Daily Newsletter Newsletter-Commodity 02/05/2011
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MARKET WRAP Gold jumps 2 pct to set record high for third day Silver retreats after Thursday's record high Copper fell to a six-week low on Friday Copper down for 2nd straight month Oil prices pushed higher on Friday
Gold surged to a record high on Friday for the third straight day, as investors kept up a buying frenzy fueled by the outlook for low U.S. interest rates that has propelled bullion to its seventh consecutive weekly rise, its longest winning streak since 2007. Oil prices pushed higher on Friday, posting an eighth straight month of gains as the weaker dollar and turmoil in North Africa and the Middle East offset concerns about fuel demand and slowing U.S. economic growth.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Mon May 2
All Day
EUR
French Bank Holiday
All Day
EUR
Italian Bank Holiday
1:30pm
EUR
Final Manufacturing PMI
2:30pm
EUR
ECB President Trichet Speaks
7:30pm
USD
7:30pm 7:30pm
Forecast Previous
57.7
57.7
ISM Manufacturing PMI
59.9
61.2
USD
Construction Spending m/m
0.4%
-1.4%
USD
ISM Manufacturing Prices
83.3
85.0
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Bullish • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -23350 • R1 -22980
Resistance
• R2 - 74500 • R1 - 72350
support
• S1 -22680 • S2 -22350
support
• S1 - 70200 • S2 - 68650
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 435 • R1 - 423
Resistance
• R2 - 5170 • R1 - 5090
support
• S1 - 411 • S2 - 402
support
• S1 - 4985 • S2 - 4910
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Buy on dips
LEAD(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 223 •R1 - 214
Resistance
• R2 - 117.5 • R1 - 114.7
support
•S1 - 202 •S2 - 193
support
• S1 - 110.8 •S2 - 108.5
ZINC(MAY) Trend Strategy
• Consolidate • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 105.8 •R1 - 102.5
Resistance
•R2 - 1248 •R1 - 1217
support
•S1 - 98.7 •S2 - 95.5
support
•S1 - 1183 •S2 - 1148
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 125.7 •R1 - 123.8
support
•S1 - 121.3 •S2 - 119.5
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