Daily Newsletter-Commodity 21/02/2012
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MARKET WRAP Spot gold held steady above $1,730 an ounce on Tuesday London copper futures edged higher LME copper ended a six-day losing streak The euro slipped from a one-week high Oil rises above $104/bbl on Iran U.S. crude rose above $104 per barrel on Tuesday, less than a dollar away from a ninemonth high hit the previous day, as a cut in Iranian oil supply to Europe and an imminent approval for a Greek bailout by the euro zone supported prices. Spot gold held steady above $1,730 an ounce on Tuesday, as investors watch euro zone finance ministers inch towards a deal to grant Greece a second bailout to avoid a chaotic default. London copper futures edged higher for a second day on Tuesday, spurred by hopes Greece will soon clinch a second bailout deal although gains looked tentative amid slow demand from top consumer China.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Tue Feb 21
10:00am
JPY
All Industries Activity m/m
All Day
EUR
ECOFIN Meetings
3:00pm
GBP
Public Sector Net Borrowing
8:30pm
EUR
Consumer Confidence
Forecast Previous 1.6%
-1.1%
-8.9B
10.8B
-20
-21
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TECHNICAL VIEW GOLD(APR) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 28550 • R1 - 28280
Resistance
• R2 - 58500 • R1 - 57400
support
• S1 - 27930 • S2 - 27650
support
• S1 - 55800 • S2 - 54500
COPPER(FEB) Trend Strategy
• Consolidate • Buy on dips
CRUDE(MAR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 425 • R1 - 416
Resistance
• R2 - 5370 • R1 - 5285
support
• S1 - 403 • S2 - 395
support
• S1 - 5150 • S2 - 5070
NATURALGAS(FEB) Trend Strategy
• Consolidate • Sell on high
LEAD(FEB) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 143 •R1 - 135
Resistance
• R2 - 105.8 • R1 - 102.5
support
•S1 -122 •S2 -114
support
• S1 - 98.9 •S2 - 96.5
ZINC(FEB) Trend Strategy
• Consolidate • Sell on high
NICKEL(FEB) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 102.5 •R1 - 99.3
Resistance
•R2 - 1045 •R1 - 1017
support
•S1 - 95.8 •S2 - 92.5
support
•S1 - 963 •S2 - 935
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ALUMINIUM(FEB) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 107.8
support
•S1 - 105.2 •S2 - 103.5
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