Daily Newsletter-Commodity 12/09/2011
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MARKET WRAP U.S. crude futures slumped more than 2 percent on Friday Dollar rises as euro slides, hammered by ECB turmoil Equities fall as ECB discord sparks economic worries Gold dragged down by dollar spike Copper fell more than 3 percent to its lowest in more than 2 weeks G7 finance ministers gathering in France Copper capped its worst weekly performance in more than a month with a more than 3 percent plunge on Friday, as worries about slowing growth prospects in the Western world triggered an unrelenting wave of risk reduction. Gold slid on Friday, closing its worst week since June, as profit-taking by investors and a spike in the U.S. dollar outweighed the desire for a safer haven. U.S. crude futures slumped more than 2 percent on Friday on economic worries and as a stronger dollar encouraged selling of assets such as oil.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Mon Sep 12
3:30am
EUR
ECB President Trichet Speaks
5:20am
JPY
BSI Manufacturing Index
5:20am
JPY
Monetary Policy Meeting Minutes
5:20am
JPY
Tertiary Industry Activity m/m
0.3%
1.9%
5:20am
JPY
CGPI y/y
2.7%
2.9%
1:30pm
EUR
Italian Industrial Production m/m
0.2%
-0.6%
-23.3
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 28550 • R1 - 28280
Resistance
• R2 - 68150 • R1 - 66470
support
• S1 - 27580 • S2 - 27150
support
• S1 - 64150 • S2 - 62800
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 429 • R1 - 421
Resistance
• R2 - 4220 • R1 - 4135
support
• S1 - 411 • S2 - 403
support
• S1 - 3990 • S2 - 3910
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 197 •R1 - 189
Resistance
• R2 - 119.5 • R1 - 116.7
support
•S1 -178 •S2 -169
support
• S1 - 112.8 •S2 - 108.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 106.5 •R1 - 104.7
Resistance
•R2 - 1055 •R1 - 1023
support
•S1 - 100.6 •S2 - 96.5
support
•S1 - 983 •S2 - 950
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 114.5 •R1 - 111.8
support
•S1 - 108.3 •S2 - 105.5
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