K
Unemployment Claims
453K
452K
Natural Gas Storage
72B
93B
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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 -19580
Resistance
• R2 - 37150 • R1 - 36100
support
• S1 -19350 • S2 -19080
support
• S1 - 35350 • S2 - 34580
COPPER(NOV) Trend Strategy
• Bullish • Buy on dips
CRUDE(NOV) CRUDE(NOV Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 389 • R1 - 382
Resistance
• R2 - 3770 • R1 - 3695
support
• S1 - 372 • S2 - 364
support
• S1 - 3630 • S2 - 3525
NATURALGAS(NOV)) Trend Strategy
• Bearish • Sell on high
LEAD(OCT)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 185 •R1 - 177
Resistance
• R2 - 115.5 • R1 - 113.7
support
•S1 - 167 •S2 - 159
support
• S1 - 111.3 •S2 - 109.5
ZINC(OCT) Trend Strategy
• Consolidate • Buy on dips
NICKEL(OCT) NICKEL(OCT Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 116.5 •R1 - 113.1
Resistance
•R2 - 1065 •R1 - 1033
support
•S1 - 110.3 •S2 - 107.5
support
•S1 - 1005 •S2 - 978
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.5 •R1 - 103.7
support
•S1 - 101.7 •S2 - 99.3
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