Daily Newsletter-Commodity 07/10/2011
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MARKET WRAP Gold fell in choppy trade on Thursday ECB keeps rates on hold, Euro, stock markets tick higher Copper near 1-week high on US data U.S. jobless claims rose by less than expected last week Oil turns higher on ECB bank move Gold fell in choppy trade on Thursday after the European Central Bank held off flagging an imminent cut in interest rates, deflating an earlier rally in assets seen as higher risk, such as equities and the euro. Copper rose to its highest in nearly a week on Thursday as investors were reassured by U.S. data that hinted at an improvement in the labour market. Oil prices fell on Thursday after the European Central Bank left interest rates unchanged, disappointing some expectations for a small cut and outweighing mildly positive U.S. jobs data.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri Oct 7
12:15pm
EUR
French Gov Budget Balance
12:15pm
EUR
French Trade Balance
-6.3B
-6.5B
3:30pm
EUR
German Industrial Production m/m
-1.5%
4.0%
6:00pm
USD
Non-Farm Employment Change
55K
0K
6:00pm
USD
Unemployment Rate
9.1%
9.1%
6:00pm
USD
Average Hourly Earnings m/m
0.2%
-0.1%
7:00pm
USD
FOMC Member Fisher Speaks
7:30pm
USD
Wholesale Inventories m/m
0.6%
0.8%
-86.6B
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TECHNICAL VIEW GOLD(DEC) Trend Strategy
• Consolidate • Sell on high
SILVER(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 26850 • R1 - 26580
Resistance
• R2 - 55850 • R1 - 53570
support
• S1 - 26050 • S2 - 25750
support
• S1 - 51150 • S2 - 48400
COPPER(NOV) Trend Strategy
• Consolidate • Buy on dips
CRUDE(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 372 • R1 - 363
Resistance
• R2 - 4125 • R1 - 4030
support
• S1 - 347 • S2 - 335
support
• S1 - 3890 • S2 - 3785
NATURALGAS(OCT) Trend Strategy
• Consolidate • Sell on high
LEAD(OCT) Trend
Strategy
• Consolidate • Sell on high
Resistance
•R2 - 189 •R1 - 182
Resistance
• R2 - 99.5 • R1 - 96.7
support
•S1 -171 •S2 -165
support
• S1 - 93.8 •S2 - 90.5
ZINC(OCT) Trend Strategy
• Consolidate • Sell on high
NICKEL(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 98.5 •R1 - 95.3
Resistance
•R2 - 997 •R1 - 963
support
•S1 - 90.5 •S2 - 88.2
support
•S1 - 905 •S2 - 863
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ALUMINIUM(OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 111.5 •R1 - 109.3
support
•S1 - 106.8 •S2 - 104.5
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