Daily Newsletter Newsletter-Commodity 16/05/2011
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MARKET WRAP Oil rises in late short covering Silver finishes week down 1.5 pct Gold ends week flat, dollar rally triggers selling Copper finished firm on Friday, Stocks in LME warehouses rose 800 tonnes
Oil rose on Friday in late short-covering, ending the week higher after a volatile session whipsawed by European economic concerns and news Libyan leader Libyan leader Muammar Gaddafi may have been wounded. Gold fell on Friday, sharply reversing early gains, as a dollar surge against the euro and renewed uncertainty about euro zone debt prompted investors to sell ahead of the weekend. Copper finished firm on Friday, reacting to upbeat data from the United States and Europe that helped restore some market confidence and economic recovery optimism.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Mon May 16
1:30pm
EUR
Italian Trade Balance
2:30pm
EUR
2:30pm
Forecast Previous -2.29B
-3.63B
CPI y/y
2.8%
2.8%
EUR
Core CPI y/y
1.5%
1.3%
2:30pm
EUR
Trade Balance
1.7B
-2.4B
6:00pm
USD
20.7
21.7
6:30pm
USD
Empire State Manufacturing Index Fed Chairman Bernanke Speaks
6:30pm
USD
TIC Long-Term Purchases
57.7B
26.9B
7:30pm
USD
NAHB Housing Market Index
17
16
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Consolidate • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 -22250 • R1 -22080
Resistance
• R2 - 56200 • R1 - 54850
support
• S1 -21720 • S2 -21450
support
• S1 - 52450 • S2 - 50700
COPPER(JUNE) Trend Strategy
• Consolidate • Sell on high
CRUDE(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 415 • R1 - 407
Resistance
• R2 - 4590 • R1 - 4515
support
• S1 - 393 • S2 - 385
support
• S1 - 4390 • S2 - 4290
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Bearish • Sell on high
Resistance
•R2 - 206 •R1 - 197
Resistance
• R2 - 108.5 • R1 - 105.3
support
•S1 - 185 •S2 - 178
support
• S1 - 101.8 •S2 - 97.5
ZINC(MAY) Trend Strategy
• Bearish • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 101.5 •R1 - 98.9
Resistance
•R2 - 1164 •R1 - 1125
support
•S1 - 95.5 •S2 - 92.8
support
•S1 - 1083 •S2 - 1048
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 119.5 •R1 - 117.4
support
•S1 - 115.1 •S2 - 112.5
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