The document summarizes commodity market news. Gold prices rose to a new record high above $1,820/ounce amid concerns about the global economy. Oil fell $3 on weak US economic data that increased recession fears. Copper prices fell to a one-week low on worries about slowing economic growth and rising dollar. Unemployment claims in the US rose more than expected last week. The newsletter provides technical analysis on commodity market trends and levels of resistance and support for gold, silver, copper, crude oil, natural gas, lead, zinc, nickel and aluminum.
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MARKET WRAP
Gold rises to record amid fears on recession
Oil fell $3 on Thursday as a raft of weak U.S. economic data
U.S. crude down 13 percent in August
Copper falls to one-week low
Aluminium hitting its lowest level since late December
Claims for unemployment benefits rose more than expected last week
Gold rallied 2 percent to new high above $1,820 an ounce on Thursday, after U.S.
economic data pointed to a stalled economy, while renewed concern about the health of
European banks brought safe-haven buying. Oil fell $3 on Thursday as a raft of weak
U.S. economic data provided a fresh blow to shaky investor confidence and extended
U.S. oil's losses to 13 percent so far in August. Copper fell on Thursday as disappointing
U.S. macroeconomic data reinforced worries about an economic slowdown and prospects
for growth and demand, with a stronger dollar also undermining sentiment.
ECONOMIC CALENDAR
Date Time Currency Economic Data Forecast Previous
Fri 10:00am JPY All Industries Activity m/m 2.3% 2.0%
Aug 19
11:30am EUR German PPI m/m 0.2% 0.1%
2:00pm GBP Public Sector Net Borrowing 0.4B 12.0B
6:00pm USD FOMC Member Dudley Speaks
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ALUMINIUM(AUG
AUG)
Trend • Consolidate
Strategy • Sell on high
•R2 - 110.5
Resistance
•R1 - 107.6
•S1 - 105.8
support
•S2 - 102.5
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