Weekly Newsletter Newsletter-Commodity Commodity 06/09/2010
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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 Silver rallies more than 1 pct to near 2-1/2 year high U.S dollar fell against the euro Gold cuts loss after weak ISM data Copper ends off 4-month high on weak services data US payrolls fall by less than expected
Gold gained marginally this week after better than expected US economic data posted in last two weeks. Gold is at $1246.60 and managed to continue its uptrend for fifth straight week. It gained $9 after resisting $1254 and touched weekly low of $1231. Gold shred most of its early week gains as US jobless claims came down at 472K, Non-farm payrolls down at (-) 54K and Pending home sales jumped up to 5.20%. The RSI for gold is at 66 which signal near to overbought market & gold has turned red in its monthly chart. The holdings of the worlds’ largest gold backed exchange traded fund, New York’s SPDR gold trust fell for the first time in a week with the drop of 9.12 tonnes straight marking the largest one-day decline since late July.
Copper
is up at $ 349 gaining $10 and accumulated 2% gains on weekly basis.
It touched weekly high of $ 352 and took support of $334. Copper ended positive on stronger economic data as pending home sales is up at 5.20% & lower jobless claims complimented the uptrend. The Metal was higher as the dollar fell against the euro after a successful Spanish govt. debt auction and the ECB keeping the key rates unchanged. The fundamental reason for bullish copper is strong rebound seen in Asian economy, specifically biggest consumer such as China posting better Chinese manufacturing data & India’s Q1 GDP up at 8.8% supported by growth in manufacturing sector at 12.4%.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1313
R3 1290
R2 1267
R1 1257
P 1244
S1 1234
S2 1221
S3 1198
S4 1176
OUTLOOK Trend:- Bullish 53,1290$ Resistance:- 1253 Support:- 1227,1192 ,1192$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 22.88
R3 21.76
R2 20.64
R1 20.22
P 19.52
S1 19.10
S2 18.40
S3 17.28
S4 16.16
OUTLOOK Trend:- Bullish Resistance:- 19.94 94,20.85$ Support:- 19.45,18.90 18.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 85.8
R3 81.8
R2 77.8
R1 76.0
P 73.8
S1 72.0
S2 69.8
S3 65.8
S4 61.8
OUTLOOK Trend:- Consolidate Resistance:- 77.50, 77.50,82.90$ Support:- 72.10,69.70 69.70$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.59
R3 4.34
R2 4.09
R1 4.00
P 3.84
S1 3.75
S2 3.59
S3 3.34
S4 3.09
OUTLOOK Trend:- Bearish Resistance:- 4.130 4.130,4.490$ Support:- 3.520,2.970 2.970$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 400.3
R3 382.0
R2 363.7
R1 356.5
P 345.4
S1 338.3
S2 327.1
S3 308.7
S4 290.4
OUTLOOK Trend:- Bullish Resistance:- 353,367 Support:- 339,3266 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 48.78
R3 48.07
R2 47.36
R1 46.91
P 46.65
S1 46.20
S2 45.94
S3 45.23
S4 44.52
OUTLOOK Trend:- Consolidate Resistance:- 47.155,48.10 Support:- 45.80,45.10 ,45.10 Strategy:- Buy on dips USD/INR WEEKLY
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