Daily Newsletter-Commodity 23/09/2011
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MARKET WRAP Gold fell by more than 3 percent on Thursday Dollar index rose to seven-month highs Silver slides almost 5% on Thursday Aluminium fell nearly 4 percent U.S. crude oil falls nearly 5 percent LME copper slides to one-year low Nickel slides almost 6% Gold fell by more than 3 percent on Thursday, set for its largest monthly decline since January, after the Federal Reserve's move to boost U.S. growth lifted the dollar, which battered the commodities complex. Copper crashed below the psychological $8,000 a tonne level on Thursday to hit one-year lows as economic fears escalated after news of manufacturing contraction in top consumer China and Europe combined with a grim outlook for the U.S. economy. U.S. crude oil futures tumbled nearly 5 percent to a low of $81.86 a barrel after the dollar surged to a seven-month high against major currencies
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri Sep 23
1:30pm
EUR
Italian Retail Sales m/m
0.3%
-0.2%
6:30pm
EUR
Belgium NBB Business Climate
-8.9
-7.8
Day 2
ALL
G20 Meetings
All Day
ALL
IMF Meetings
11:00pm
USD
FOMC Member Dudley Speaks
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 28450 • R1 - 28220
Resistance
• R2 - 64850 • R1 - 63570
support
• S1 - 27740 • S2 - 27350
support
• S1 - 61250 • S2 - 59200
COPPER(NOV) Trend Strategy
• Consolidate • Sell on high
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 403 • R1 - 395
Resistance
• R2 - 4250 • R1 - 4130
support
• S1 - 381 • S2 - 372
support
• S1 - 3970 • S2 - 3885
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 197 •R1 - 189
Resistance
• R2 - 110.5 • R1 - 107.8
support
•S1 -178 •S2 -169
support
• S1 - 105.3 •S2 - 102.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 104.5 •R1 - 101.3
Resistance
•R2 - 1017 •R1 - 977
support
•S1 - 97.5 •S2 - 94.5
support
•S1 - 925 •S2 - 893
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 114.5 •R1 - 111.8
support
•S1 - 109.3 •S2 - 107.5
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