Daily Newsletter Newsletter-Commodity 11/05/2011
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MARKET WRAP Oil rose on Tuesday trading near 103$ Gold steadies as dollar recovers SPDR Gold Trust holdings decline to one-year low The euro fell against the dollar China copper imports fall 13.7 pct in April Copper climbed on Tuesday
Oil rose on Tuesday, supported by concerns U.S. flooding could hit refinery operations, squeezing gasoline supplies ahead of summer driving season. Gold prices were little changed above $1,510 an ounce on Tuesday, retreating from earlier highs after the euro edged lower amid conflicting reports on a potential new aid deal for Greece. Copper climbed on Tuesday, as robust China trade figures burnished demand expectations for the metal used in power and construction offsetting news that headline imports in April fell.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed 11:30am May 11 11:30am
EUR
German Final CPI m/m
0.2%
0.2%
EUR
German WPI m/m
1.1%
1.3%
6:00pm
USD
Trade Balance
-46.8B
-45.8B
8:00pm
USD
Crude Oil Inventories
1.1M
3.4M
10:30pm
USD
11:30pm
USD
FOMC Member Kocherlakota Speaks Federal Budget Balance
-188.2B
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Consolidate • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -22550 • R1 -22280
Resistance
• R2 - 61500 • R1 - 59850
support
• S1 -21980 • S2 -21650
support
• S1 - 57350 • S2 - 55500
COPPER(JUNE) Trend Strategy
• Consolidate • Sell on high
CRUDE(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 416 • R1 - 407
Resistance
• R2 - 4750 • R1 - 4665
support
• S1 - 393 • S2 - 384
support
• S1 - 4565 • S2 - 4480
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Bearish • Sell on high
Resistance
•R2 - 206 •R1 - 197
Resistance
• R2 - 109.5 • R1 - 106.3
support
•S1 - 183 •S2 - 175
support
• S1 - 103.8 •S2 - 99.5
ZINC(MAY) Trend Strategy
• Bearish • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 99.5 •R1 - 97.9
Resistance
•R2 - 1164 •R1 - 1125
support
•S1 - 94.5 •S2 - 91.8
support
•S1 - 1093 •S2 - 1058
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 121.5 •R1 - 119.4
support
•S1 - 117.2 •S2 - 114.5
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