Daily Newsletter Newsletter-Commodity 26/05/2011
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MARKET WRAP Gold hit a three-week high on Wednesday Copper rose more than 2 percent on Wednesday Zinc its highest in three weeks Oil prices rose to their highest level in two weeks Surprise U.S. distillate stock draw lifts crude Copper rose more than 2 percent on Wednesday as the spotlight returned to its tight longer-term supply fundamentals after the world's largest miner announced an output reduction. Oil turned higher on Wednesday with Brent crude climbing above $113 a barrel after weekly U.S. government inventory figures an unexpected draw in stocks of distillates. Gold hit a three-week high on Wednesday, boosted by concern over the debt crisis in euro zone countries such as Greece and a softer dollar after weak U.S. economic data which also helped shore up prices.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Thu 11:30am May 26 2:50pm
EUR
German Import Prices m/m
EUR
ECB President Trichet Speaks
6:00pm
USD
6:00pm
Forecast Previous 0.8%
1.1%
Prelim GDP q/q
2.2%
1.8%
USD
Unemployment Claims
403K
409K
6:00pm
USD
Prelim GDP Price Index q/q
1.9%
1.9%
8:00pm
USD
Natural Gas Storage
93B
92B
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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 -22850 • R1 -22580
Resistance
• R2 - 59500 • R1 - 58450
support
• S1 - 22320 • S2 - 22050
support
• S1 - 56850 • S2 - 55200
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 425 • R1 - 416
Resistance
• R2 - 4740 • R1 - 4655
support
• S1 - 406 • S2 - 397
support
• S1 - 4550 • S2 - 4470
NATURALGAS(JUNE)) Trend Strategy
• Consolidate • Sell on high
LEAD(MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 211 •R1 - 203
Resistance
• R2 - 119.8 • R1 - 116.5
support
•S1 - 191 •S2 - 183
support
• S1 - 112.3 •S2 - 109.5
ZINC(MAY) Trend Strategy
• Consolidate • Buy on dips
NICKEL(MAY MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 103.5 •R1 - 101.3
Resistance
•R2 - 1115 •R1 - 1078
support
•S1 - 99.2 •S2 - 96.5
support
•S1 - 1038 •S2 - 1005
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 118.5 •R1 - 115.8
support
•S1 - 112.7 •S2 - 109.5
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