Weekly Newsletter Newsletter-Commodity Commodity 10/01/2011
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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 U.S. non-farm payrolls increased by 103,000 in December U.S. jobless rate fell to 9.4 percent from 9.8 percent Copper ended down for a fourth consecutive session Crude oil ended down 3.7 percent for the week Gold's biggest weekly loss since May on economic optimism
Gold
ended the first week of 2011 in red shredding almost 3% on weaker
U.S economic data though physical buying from Asian markets is supporting the gold prices. Gold opened the week at $1416.80 and made a weekly low of $1352.60 to end the week at $ 1369.25, down $47.55. Gold ended down to due strength in dollar as ADP private jobs jumped suddenly though weaker U.S jobless claims and Non-farm employment change helped gold to recover. Silver fell more than 6%, its biggest weekly loss in six months as it opened at $30.77 and ended down at $28.65, making a bearish engulfing pattern. The holdings of the world’s largest silver backed ETF, iShares silver trust, slipped to 10892.87 tonnes on Jan 6 vs. 10964.14 tonnes on Dec 14.
Copper
ended negative after five weeks shredding $19 or 4.26% to end at $426.75.
Though copper is in overall a bullish trend but ended negative after five weeks consecutive gains posting its biggest weekly loss in seven months. Copper gains were erased due to strengthening dollar and expected monetary tightening in major economies like China, one of the top consumers of metals, and United States. The weaker U.S Non-farm employment change at 103k and jobless claims at 409k prompted investors to book profit. A stronger dollar and weak stock markets pulled down by disappointing retail sales also added pressure on base metals. The dollar index ended up at 79.5.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1596
R3 1524
R2 1453
R1 1411
P 1382
S1 1340
S2 1311
S3 1239
S4 1168
OUTLOOK Trend:- Consolidate Resistance:- 1391, 1391,1421$ Support:- 1355,1330 1355,1330$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 38.11
R3 35.21
R2 32.31
R1 30.51
P 29.41
S1 27.61
S2 26.51
S3 23.61
S4 20.71
OUTLOOK Trend:- Bullish Resistance:- 29.40,30.60 29.40,30.60$ Support:- 27.92,26.90 27.92,26.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 105.4
R3 100.0
R2 94.7
R1 91.5
P 89.4
S1 86.2
S2 84.1
S3 78.7
S4 73.4
OUTLOOK Trend:- Consolidate Resistance:- 89.60, 89.60,93.80$ Support:- 86.90,85 85.20$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.61
R3 5.23
R2 4.85
R1 4.63
P 4.48
S1 4.26
S2 4.10
S3 3.72
S4 3.34
OUTLOOK Trend:- Consolidate Resistance:- 4.6900,4.990$ Support:- 3.860,3. 3.520$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 507.4
R3 482.7
R2 458.0
R1 442.4
P 433.3
S1 417.7
S2 408.6
S3 383.9
S4 359.2
OUTLOOK Trend:- Bullish Resistance:- 434,452 452 Support:- 419,399 ,399 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 48.03
R3 47.06
R2 46.09
R1 45.72
P 45.12
S1 44.75
S2 44.15
S3 43.18
S4 42.21
OUTLOOK Trend:- Consolidate Resistance:- 45.800,46.70 Support:- 44.70,43.90 43.90 Strategy:- Buy on dips USD/INR WEEKLY
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