Daily Newsletter Newsletter-Commodity 22/08/2011
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MARKET WRAP Gold rises to record amid fears on recession Oil recovers sharply after touching 79$ U.S. crude down 13 percent in August Copper sustained after gold rally Aluminium hitting its lowest level since late December Claims for unemployment benefits rose more than expected last week Gold rose to a record above $1,880 an ounce in New York, rallying for the seventh straight week, as concern that the global economy is slowing drove equities lower. The metal had its longest run of weekly gains since April 2007 as worse-than-expected U.S. economic data and Europe’s debt crisis boost speculation that growth will falter. Crude oil fell, capping a fourth weekly decline, on concern that slower global economic growth will reduce fuel demand. Brent oil traded at a record premium to the U.S. contract. Prices fell 3.7 percent this week and are down 10 percent this year. U.S. initial jobless claims climbed by 9,000 to 408,000 in the week ended Aug. 13. Copper futures for December delivery rose 2.25 cents, or 0.6 percent, to $4.0085 a pound on the Comex
ECONOMIC CALENDAR Date
Time
Currency
Mon Aug 22
7:30pm
USD
Economic Data Mortgage Delinquencies
Forecast Previous 8.32%
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 28500 • R1 - 28180
Resistance
• R2 - 68300 • R1 - 66800
support
• S1 - 27340 • S2 - 26930
support
• S1 - 64250 • S2 - 62800
COPPER(AUG)) Trend Strategy
• Consolidate • Sell on high
CRUDE(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 417 • R1 - 408
Resistance
• R2 - 3965 • R1 - 3870
support
• S1 - 397 • S2 - 385
support
• S1 - 3710 • S2 - 3620
NATURALGAS(AUG AUG) Trend Strategy
• Consolidate • Sell on high
LEAD(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 195 •R1 - 187
Resistance
• R2 - 111.5 • R1 - 107.8
support
•S1 -175 •S2 -167
support
• S1 - 103.8 •S2 - 100.5
ZINC(AUG) Trend Strategy Resistance support
• Consolidate • Sell on high •R2 - 103.5 •R1 - 100.7 •S1 - 96.8 •S2 - 93.5
NICKEL(AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 1033 •R1 - 997
support
•S1 - 938 •S2 - 905
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ALUMINIUM(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 107.6
support
•S1 - 105.8 •S2 - 102.5
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