Daily Newsletter Newsletter-Commodity 28/12/2010
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MARKET WRAP US copper inches up to record dollar edged down against a basket of currencies on Monday Gold regains lost ground as bargain hunting supports Oil eases after 26-month high Silver consolidate and waiting for big trigger
Oil fell on Monday, unraveling gains that took it to a 26-month high, after uncertainty about Chinese fuel demand following a surprise interest rate rise countered the impact of a blizzard in the U.S. Northeast. U.S. and China copper prices were little changed in anemic trade on Monday, touching a fresh record high after dipping briefly in response to China's Christmas Day increase in interest rate. Spot gold regained lost ground on Monday, as bargain hunting trickled in after prices dropped about one percent in early trade in response to China's interest rate increase on Saturday. China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue All Day Dec 28 7:30pm
GBP
Bank Holiday
USD
S&P/CS Composite-20 HPI y/y
8:30pm
USD
CB Consumer Confidence
8:30pm
USD
Richmond Manufacturing Index
Forecast Previous
-0.1%
0.6%
56.3
54.1
11
9
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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 -20570
Resistance
• R2 - 45750 • R1 - 44750
support
• S1 -20410 • S2 -20150
support
• S1 - 43750 • S2 - 42950
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 442 • R1 - 433
Resistance
• R2 - 4270 • R1 - 4190
support
• S1 - 423 • S2 - 414
support
• S1 - 4110 • S2 - 4030
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 201 •R1 - 193
Resistance
• R2 - 114.3 • R1 - 111.9
support
•S1 - 183 •S2 - 175
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 - 1118 •R1 - 1097
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1068 •S2 - 1045
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 113.8 •R1 - 110.9
support
•S1 - 108.9 •S2 - 106.7
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