Daily Newsletter Newsletter-Commodity 11/08/2011
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MARKET WRAP Gold climbed to a third record in a row on Wednesday Euro falls on concerns France could face rating cut Crude oil steadies near 80$ U.S. crude stockpiles fell unexpectedly last week. Copper closed at its lowest in 8 months on Wednesday China copper imports at six-month high in July Gold climbed to a third record in a row on Wednesday, extending its best rally since 2008 as a dive in French bank stocks sent new shudders through anxious financial markets. Global economic slowdown may stifle oil demand growth next year, the West's energy watchdog said on Wednesday, while warning that tightening supplies could still spur yet more oil price volatility. Copper closed at its lowest in 8 months on Wednesday as investors sold risky assets amid speculation France's credit rating may be at risk and in response to growing concerns about the demand outlook for metals in a slowing economy.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Thu 11:30am Aug 11 1:30pm
EUR
German WPI m/m
EUR
ECB Monthly Bulletin
6:00pm
USD
Trade Balance
6:00pm
USD
8:00pm
USD
Forecast Previous -0.3%
-0.6%
-47.9B
-50.2B
Unemployment Claims
401K
400K
Natural Gas Storage
33B
44B
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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 - 26800 • R1 - 26450
Resistance
• R2 - 60800 • R1 - 59700
support
• S1 - 25850 • S2 - 25430
support
• S1 - 57850 • S2 - 56200
COPPER(AUG)) Trend Strategy
• Consolidate • Sell on high
CRUDE(AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 406 • R1 - 398
Resistance
• R2 - 3915 • R1 - 3780
support
• S1 - 385 • S2 - 377
support
• S1 - 3620 • S2 - 3530
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 - 108.5 • R1 - 105.8
support
•S1 -175 •S2 -167
support
• S1 - 100.3 •S2 - 96.5
ZINC(AUG) Trend Strategy Resistance support
• Consolidate • Sell on high •R2 - 100.5 •R1 - 97.8 •S1 - 93.8 •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 - 111.5 •R1 - 109.6
support
•S1 - 105.8 •S2 - 102.5
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