Weekly Newsletter Newsletter-Commodity Commodity 27/12/2010
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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 rises towards $1,385/oz as dollar retreats SPDR gold ETF heads for biggest weekly outflow since July Euro rebounds from three-week low versus dollar Copper steady in thin trade Oil hovered around its highest levels in more than two years
Gold
bounced back from a week low to end in green at $1384.50 adding almost $5.
Gold regained strength due to bargain hunting though thin trade owing to festive season and volatile Euro can direct gold in either trend. Investors are eyeing tensions in Korean peninsula while Euro rebounded from its week low but it may see further downside as debt crisis has also engulfed Ireland & Portugal. As we said in our earlier report, Gold is still in consolidation phase and another stroke of tensions from Euro zone will help precious metal to see further upside though $1410 is level one can cap upside for gold prices. World’s largest gold backed ETF, NY’s SPDR holdings slipped to 1,284.973 tonnes vs. 1,288.616 tonnes.
Crude oil gained 2.77% this week end at $91.45 after touching a fresh two year high of $91.91. Crude oil breached its two year broader range of $68 - $87 to settle above magic number $90. Crude oil price is complimented by upbeat U.S economic data like jobless claims at 420k and durable goods order up at 2.4%. Also, cold weather in most countries is fueling the demand. The U.S crude stockpiles are also depleting as crude oil inventories this week came down at (-) 5.3m against as expected (-) 1.1m. The crude oil prices are expected to be in uptrend in coming weeks as OPEC is not likely to increase oil production because emerging market economies are growing with crude prices above $90 and OPEC is also uncertain about conditions to increase o/p in coming year.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1442
R3 1422
R2 1402
R1 1391
P 1382
S1 1371
S2 1362
S3 1342
S4 1322
OUTLOOK Trend:- Consolidate Resistance:- 1392 92,1420$ Support:- 1371,13 1345$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 31.54
R3 30.75
R2 29.96
R1 29.58
P 29.17
S1 28.79
S2 28.38
S3 27.59
S4 26.80
OUTLOOK Trend:- Consolidate Resistance:- 29.58 58,30.45$ Support:- 28.75,27 5,27.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 101.9
R3 98.0
R2 94.1
R1 92.8
P 90.2
S1 88.9
S2 86.4
S3 82.5
S4 78.6
OUTLOOK Trend:- Consolidate Resistance:- 93.80 93.80,98.90$ Support:- 87.10,85 87.10,85.20$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.89
R3 4.63
R2 4.37
R1 4.24
P 4.11
S1 3.98
S2 3.85
S3 3.58
S4 3.32
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 463.6
R3 450.1
R2 436.6
R1 430.9
P 423.1
S1 417.4
S2 409.6
S3 396.1
S4 382.6
OUTLOOK Trend:- Bullish Resistance:- 431,443 31,443 Support:- 413,403 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.39
R3 46.66
R2 45.93
R1 45.47
P 45.20
S1 44.74
S2 44.47
S3 43.74
S4 43.01
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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