Daily Newsletter Newsletter-Commodity 06/07/2011
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MARKET WRAP Gold prices rose more than 1 percent on Tuesday Oil rises on expectations for demand bounce Copper gained on Tuesday, boosted by supply concerns euro retreated against the dollar Aluminium recovers sharply almost 3% Gold prices rose more than 1 percent on Tuesday as risk aversion returned to the financial markets, stoked by concerns over the outlook for the Chinese economy and renewed worries about the Greek debt crisis. Oil jumped more than $1 per barrel on Tuesday after Barclays Capital raised its forecasts for crude oil in 2012, outweighing worries over the global economy. Copper gained on Tuesday, boosted by supply concerns and economic data from the world's largest economy, the United States, yet some wondered if copper prices have climbed too far too fast, given still-scant signs of demand from China.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed 10:30am Jul 6 2:30pm
JPY
Leading Indicators
99.9%
96.2%
EUR
Final GDP q/q
0.8%
0.8%
3:30pm
EUR
German Factory Orders m/m
-0.5%
2.8%
5:00pm
USD
Challenger Job Cuts y/y
7:30pm
USD
ISM Non-Manufacturing PMI
-4.3% 53.9
54.6
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TECHNICAL VIEW GOLD(AUG) Trend Strategy
• Consolidate • Buy on dips
SILVER(SEP SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 22250 • R1 - 22080
Resistance
• R2 - 54800 • R1 - 53750
support
• S1 - 21750 • S2 - 21570
support
• S1 - 52180 • S2 - 51300
COPPER(AUG)) Trend Strategy
• Consolidate • Buy on dips
CRUDE(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 439 • R1 - 431
Resistance
• R2 - 4450 • R1 - 4365
support
• S1 - 417 • S2 - 409
support
• S1 - 4260 • S2 - 4170
NATURALGAS(JULY JULY) Trend Strategy
• Consolidate • Sell on high
LEAD(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 205 •R1 - 197
Resistance
• R2 - 123.5 • R1 - 120.3
support
•S1 - 187 •S2 - 181
support
• S1 - 117.8 •S2 - 114.5
ZINC(JULY) Trend Strategy
• Consolidate • Buy on dips
NICKEL(JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 107.3
Resistance
•R2 - 1093 •R1 - 1057
support
•S1 - 104.9 •S2 - 101.3
support
•S1 - 1028 •S2 - 993
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ALUMINIUM(JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 117.8 •R1 - 114.7
support
•S1 - 112.3 •S2 - 110.5
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