Daily Newsletter Newsletter-Commodity 16/06/2011
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MARKET WRAP Gold was set for a second daily rally on Wednesday Copper eases on dollar, U.S. economy worries The dollar extended gains against the euro U.S. core consumer inflation rose Oil falls over 2 pct on economy worries Gold was set for a second daily rally on Wednesday, having erased earlier losses when U.S. equities tumbled in opening trade following downbeat U.S. economic data and as the Greek debt crisis escalated. Copper eased on Wednesday due to a strong dollar and patchy U.S. data that fuelled worries the world's top economy could be entering a protracted soft patch with rising inflation. Brent crude fell on Wednesday from a five-week high on concerns about the health of the European and U.S. economies and as the dollar rose following a higher-than-expected U.S. inflation report.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu Jun 16
6:00pm
USD
Building Permits
0.55M
0.56M
6:00pm
USD
Unemployment Claims
421K
427K
6:00pm
USD
Current Account
-126B
-113B
6:00pm
USD
Housing Starts
0.54M
0.52M
7:30pm
USD
Philly Fed Manufacturing Index
7.1
3.9
8:00pm
USD
Natural Gas Storage
65B
80B
10:40pm
USD
FOMC Member Fisher Speaks
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TECHNICAL VIEW GOLD(AUG) Trend Strategy
• Consolidate • Buy on dips
SILVER(JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 22780 • R1 - 22550
Resistance
• R2 - 55200 • R1 - 53850
support
• S1 - 22280 • S2 - 21950
support
• S1 - 52250 • S2 - 50780
COPPER(JUNE) Trend Strategy
• Consolidate • Buy on dips
CRUDE(JUNE)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 421 • R1 - 414
Resistance
• R2 - 4510 • R1 - 4430
support
• S1 - 403 • S2 - 395
support
• S1 - 4290 • S2 - 4210
NATURALGAS(JUNE) Trend Strategy
• Consolidate • Buy on dips
LEAD(JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 218 •R1 - 209
Resistance
• R2 - 117.5 • R1 - 114.8
support
•S1 - 202 •S2 - 195
support
• S1 - 111.3 •S2 - 108.8
ZINC(JUNE) Trend Strategy
• Consolidate • Buy on dips
NICKEL(JUNE JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 105.3 •R1 - 102.5
Resistance
•R2 - 1035 •R1 - 1008
support
•S1 - 99.7 •S2 - 97.5
support
•S1 - 987 •S2 - 955
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ALUMINIUM(JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 118.8 •R1 - 116.5
support
•S1 - 114.7 •S2 - 111.5
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