Daily Newsletter-Commodity 16/09/2011
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MARKET WRAP Gold fell to its lowest since late August on Thursday Silver slides almost 2% below 40.2$ Copper rebounded on Thursday boosted by a weaker dollar The euro jumped against the dollar Crude remain flat , trading near 89$ Gold fell to its lowest since late August on Thursday after signs that euro zone leaders are committed to keeping Greece in the euro ignited investor appetite for riskier assets at the expense of perceived safe havens, including German debt. Copper rebounded on Thursday boosted by a weaker dollar after reports of fresh liquidity injections by central banks in the fourth quarter but a faltering U.S. economy led to worries over the strength of demand. Brent crude jumped more than 2 percent on Thursday after major central banks moved to boost European bank funding and regional leaders offered strong support for Greece.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri Sep 16
1:30pm
EUR
Current Account
-5.6B
-7.4B
1:30pm
EUR
Italian Trade Balance
-1.97B
-1.83B
Day 1
EUR
ECOFIN Meetings
2:30pm
EUR
Trade Balance
1.7B
-1.6B
6:30pm
USD
TIC Long-Term Purchases
27.3B
3.7B
7:25pm
USD
Prelim UoM Consumer Sentiment
56.4
55.7
7:25pm
USD
Prelim UoM Inflation Expectations
3.5%
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Buy on dips
SILVER(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 28250 • R1 - 27880
Resistance
• R2 - 65850 • R1 - 64770
support
• S1 - 27380 • S2 - 26850
support
• S1 - 62450 • S2 - 61200
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 431 • R1 - 423
Resistance
• R2 - 4370 • R1 - 4285
support
• S1 - 409 • S2 - 401
support
• S1 - 4120 • S2 - 4040
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 203 •R1 - 196
Resistance
• R2 - 119.5 • R1 - 116.7
support
•S1 -183 •S2 -175
support
• S1 - 112.8 •S2 - 108.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 106.5 •R1 - 104.7
Resistance
•R2 - 1075 •R1 - 1048
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 - 112.8
support
•S1 - 109.8 •S2 - 107.5
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