Weekly Newsletter Newsletter-Commodity Commodity 20/12/2010
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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 SPDR gold ETF sees further outflow, Indian demand soft Euro declined for a second straight week against the dollar 2011 outlook remains bullish for gold Copper ends up as market eyes 2011 demand boost LME copper stocks up for 5th straight day
Gold
ended negative for second consecutive week after touching weekly high of
$1408.08 to end at $1375.10. The precious metal lost its appeal as a safe haven as number of U.S economic data jumped up in November. Gold lost almost $5 this week as U.S jobless claims came lower & Industrial activity came up at 24.3 signaling economic recovery. Bargain hunting for gold came in physical market from Asian countries & investors complimented by a weaker dollar, also, due to uncertainties over Europe’s debt contagion as Moody’s cut Ireland’s debt rating & putting Spain & Belgium in review. Gold is seen in the range of $1420 - $1370 till the year end due to thin trading and holidays. The holding’s of the worlds’ largest gold backed ETF, New York’s SPDR fell to a two month low of 1,283.757 tonnes.
Copper ended up for third consecutive week and surged $7 to end the week at $416.35. Copper made a new all time high of $421.95 while it touched weekly low of $407.17. Copper’s bullish trend is supported by its demand expectations in coming year and positive U.S economic data. Copper edged higher despite a rallying dollar against Euro as investors kept eye on stream of positive U.S economic data & China’s copper restocking next year. The industrial activity in U.S came up as Philly fed manufacturing index came at 24.3 vs. 22.5 while supply demand fundamental will continue to triumph for copper. London metal exchange (LME) benchmark copper ended up $79 at $9,070 a tonne, nearly $200 away from its all time high of $9,267.5 hit on Dec. 14.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1415
R3 1401
R2 1387
R1 1381
P 1373
S1 1367
S2 1359
S3 1345
S4 1331
OUTLOOK Trend:- Consolidate Resistance:- 1377 1377,1420$ Support:- 1361,13 1345$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 33.99
R3 32.37
R2 30.75
R1 29.94
P 29.13
S1 28.32
S2 27.51
S3 25.89
S4 24.27
OUTLOOK Trend:- Consolidate Resistance:- 29.35, 29.35,30.25$ Support:- 28.45,27 28.45,27.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 96.0
R3 93.4
R2 90.7
R1 89.4
P 88.1
S1 86.8
S2 85.5
S3 82.9
S4 80.2
OUTLOOK Trend:- Consolidate Resistance:- 90.70, 90.70,93.90$ Support:- 85.90,80.20 .90,80.20$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.96
R3 5.37
R2 4.77
R1 4.41
P 4.18
S1 3.82
S2 3.58
S3 2.99
S4 2.39
OUTLOOK Trend:- Bearish Resistance:- 4.240, 4.240,4.650$ Support:- 3.860,3. 3.520$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 459.5
R3 444.7
R2 429.9
R1 423.1
P 415.2
S1 408.4
S2 400.4
S3 385.6
S4 370.8
OUTLOOK Trend:- Bullish Resistance:- 423,43 423,437 Support:- 405,391 ,391 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.48
R3 46.72
R2 45.96
R1 45.56
P 45.20
S1 44.80
S2 44.44
S3 43.68
S4 42.92
OUTLOOK Trend:- Consolidate Resistance:- 45.60 60,46.20 Support:- 44.70,43.90 43.90 Strategy:- Sell on high USD/INR WEEKLY
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