Weekly Newsletter Newsletter-Commodity Commodity 25/10/2010
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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 ended the five consecutive week uptrend Dollar recovers versus the euro Lead and Zinc trading near multi week high Copper ended down marginally this week SDPR holdings slipped down to 1,298.266 tonnes
Gold ended the five consecutive week uptrend as a major expected correction of 4% - 5% was seen this week posting the biggest weekly fall in four months. The 14 day RSI for gold is now eased down to 50.1760. Gold opened at $1367 and shred $40 to end at $1328 and touched the weekly low of $1314. Now the crucial support for gold is at $1310 & resistance is seen at $1340. Crucial US economic data like unemployment claims lower at 452k vs. 475k and rebound in the dollar broke the sell-dollar/buy commodities period. The world’s largest gold backed ETF, New York’s SDPR holdings slipped down to 1,298.266 tonnes vs. 1,230.436 tonnes.
Copper ended down marginally this week at $380.05 after touching a new all time high of $387.23. Copper consolidated between $371- $384 and touched the weekly low of $371.65. Copper ended down as momentum stalled in line due to lack of direction from the equity market and US dollar capping gains. Copper tumbled as china surprised markets with interest rates hikes, also, the CNY industrial production slipped down to 13.3% and Philly fed manufacturing index too came down at 1.0 vs. 2.3.. Copper was supported by tightening supply/demand balance reflected in widening market deficit of 356,000 tonnes between 1st half of the year. London metal exchange copper stocks dropped down by 1,175 tonnes to 368,825 tonnes.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1518
R3 1459
R2 1399
R1 1363
P 1339
S1 1304
S2 1280
S3 1220
S4 1160
OUTLOOK Trend:- Bullish 1340,1387$ Resistance:- 1340, Support:- 1311,1288 1288$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 28.53
R3 26.86
R2 25.19
R1 24.22
P 23.52
S1 22.55
S2 21.85
S3 20.18
S4 18.51
OUTLOOK Trend:- Bullish Resistance:- 23.85,24.75$ Support:- 22.60,21.85 21.85$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 94.2
R3 90.1
R2 86.0
R1 84.0
P 81.9
S1 79.9
S2 77.8
S3 73.7
S4 69.6
OUTLOOK Trend:- Consolidate Resistance:- 84.300,88.90$ Support:- 79.80,75 0,75.50$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.37
R3 4.05
R2 3.73
R1 3.53
P 3.40
S1 3.21
S2 3.08
S3 2.76
S4 2.44
OUTLOOK Trend:- Bearish Resistance:- 3.460, 3.460,3.690$ Support:- 3.250,2.970 2.970$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 426.4
R3 410.8
R2 395.2
R1 387.6
P 379.6
S1 372.1
S2 364.1
S3 348.5
S4 332.9
OUTLOOK Trend:- Bullish Resistance:- 387,403 Support:- 369,356 69,356 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.08
R3 45.51
R2 44.94
R1 44.72
P 44.37
S1 44.15
S2 43.80
S3 43.23
S4 42.66
OUTLOOK Trend:- Consolidate Resistance:- 44.85, 44.85,45.30 Support:- 44.05,43.25 Strategy:- Buy on dips USD/INR WEEKLY
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