Daily Newsletter-Commodity 06/09/2011
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MARKET WRAP Gold rises above $1,900/oz on euro zone debt worries Stock markets, euro under pressure after U.S. payrolls data Copper falls on fears of economic slowdown Brent crude oil falls over $2 Nickel slides almost 3% on Monday Gold rose on Monday, breaking back above $1,900 an ounce, as speculation grew that the United States may implement a further round of monetary easing after Friday's weak payrolls data, and concerns over the euro zone debt crisis resurfaced. Copper traded at its lowest in more than a week on Monday after a historic low reading for China's services sector index and a disappointing U.S. jobs report last week stoked concerns of a slowdown in global economic growth. Brent crude oil futures fell more than $2 per barrel on Monday as concerns over the possibility of a double-dip recession in the United States were deepened by poor economic data out of China.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Sep 6
2:30pm
EUR
Revised GDP q/q
0.2%
0.2%
3:30pm
EUR
German Factory Orders m/m
-1.4%
1.8%
7:30pm
USD
ISM Non-Manufacturing PMI
51.2
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TECHNICAL VIEW GOLD(OCT) Trend Strategy
• Bullish • Buy on dips
SILVER(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 28650 • R1 - 28580
Resistance
• R2 - 68400 • R1 - 66900
support
• S1 - 28020 • S2 - 27750
support
• S1 - 64850 • S2 - 62500
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 428 • R1 - 421
Resistance
• R2 - 4030 • R1 - 3945
support
• S1 - 411 • S2 - 403
support
• S1 - 3810 • S2 - 3720
NATURALGAS(SEP) Trend Strategy
• Consolidate • Sell on high
LEAD(SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 193 •R1 - 186
Resistance
• R2 - 118.5 • R1 - 115.7
support
•S1 -175 •S2 -168
support
• S1 - 111.8 •S2 - 107.5
ZINC(SEP) Trend Strategy
• Consolidate • Sell on high
NICKEL(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 104.5 •R1 - 101.7
Resistance
•R2 - 1025 •R1 - 993
support
•S1 - 98.6 •S2 - 95.5
support
•S1 - 943 •S2 - 910
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ALUMINIUM(SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 113.5 •R1 - 110.8
support
•S1 - 108.3 •S2 - 105.5
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