Daily Newsletter Newsletter-Commodity 19/08/2011
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MARKET WRAP Gold rises to record amid fears on recession Oil fell $3 on Thursday as a raft of weak U.S. economic data U.S. crude down 13 percent in August Copper falls to one-week low Aluminium hitting its lowest level since late December Claims for unemployment benefits rose more than expected last week Gold rallied 2 percent to new high above $1,820 an ounce on Thursday, after U.S. economic data pointed to a stalled economy, while renewed concern about the health of European banks brought safe-haven buying. Oil fell $3 on Thursday as a raft of weak U.S. economic data provided a fresh blow to shaky investor confidence and extended U.S. oil's losses to 13 percent so far in August. Copper fell on Thursday as disappointing U.S. macroeconomic data reinforced worries about an economic slowdown and prospects for growth and demand, with a stronger dollar also undermining sentiment.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 10:00am Aug 19 11:30am
JPY
All Industries Activity m/m
2.3%
2.0%
EUR
German PPI m/m
0.2%
0.1%
2:00pm
GBP
Public Sector Net Borrowing
0.4B
12.0B
6:00pm
USD
FOMC Member Dudley Speaks
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 27600 • R1 - 27280
Resistance
• R2 - 63500 • R1 - 62300
support
• S1 - 26880 • S2 - 26530
support
• S1 - 60250 • S2 - 59200
COPPER(AUG)) Trend Strategy
• Consolidate • Sell on high
CRUDE(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 417 • R1 - 408
Resistance
• R2 - 4035 • R1 - 3920
support
• S1 - 397 • S2 - 385
support
• S1 - 3750 • S2 - 3680
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 - 112.5 • R1 - 108.3
support
•S1 -175 •S2 -167
support
• S1 - 105.3 •S2 - 102.5
ZINC(AUG) Trend Strategy Resistance support
• Consolidate • Sell on high •R2 - 102.5 •R1 - 99.8 •S1 - 94.8 •S2 - 90.5
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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