Daily Newsletter-Commodity 07/02/2012
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MARKET WRAP Gold recovers late trading on Monday U.S. unemployment rate in January unexpectedly fell Copper steady on Monday Nickel climb to new high again Lead and Zinc slide on Monday Natural gas steady near lows Silver move up after European market U.S. crude futures edged to above $97 a barrel on Tuesday as cold weather in Europe boosted heating fuel demand, pushing Brent oil to a six-month high a day earlier. Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, were unchanged at 1,277.14 metric tons as of Feb. 6, according to figures on the company’s website.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Feb 7
1:15pm
EUR
French Trade Balance
-5.2B
-4.4B
4:30pm
EUR
German Industrial Production m/m
-0.1%
-0.6%
8:30pm
USD
Fed Chairman Bernanke Testifies
8:30pm
USD
IBD/TIPP Economic Optimism
48.1
47.5
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TECHNICAL VIEW GOLD(APR) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 28550 • R1 - 28280
Resistance
• R2 - 58300 • R1 - 57120
support
• S1 - 27730 • S2 - 27450
support
• S1 - 55600 • S2 - 53800
COPPER(FEB) Trend Strategy
• Consolidate • Sell on high
CRUDE(FEB) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 433 • R1 - 424
Resistance
• R2 - 4930 • R1 - 4815
support
• S1 - 408 • S2 - 399
support
• S1 - 4710 • S2 - 4630
NATURALGAS(FEB) Trend Strategy
• Bearish • Sell on high
LEAD(FEB) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 137 •R1 - 128
Resistance
• R2 - 112.5 • R1 - 109.8
support
•S1 -116 •S2 -107
support
• S1 - 105.7 •S2 - 101.5
ZINC(FEB) Trend Strategy
• Consolidate • Buy on dips
NICKEL(FEB) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 108.5 •R1 - 105.3
Resistance
•R2 - 1113 •R1 - 1077
support
•S1 - 101.2 •S2 - 98.5
support
•S1 - 1025 •S2 - 989
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ALUMINIUM(FEB) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 112.8 •R1 - 110.5
support
•S1 - 107.2 •S2 - 105.5
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