Daily Newsletter-Commodity 05/10/2011
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MARKET WRAP Gold fell more than 2 percent on Tuesday Silver slide almost 3% Copper slips on demand fears Brent crude futures dipped below $100 a barrel on Tuesday Lead slips almost 2% on Tuesday Gold fell more than 2 percent on Tuesday, abruptly halting its three-day rally on fears about a Greek default and after Federal Reserve Chairman said the central bank might take further steps to support the U.S. economy. Copper fell for a fifth day on Tuesday as the euro zone debt crisis and the possibility of global recession prompted worries about the outlook for industrial metals demand. Brent crude futures dipped below $100 a barrel on Tuesday as worries that a Greek debt default could spread across the banking system and threaten the global economy.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Wed Oct 5
1:30pm
EUR
Final Services PMI
2:30pm
EUR
2:30pm
Forecast Previous 49.1
49.1
Retail Sales m/m
-0.2%
0.3%
EUR
Final GDP q/q
0.2%
0.2%
5:00pm
USD
Challenger Job Cuts y/y
5:45pm
USD
76K
91K
7:30pm
USD
ADP Non-Farm Employment Change ISM Non-Manufacturing PMI
53.0
53.3
8:00pm
USD
Crude Oil Inventories
1.0M
1.9M
47.0%
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Sell on high
SILVER(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 26850 • R1 - 26480
Resistance
• R2 - 54850 • R1 - 51570
support
• S1 - 25850 • S2 - 25450
support
• S1 - 49850 • S2 - 48400
COPPER(NOV) Trend Strategy
• Consolidate • Sell on high
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 363 • R1 - 351
Resistance
• R2 - 3965 • R1 - 3875
support
• S1 - 337 • S2 - 329
support
• S1 - 3730 • S2 - 3650
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 195 •R1 - 187
Resistance
• R2 - 99.5 • R1 - 96.7
support
•S1 -178 •S2 -171
support
• S1 - 93.8 •S2 - 90.5
ZINC(OCT) Trend Strategy
• Consolidate • Sell on high
NICKEL(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 98.5 •R1 - 95.3
Resistance
•R2 - 997 •R1 - 963
support
•S1 - 90.5 •S2 - 88.2
support
•S1 - 905 •S2 - 863
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 111.5 •R1 - 108.8
support
•S1 - 105.8 •S2 - 102.5
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