Daily Newsletter Newsletter-Commodity 29/11/2010
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MARKET WRAP Gold slips as dollar firms, euro debt worries stay Euro remains under pressure as crisis worries U.S. closed negative on friday Copper is expected to open steady on Monday U.S. oil prices edged lower
Gold fell on friday as a firmer U.S. dollar dented the metal's appeal as an alternative investment, with a weaker euro also putting additional pressure. The dollar briefly hit a two-month high against the yen on early trade Monday, extending a rise from Friday as an early bounce in the euro following news of a rescue package for Ireland faded and gave the greenback a lift. Copper is expected to open steady on Monday after the European Union agreed on a $115-billion bailout package for Ireland. U.S. oil prices edged lower in light post-holiday trading on Friday, pressured as Europe's debt crisis pushed the euro to a two-month low against the dollar
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Mon Nov 29
5:20am
JPY
Retail Sales y/y
6:30am
JPY
BOJ Gov Shirakawa Speaks
3:00pm
GBP
3:00pm Tentative
Forecast Previous 0.8%
1.4%
Net Lending to Individuals m/m
0.8B
0.4B
GBP
Final Mortgage Approvals
47K
44K
GBP
Annual Pre-Budget Release
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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 -20650 • R1 -20420
Resistance
• R2 - 42350 • R1 - 41450
support
• S1 -20220 • S2 -20050
support
• S1 - 40350 • S2 - 39250
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 391 • R1 - 383
Resistance
• R2 - 3950 • R1 - 3880
support
• S1 - 373 • S2 - 364
support
• S1 - 3810 • S2 - 3730
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 215 •R1 - 207
Resistance
• R2 - 108.5 • R1 - 105.7
support
•S1 - 196 •S2 - 187
support
• S1 - 102.3 •S2 - 99.5
ZINC(NOV) Trend Strategy
• Consolidate • Sell on high
NICKEL(NOV) NICKEL(NOV Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 102.5 •R1 - 99.3
Resistance
•R2 - 1065 •R1 - 1041
support
•S1 - 97.8 •S2 - 95.2
support
•S1 - 1013 •S2 - 978
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ALUMINIUM(NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 106.7 •R1 - 103.8
support
•S1 - 101.7 •S2 - 99.5
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