Daily Newsletter Newsletter-Commodity 19/05/2011
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MARKET WRAP Gold rose and silver surged 4 percent on Wednesday Copper rallies to 2-week high LME stocks of aluminium rose 1,325 tonnes Oil up on surprise storage data
Gold rose and silver surged 4 percent on Wednesday, as rallying crude oil and grain prices and lingering worries about a European debt crisis lifted precious metals in a commodity rally. Copper rallied to a two-week high on Wednesday, as investors returned to commodity markets, but doubts about short-term fundamentals are expected to cap prices. A stronger dollar can hit dollar-denominated oil prices by raising the price for consumers using other currencies.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu May 19
6:00pm
USD
Unemployment Claims
421K
434K
7:30pm
USD
Existing Home Sales
5.21M
5.10M
7:30pm
USD
Philly Fed Manufacturing Index
20.2
18.5
7:30pm
USD
Mortgage Delinquencies
7:30pm
USD
CB Leading Index m/m
0.2%
0.4%
8:00pm
USD
Natural Gas Storage
91B
70B
9:30pm
USD
FOMC Member Dudley Speaks
11:00pm
USD
FOMC Member Evans Speaks
8.22%
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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 -22250 • R1 -22090
Resistance
• R2 - 56500 • R1 - 54850
support
• S1 -21720 • S2 -21450
support
• S1 - 52750 • S2 - 51300
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 424 • R1 - 416
Resistance
• R2 - 4670 • R1 - 4585
support
• S1 - 403 • S2 - 395
support
• S1 - 4470 • S2 - 4390
NATURALGAS(MAY)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 203 •R1 - 195
Resistance
• R2 - 115.8 • R1 - 112.5
support
•S1 - 187 •S2 - 179
support
• S1 - 108.3 •S2 - 105.5
ZINC(MAY) Trend Strategy
• Consolidate • Sell on high
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 102.5 •R1 - 99.3
Resistance
•R2 - 1164 •R1 - 1125
support
•S1 - 96.8 •S2 - 93.5
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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