Daily Newsletter-Commodity 27/09/2011
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MARKET WRAP Gold set for largest three-day fall in 28 years Copper rebounded from a 14-month low on Monday Zinc, Nickel slides almost 2% Oil up but volatile as equities rise Silver recovers sharply from low Gold fell on Monday, buckling under the weight of the strength of the dollar as investors scrambled for cash in the face of mounting fear over the impact of a potential Greek debt default on the euro zone economy. Copper rebounded from a 14-month low on Monday but fears of a Greek debt default and the threat of a global recession continued to put pressure on the demand outlook for industrial metals. In the last three days alone, gold has fallen by over 10 percent in its largest three-day slide in 28-1/2 years.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue 11:30am Sep 27 1:30pm
EUR
GfK German Consumer Climate
EUR
1:30pm
Forecast Previous 5.1
5.2
M3 Money Supply y/y
2.0%
2.0%
EUR
Private Loans y/y
2.5%
2.4%
6:30pm
USD
S&P/CS Composite-20 HPI y/y
-4.4%
-4.5%
7:30pm
USD
CB Consumer Confidence
46.2
44.5
7:30pm
USD
Richmond Manufacturing Index
-8
-10
10:50pm
USD
FOMC Member Fisher Speaks
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Sell on high
SILVER(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 27150 • R1 - 26420
Resistance
• R2 - 57850 • R1 - 54570
support
• S1 - 25140 • S2 - 24350
support
• S1 - 49250 • S2 - 47400
COPPER(NOV) Trend Strategy
• Consolidate • Sell on high
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 387 • R1 - 375
Resistance
• R2 - 4120 • R1 - 4050
support
• S1 - 353 • S2 - 343
support
• S1 - 3920 • S2 - 3835
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 205 •R1 - 197
Resistance
• R2 - 102.5 • R1 - 98.8
support
•S1 -183 •S2 -175
support
• S1 - 92.8 •S2 - 88.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 97.5 •R1 - 94.3
Resistance
•R2 - 9677 •R1 - 925
support
•S1 - 90.5 •S2 - 87.3
support
•S1 - 855 •S2 - 793
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 111.5 •R1 - 109.8
support
•S1 - 105.8 •S2 - 102.5
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