Daily Newsletter-Commodity 10/10/2011
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MARKET WRAP Gold fell around 1 percent on Friday Silver was down by 2.3 percent Copper rose 2 percent on Friday Copper LME warehouses declined by 4,625 tonnes U.S. nonfarm payrolls data supportive to oil Oil edges up in choppy trade Gold fell around 1 percent on Friday, as bullion investors raised cash to cover margin calls amid losses in the equity markets after Fitch downgraded the credit ratings of Spain and Italy. Copper rose 2 percent on Friday, as better-than-expected non-farm payrolls data from the United States supported hopes of an economic recovery and as efforts in Europe to contain the sovereign debt crisis drew some buyers back. Oil prices edged higher in volatile trading on Friday and posted a weekly gain as supportive U.S. jobs data and a ratings downgrades of Spain and Italy buffeted markets.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Mon 11:30am Oct 10 12:15pm
EUR
German Trade Balance
9.8B
10.1B
EUR
French Industrial Production m/m
-0.7%
1.5%
1:30pm
EUR
Italian Industrial Production m/m
0.2%
-0.7%
2:00pm
EUR
Sentix Investor Confidence
-19.2
-15.4
All Day
USD
Bank Holiday
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Sell on high
SILVER(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 26850 • R1 - 26580
Resistance
• R2 - 55850 • R1 - 53570
support
• S1 - 26050 • S2 - 25750
support
• S1 - 51150 • S2 - 48400
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 372 • R1 - 364
Resistance
• R2 - 4225 • R1 - 4130
support
• S1 - 347 • S2 - 335
support
• S1 - 3980 • S2 - 3915
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 185 •R1 - 177
Resistance
• R2 - 99.5 • R1 - 97.3
support
•S1 -168 •S2 -161
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 - 109.3
support
•S1 - 106.8 •S2 - 104.5
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