Daily Newsletter-Commodity 05/09/2011
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MARKET WRAP Gold surged nearly 3 percent on Friday U.S. payrolls flat in August Oil falls as U.S. job growth stalls U.S. Gulf of Mexico braces for a tropical storm Copper reels from poor U.S. jobs data Gold surged nearly 3 percent on Friday, hitting its highest level since last week's record, as investors sought refuge in safe haven assets following a bleak U.S. employment report. U.S. employment growth ground to a halt in August, as sagging confidence discouraged already skittish businesses from hiring. Jobs creation in July and June were trimmed by a total of 58,000 jobs, and the unemployment rate stood at 9.1 percent. Oil fell on Friday as stalled U.S. job growth in August rekindled worries of another will be recession, which would slow fuel demand. Pressure from the jobs data more than offset support from oil companies shutting down nearly half of the crude production in the U.S. Gulf of Mexico ahead of Tropical Storm Lee. Copper fell on Friday after poor U.S. jobs data for August fuelled concerns about the health of the world's top economy while the threat of kinks in a constrained supply pipeline provided a floor for prices.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Mon Sep 5
1:30pm
EUR
Final Services PMI
51.5
51.5
2:00pm
EUR
Sentix Investor Confidence
-17.5
-13.5
2:30pm
EUR
Retail Sales m/m
0.1%
0.7%
All Day
USD
Bank Holiday
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 28550 • R1 - 28080
Resistance
• R2 - 68400 • R1 - 66900
support
• S1 - 26820 • S2 - 26450
support
• S1 - 64850 • S2 - 62500
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 435 • R1 - 427
Resistance
• R2 - 4110 • R1 - 4035
support
• S1 - 415 • S2 - 406
support
• S1 - 3910 • S2 - 3830
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 193 •R1 - 186
Resistance
• R2 - 118.5 • R1 - 115.7
support
•S1 -175 •S2 -168
support
• S1 - 111.8 •S2 - 107.5
ZINC(SEP) Trend Strategy
• Consolidate • Buy on dips
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.5 •R1 - 102.7
Resistance
•R2 - 1045 •R1 - 1012
support
•S1 - 99.3 •S2 - 96.5
support
•S1 - 976 •S2 - 943
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 115.5 •R1 - 113.3
support
•S1 - 110.3 •S2 - 107.5
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