Daily Newsletter Newsletter-Commodity 29/10/2010
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MARKET WRAP Gold rises as dollar weakens ahead of Fed meet Oil up after jobs data U.S. initial jobless claims fell last week Copper rises but gains capped Base metals tumbled after U.S. job data
Gold rose back above $1,345 an ounce on Thursday as rising uncertainty over the scope and impact of potential U.S. monetary easing to be announced by the Federal Reserve next week knocked the dollar sharply lower. Copper rose on Thursday helped by renewed dollar weakness, supply threats and strong U.S. jobless claims data, but gains were capped by uncertainty over the scope of possible monetary easing by the U.S. Federal Reserve.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri Oct 29
6:00pm
USD
Advance GDP q/q
2.1%
1.7%
6:00pm
USD
Advance GDP Price Index q/q
1.9%
1.9%
6:00pm
USD
Employment Cost Index q/q
0.6%
0.5%
7:15pm
USD
Chicago PMI
58.1
60.4
7:25pm
USD
68.2
67.9
7:25pm
USD
Revised UoM Consumer Sentiment Revised UoM Inflation Expectations
2.6%
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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 -19850 • R1 -19620
Resistance
• R2 - 37150 • R1 - 36100
support
• S1 -19420 • S2 -19180
support
• S1 - 35550 • S2 - 34780
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(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 181 •R1 - 173
Resistance
• R2 - 115.5 • R1 - 113.7
support
•S1 - 165 •S2 - 157
support
• S1 - 110.3 •S2 - 107.5
ZINC(NOV) Trend Strategy
• Consolidate • Buy on dips
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 115.5 •R1 - 112.3
Resistance
•R2 - 1075 •R1 - 1048
support
•S1 - 109.5 •S2 - 107.5
support
•S1 - 1015 •S2 - 978
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.7
support
•S1 - 103.7 •S2 - 100.3
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