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Daily commodity news letter by CapitalHeight 15 09-10
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MARKET WRAP
Gold hit record highs above $1,274
Strong U.S. retail sales support oil prices
Oil steady at $77
Euro up V/s Dollar
Base metals cut losses on Tuesday
Gold hit record highs above $1,270 an ounce on Tuesday in its biggest one-day rally in
four months, as the U.S. dollar declined broadly after upbeat data failed to convince
investors to shift into risk-linked assets. Oil remained on Tuesday below Monday's one-
month high, with traders reluctant to take strong positions ahead of eagerly awaited
inventory numbers. Base metals cut losses on Tuesday as a better-than-expected retail
sales report in the United States boosted demand expectations and eased concerns
about a double-dip downturn.
ECONOMIC CALENDAR
Date Time Currency Economic Data Forecast Previous
Wed 2:30pm EUR CPI y/y 1.6% 1.6%
Sep 15
2:30pm EUR Core CPI y/y 0.9% 1.0%
6:00pm USD Empire State Manufacturing Index 8.7 7.1
6:00pm USD Import Prices m/m 0.2% 0.2%
6:45pm USD Capacity Utilization Rate 75.1% 74.8%
6:45pm USD Industrial Production m/m 0.3% 1.0%
8:00pm USD Crude Oil Inventories -2.6M -1.9M
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ALUMINIUM(SEP)
Trend • Consolidate
Strategy • Sell on dips
•R2 - 101.5
Resistance
•R1 - 99.5
•S1 - 97.2
support
•S2 - 94.5
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