Daily Newsletter Newsletter-Commodity 29/09/2010
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MARKET WRAP Gold hits record as U.S. confidence shrinks Silver climbs to 30-year peak Oil near $77, paring earlier loss Dollar hits fresh five-month low versus euro Copper rises as dollar retreats after consumer data
Gold hit a new record high on Tuesday as a weaker than forecast U.S. consumer confidence reading boosted the metal's safe haven appeal and sent the dollar to fresh five-month lows versus the euro. Silver edged back near a 30-year high. Oil pared an earlier decline to trade near $76 a barrel on Tuesday after a U.S. housing index weakened the dollar and supported equities. Copper rose on Tuesday as the dollar fell after data from the world's largest economy, the United States, showed consumer confidence in September fell to its lowest level since February. Copper prices are up more than 30 percent since early June on expectations of stronger economic and demand growth.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Wed Sep 29
2:00am
USD
FOMC Member Warsh Speaks
8:00pm
USD
Crude Oil Inventories
10:45pm
USD
FOMC Member Rosengren Speaks
Forecast Previous
-0.4M
1.0M
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -19480 • R1 -19250
Resistance
• R2 - 33850 • R1 - 33180
support
• S1 -19040 • S2 -18850
support
• S1 - 32550 • S2 - 31580
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(OCT)) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 372 • R1 - 364
Resistance
• R2 - 3580 • R1 - 3510
support
• S1 - 357 • S2 - 348
support
• S1 - 3410 • S2 - 3330
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 193 •R1 - 184
Resistance
• R2 - 106.3 • R1 - 102.5
support
•S1 - 176 •S2 - 167
support
• S1 - 99.5 •S2 - 96.8
ZINC(SEP) Trend Strategy
• Consolidate • Sell on higher
NICKEL(SEP) NICKEL(SEP Trend Strategy
• Consolidate • Sell on dips
Resistance
•R2 - 102.5 •R1 - 99.8
Resistance
•R2 - 1083 •R1 - 1053
support
•S1 - 96.8 •S2 - 94.7
support
•S1 - 1025 •S2 - 995
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 105.5 •R1 - 103.2
support
•S1 - 101.5 •S2 - 98.6
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