Daily Newsletter Newsletter-Commodity 26/08/2011
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MARKET WRAP Gold tumbled nearly 3 percent on Thursday Gold slips towards $1,700/oz after CME margin hike Copper climbed on Thursday up almost 2% Brent crude oil rose to $111 a barrel on Thursday Gold tumbled nearly 3 percent on Thursday to more than $200 below Tuesday's record highs, as investors cashed in scorching gains in the precious metal after the CME Group hiked gold trading margins for a second time this month. Copper climbed on Thursday underpinned by expectations of returning demand from top consumer China, but caution over measures that may be unveiled by the U.S. monetary authorities in Wyoming this week kept gains in check. Brent crude oil rose to $111 a barrel on Thursday, supported by a drop in U.S. inventories and investor hopes that the Federal Reserve may announce stimulus measures for the U.S. economy on Friday.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 11:30am Aug 26 1:30pm
EUR
German Import Prices m/m
0.2%
-0.6%
EUR
M3 Money Supply y/y
2.2%
2.1%
6:00pm
USD
Prelim GDP q/q
1.1%
1.3%
6:00pm
USD
Prelim GDP Price Index q/q
2.3%
2.3%
7:25pm
USD
Revised UoM Consumer Sentiment
56.2
54.9
7:25pm
USD
Revised UoM Inflation Expectations
7:30pm
USD
Fed Chairman Bernanke Speaks
Day 2
ALL
Jackson Hole Symposium
3.4%
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 26750 • R1 - 26280
Resistance
• R2 - 63300 • R1 - 61900
support
• S1 - 25650 • S2 - 25180
support
• S1 - 59850 • S2 - 58500
COPPER(AUG)) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 425 • R1 - 417
Resistance
• R2 - 4115 • R1 - 4035
support
• S1 - 407 • S2 - 398
support
• S1 - 3890 • S2 - 3770
NATURALGAS(AUG AUG) Trend Strategy
• Consolidate • Sell on high
LEAD(AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 193 •R1 - 185
Resistance
• R2 - 114.5 • R1 - 111.8
support
•S1 -175 •S2 -167
support
• S1 - 108.8 •S2 - 105.5
ZINC(AUG) Trend Strategy Resistance support
• Consolidate • Buy on dips •R2 - 105.5 •R1 - 102.4 •S1 - 98.8 •S2 - 96.5
NICKEL(AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 1013 •R1 - 977
support
•S1 - 928 •S2 - 887
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ALUMINIUM(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 108.3
support
•S1 - 105.8 •S2 - 102.5
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