Daily Newsletter Newsletter-Commodity 08/08/2011
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MARKET WRAP Gold resumes rise on economic fears Nickel, zinc, lead, tin finish down around 5 percent US July payrolls beat forecasts Base metals hit multi-week lows on Friday Oil ended up on Friday after an initial plunge Gold resumed its rally on Friday as an unexpectedly upbeat U.S. payrolls report and glimmers of hope for an end to the euro zone debt crisis failed to entice investors back toward riskier assets. Base metals hit multi-week lows on Friday, drawing minimal support from a turnaround in pummeled stock markets as traders focused on slowing economic growth and added copper supply as a mine strike ends in Chile. Oil ended up on Friday after an initial plunge and other commodities trimmed early losses as buyers emerged in markets cheapened by a two-day rout after positive euro zone news eased global economic worries.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Mon Aug 8
5:20am
JPY
Bank Lending y/y
5:20am
JPY
Current Account
10:30am
JPY
2:00pm
EUR
Forecast Previous -0.6% 0.96T
0.39T
Economy Watchers Sentiment
50.3
49.6
Sentix Investor Confidence
3.6
5.3
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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 - 25150 • R1 - 24780
Resistance
• R2 - 61500 • R1 - 59300
support
• S1 - 24380 • S2 - 24030
support
• S1 - 57450 • S2 - 56200
COPPER(AUG)) Trend Strategy
• Consolidate • Sell on high
CRUDE(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 417 • R1 - 405
Resistance
• R2 - 4015 • R1 - 3930
support
• S1 - 393 • S2 - 382
support
• S1 - 3780 • S2 - 3710
NATURALGAS(AUG AUG) Trend Strategy
• Consolidate • Sell on high
LEAD(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 193 •R1 - 184
Resistance
• R2 - 110.5 • R1 - 106.8
support
•S1 -172 •S2 -164
support
• S1 - 102.3 •S2 - 98.5
ZINC(AUG) Trend Strategy Resistance support
• Consolidate • Sell on high •R2 - 102.5 •R1 - 98.7 •S1 - 93.8 •S2 - 90.5
NICKEL(AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 1053 •R1 - 1015
support
•S1 - 967 •S2 - 915
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ALUMINIUM(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 107.8
support
•S1 - 103.8 •S2 - 100.5
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