Daily Newsletter Newsletter-Commodity 18/05/2011
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MARKET WRAP Gold does U-turn, slides as dollar firms Copper fell on Tuesday Aluminium stocks hit new record high LME copper stocks grew by 500 tonnes Oil dips on worries over world growth
Gold reversed course on Tuesday to fall after a rally in the dollar exacerbated a sell-off in the already-fragile commodity complex and offset the positive impact on bullion of the concern over the euro zone debt crisis. The dollar rose to session highs against the euro, drawing strength from a decline in equities and commodities. Copper fell on Tuesday along with a drop across the commodities complex as weak U.S. data and a rising dollar against a basket of currencies weighed on markets. Oil prices slid more than 2 percent on Tuesday as the dollar strengthened and weak economic data fueled concerns about demand that have helped push prices down by around 15 percent so far in May.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Wed May 18
8:00pm
USD
Crude Oil Inventories
11:00pm
USD
FOMC Member Fisher Speaks
11:30pm
USD
FOMC Meeting Minutes
Forecast Previous 1.4M
3.8M
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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 -22090
Resistance
• R2 - 55500 • R1 - 53350
support
• S1 -21720 • S2 -21450
support
• S1 - 50750 • S2 - 48800
COPPER(JUNE) Trend Strategy
• Consolidate • Sell on high
CRUDE(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 415 • R1 - 407
Resistance
• R2 - 4485 • R1 - 4390
support
• S1 - 393 • S2 - 385
support
• S1 - 4270 • S2 - 4190
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Bearish • Sell on high
Resistance
•R2 - 203 •R1 - 195
Resistance
• R2 - 108.5 • R1 - 106.7
support
•S1 - 187 •S2 - 179
support
• S1 - 102.8 •S2 - 99.5
ZINC(MAY) Trend Strategy
• Bearish • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 101.5 •R1 - 97.3
Resistance
•R2 - 1164 •R1 - 1125
support
•S1 - 94.2 •S2 - 91.8
support
•S1 - 1083 •S2 - 1048
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 117.5 •R1 - 115.8
support
•S1 - 112.3 •S2 - 109.5
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