Daily Newsletter-Commodity 30/05/2011
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MARKET WRAP U.S. oil prices drifted lower on Friday Gold prices stayed near three-week highs U.S. April pending home sales dive 11.6 pct Copper hit three-week highs on Friday LME copper stocks rise 1,250 tonnes Gold hit its highest in more than three weeks on Friday as worries about Greece's debt crisis triggered buying by investors looking for a safe place to park assets, while the softer dollar also helped underpin sentiment. Copper hit three-week highs on Friday, as a weaker dollar and month-end evaluations boosted prices, but pared gains as poor U.S. data underlined a patchy global economic outlook that suggested its advance may falter. U.S. oil prices drifted lower on Friday as a plunge in U.S. home sales added to festering economic worries, erasing much of the day's earlier gains sparked by a weaker dollar.
ECONOMIC CALENDAR Date
Time
Mon Tentative May 30 7:00am
Currency
Economic Data
AUD
HIA New Home Sales m/m
AUD
Company Operating Profits q/q
All Day
GBP
Bank Holiday
All Day
USD
Bank Holiday
6:00pm
CAD
6:00pm
CAD
Forecast Previous 4.3% 2.1%
-2.8%
GDP m/m
0.2%
-0.2%
Current Account
-2.9B
-11.0B
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TECHNICAL VIEW GOLD(JUNE) Trend Strategy
• Consolidate • Buy on dips
SILVER(JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -22930 • R1 -22680
Resistance
• R2 - 59500 • R1 - 58450
support
• S1 - 22380 • S2 - 22050
support
• S1 - 56350 • S2 - 54900
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 431 • R1 - 423
Resistance
• R2 - 4710 • R1 - 4625
support
• S1 - 414 • S2 - 405
support
• S1 - 4510 • S2 - 4430
NATURALGAS(JUNE) Trend Strategy
• Consolidate • Buy on dips
LEAD(MAY) Trend
Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 217 •R1 - 209
Resistance
• R2 - 119.5 • R1 - 115.8
support
•S1 - 199 •S2 - 191
support
• S1 - 112.3 •S2 - 109.5
ZINC(MAY) Trend Strategy
• Consolidate • Buy on dips
NICKEL(MAY) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.5 •R1 - 102.8
Resistance
•R2 - 1115 •R1 - 1067
support
•S1 - 99.2 •S2 - 96.5
support
•S1 - 1023 •S2 - 1005
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ALUMINIUM(MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 121.5 •R1 - 119.3
support
•S1 - 116.7 •S2 - 113.5
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