Daily Newsletter Newsletter-Commodity 26/07/2011
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MARKET WRAP The euro recovered against the dollar Gold at record on US debt fear Moody's cut Greece's credit rating further Copper ended down by less than half a percent on Monday Oil falls as U.S. debt deal remains elusive U.S. stocks dipped
Gold hit record highs on Monday on the political impasse over a U.S. debt deal, while other commodities fell broadly as investors reappraised risk in the event the United States faces a disastrous credit default. Copper ended down by less than half a percent on Monday, limited in its range by concerns over stalled U.S. debt deal talks and escalating supply troubles at the world's largest copper mine. Oil prices fell on Monday as the inability of the U.S. Congress to reach agreement on raising the government debt limit kept investors wary of risky assets and concerned about the global economy.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Jul 26
11:30am
EUR
GfK German Consumer Climate
5.6
5.7
6:30pm
USD
S&P/CS Composite-20 HPI y/y
-4.6%
-4.0%
7:30pm
USD
CB Consumer Confidence
57.1
58.5
7:30pm
USD
New Home Sales
321K
319K
7:30pm
USD
Richmond Manufacturing Index
5
3
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TECHNICAL VIEW GOLD(AUG) Trend Strategy
• Consolidate • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 23550 • R1 - 23340
Resistance
• R2 - 62200 • R1 - 60350
support
• S1 - 23050 • S2 - 22870
support
• S1 - 58370 • S2 - 57200
COPPER(AUG)) Trend Strategy
• Consolidate • Buy on dips
CRUDE(AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 452 • R1 - 441
Resistance
• R2 - 4560 • R1 - 4480
support
• S1 - 429 • S2 - 421
support
• S1 - 4370 • S2 - 4285
NATURALGAS(AUG AUG) Trend Strategy
• Consolidate • Buy on dips
LEAD(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 209 •R1 - 201
Resistance
• R2 - 124.5 • R1 - 121.2
support
•S1 - 191 •S2 - 183
support
• S1 - 117.8 •S2 - 115.5
ZINC(JULY) Trend Strategy
• Consolidate • Buy on dips
NICKEL(JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 112.5 •R1 - 109.6
Resistance
•R2 - 1105 •R1 - 1078
support
•S1 - 107.3 •S2 - 104.5
support
•S1 - 1053 •S2 - 1015
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ALUMINIUM(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 118.5 •R1 - 115.7
support
•S1 - 112.5 •S2 - 110.8
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