Daily Newsletter-Commodity 29/09/2011
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MARKET WRAP Brent crude fell on Wednesday U.S. gasoline stocks rise 4.6 mln bbls Crude oil stocks for the week ending Sept. 23 rose 1.92 million barrels Copper slips on economy fears, strong dollar Silver slides almost 4% on Wednesday Lead, Nickel and zinc slides almost 3% on Wednesday Brent crude fell on Wednesday amid worries about details of a euro zone debt bailout fund, while a larger-than-expected build in weekly U.S. crude oil inventories data also weighed. Copper fell on Wednesday as worries about economic growth in the western world and a strong dollar hit sentiment, but expectations of strong demand from top consumer China helped curb further losses.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Thu Sep 29
2:30am
USD
Fed Chairman Bernanke Speaks
1:25pm
EUR
German Unemployment Change
6:00pm
USD
6:00pm
Forecast Previous
-9K
-8K
Unemployment Claims
420K
423K
USD
Final GDP q/q
1.2%
1.0%
6:00pm
USD
Final GDP Price Index q/q
2.4%
2.4%
7:30pm
USD
Pending Home Sales m/m
-1.7%
-1.3%
8:00pm
USD
Natural Gas Storage
97B
89B
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Consolidate • Sell on high
SILVER(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 26550 • R1 - 26180
Resistance
• R2 - 55850 • R1 - 52570
support
• S1 - 25640 • S2 - 25350
support
• S1 - 49850 • S2 - 48400
COPPER(NOV) Trend Strategy
• Consolidate • Sell on high
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 377 • R1 - 365
Resistance
• R2 - 4240 • R1 - 4140
support
• S1 - 349 • S2 - 341
support
• S1 - 4020 • S2 - 3925
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 203 •R1 - 195
Resistance
• R2 - 104.5 • R1 - 100.3
support
•S1 -183 •S2 -175
support
• S1 - 96.8 •S2 - 93.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 99.5 •R1 - 97.3
Resistance
•R2 - 977 •R1 - 923
support
•S1 - 92.5 •S2 - 89.2
support
•S1 - 875 •S2 - 828
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 111.5 •R1 - 109.8
support
•S1 - 105.8 •S2 - 102.5
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