Daily Newsletter Newsletter-Commodity 13/07/2011
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MARKET WRAP Gold prices have soared to record highs Copper falls as dollar rises Dollar at highest in three months Inventories of aluminium continue to fall Brent prices slipped in volatile trading on Tuesday Gold prices have soared to record highs this year on concerns over the euro zone debt crisis, and the metal could be set for another leg higher if the world's biggest economy, the United States, also starts to struggle with its debt repayments. Copper fell on Tuesday on a deepening debt crisis in the euro zone that has prompted investors to off-load assets perceived as risky, including the euro currency, but strikes in top producer countries helped limit further losses. U.S. crude remained more than 1 percent higher, having bounced on technical support and as the dollar gave up early strength.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Jul 13
11:30am
EUR
German WPI m/m
-0.1%
0.0%
2:30pm
EUR
Industrial Production m/m
0.5%
0.2%
6:00pm
USD
Import Prices m/m
-0.7%
0.2%
7:30pm
USD
Fed Chairman Bernanke Testifies
8:00pm
USD
Crude Oil Inventories
-0.9M
11:30pm
USD
Federal Budget Balance
-57.6B
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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 - 22950 • R1 - 22740
Resistance
• R2 - 55500 • R1 - 54250
support
• S1 - 22380 • S2 - 22070
support
• S1 - 52870 • S2 - 51500
COPPER(AUG)) Trend Strategy
• Consolidate • Buy on dips
CRUDE(JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 447 • R1 - 436
Resistance
• R2 - 4440 • R1 - 4360
support
• S1 - 427 • S2 - 419
support
• S1 - 4250 • S2 - 4170
NATURALGAS(JULY JULY) Trend Strategy
• Consolidate • Sell on high
LEAD(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 205 •R1 - 198
Resistance
• R2 - 125.2 • R1 - 122.5
support
•S1 - 185 •S2 - 177
support
• S1 - 119.3 •S2 - 116.5
ZINC(JULY) Trend Strategy
• Consolidate • Sell on high
NICKEL(JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 104.9
Resistance
•R2 - 1083 •R1 - 1058
support
•S1 - 102.2 •S2 - 98.7
support
•S1 - 1019 •S2 - 983
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ALUMINIUM(JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 114.8 •R1 - 111.3
support
•S1 - 108.8 •S2 - 106.5
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