Daily Newsletter Newsletter-Commodity 03/05/2011
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MARKET WRAP Gold slips from record $1,575.79/oz after bin Laden death Silver slides by more than 10 percent but recovers sharply Oil recovers after initial plunge Base metals recovers from initial slide Natural gas continues it short term uptrend
Gold prices slipped from record highs on Monday and silver posted its biggest one-day loss since December 2008 after news that al-Qaeda leader Osama bin Laden was killed in a U.S.-led operation in Pakistan. Oil rose on Monday in choppy trading, reversing an initial price slide following news that U.S. forces killed al Qaeda leader Osama bin Laden. Copper fell in New York, capping the second straight monthly drop, on mounting concern that demand will slow in China, the world’s largest metals user.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue May 3
2:30pm
EUR
PPI m/m
0.7%
0.8%
7:30pm
USD
Factory Orders m/m
1.9%
-0.1%
All Day
USD
Total Vehicle Sales
13.0M
13.1M
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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 -23150 • R1 -22830
Resistance
• R2 - 71500 • R1 - 70350
support
• S1 -22580 • S2 -22250
support
• S1 - 68150 • S2 - 66650
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 - 408 • S2 - 401
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 - 99.3 •S2 - 96.5
support
•S1 - 1163 •S2 - 1135
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 125.7 •R1 - 122.8
support
•S1 - 121.3 •S2 - 119.5
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