Weekly Newsletter Newsletter-Commodity Commodity 13/12/2010
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (Comex) USD/INR
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MARKET WRAP Gold fell more than 2 percent w/w basis U.S. crude oil futures fell 1.57 percent this week China crude oil imports surge in Nov China copper imports up almost 30 percent Copper near record high after China imports data
Gold ended the week negative after touching a new all time high of $1431.12. Gold fell more than 2%, its biggest weekly fall in nearly two months as investors booked in profits and liquidated from this yellow metal due to upbeat U.S economic data. U.S consumer confidence at 6-month high and rebound in dollar dulled the gold’s shine, shredding almost $26 to end the week at $1385.80. Gold is further expected to correct as rising U.S treasury yields & interest rates will prompt investors to exit gold while China’s monetary tightening is another factor. Next trigger for Gold will be the Fed reserve meeting this week that will decide its further trend. Holdings of the world’s largest gold backed ETF, New York’s SPDR gold holdings fell by 1.518 tonnes to 1.293.778 tonnes.
Copper ended up for second consecutive week on the back of upbeat U.S economic data while its gains were capped by China’s monetary tightening. Copper gained almost $11 to end the week at $410.98 after touching a new all time high of $414.65 heading towards its 161.8 retracement level of $422.8. China’s copper imports were up almost 30% while U.S consumer sentiment at 6 month is supporting copper prices well, also, supply side shortages of copper due to falling ore grades, labor problems and project delays and continuous fall in LME inventories has fuelled up its demand. LME monitored copper inventories fell by 800 tonnes to 349,450 tonnes, having fallen from six and a half years high at 555,075 tonnes hit in February.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1575
R3 1515
R2 1456
R1 1421
P 1396
S1 1361
S2 1336
S3 1277
S4 1217
OUTLOOK Trend:- Consolidate Resistance:- 1298, 1298,1435$ Support:- 1371,13 1324$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 37.29
R3 34.56
R2 31.83
R1 30.23
P 29.10
S1 27.50
S2 26.37
S3 23.64
S4 20.91
OUTLOOK Trend:- Consolidate Resistance:- 29.35, 29.35,30.25$ Support:- 27.95,26 27.95,26.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 99.4
R3 95.8
R2 92.1
R1 89.9
P 88.5
S1 86.3
S2 84.9
S3 81.3
S4 77.6
OUTLOOK Trend:- Consolidate Resistance:- 90.70, 90.70,93.90$ Support:- 86.90,80.20 86.90,80.20$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.34
R3 5.04
R2 4.75
R1 4.59
P 4.46
S1 4.29
S2 4.17
S3 3.88
S4 3.58
OUTLOOK Trend:- Consolidate Resistance:- 4.650 650,4.910$ Support:- 4.180,3.760 3.760$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 460.9
R3 443.1
R2 425.3
R1 418.1
P 407.5
S1 400.3
S2 389.7
S3 371.9
S4 354.1
OUTLOOK Trend:- Bullish Resistance:- 418,427 ,427 Support:- 401,391 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.21
R3 46.46
R2 45.71
R1 45.34
P 44.96
S1 44.59
S2 44.21
S3 43.46
S4 42.71
OUTLOOK Trend:- Consolidate Resistance:- 45.35 35,46.20 Support:- 44.70,43.90 43.90 Strategy:- Sell on high USD/INR WEEKLY
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