Weekly Newsletter Newsletter-Commodity Commodity 01/08/2011
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (LME) USD/INR
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MARKET WRAP Crude Oil falls on weak U.S. GDP, debt worries U.S. crude fell 4.2 percent for the week Gold rises 9 pct in July, silver up 15 pct Copper ends up for second straight monthly gain Escondida copper mine strike supports
Gold ended up for fourth consecutive week extending its monthly gains to 9% & made a new all time high of $1632.70 and ended the week at $1625.64. Precious metals gains on concerns over U.S debt ceiling agenda and weaker U.S GDP data showing contraction. SPDR Gold ETF rose to a six month high of 1,262.98 tonnes. Silver ended down more than 3% after making a new 3 month high of $41.44 & ended at $39.87.
Copper resumed its uptrend and ended the week with a gain of 2% at $9799. Copper posted its second straight monthly gain as investors bet on improved demand in the H2FY11, along with a supply shortfall, with production problems mounting in top producer Chile. U.S copper ended the week up at $448.65 supported by drop in jobless claims. Copper trend would depend on strikes in Chile copper mines & U.S debt ceiling.
Crude Oil ended down after four weeks of uptrend on the back of profit booking as risk of recession looms on U.S economy and Euro debt jitters. Crude oil made a new six week high of $100.61 and ended down at $95.91 after U.S GDP data showed contraction in the Q2
signaling
weaker
demand
outlook.
Brent
crude
ended
down
at $116.59. EIA crude oil inventories w/w came at 2.3M as against expected at (-) 1.2M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1709
R3 1679
R2 1650
R1 1638
P 1620
S1 1608
S2 1591
S3 1561
S4 1532
OUTLOOK Trend:- Bullish 1640,1675$ Resistance:- 1640 Support:- 1603,1573 1573$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 46.57
R3 44.44
R2 42.3 42.31
R1 41.07
P 40.18
S1 38.94
S2 38.05
S3 35.92
S4 33.79
OUTLOOK Trend:- Consolidate Resistance:- 40.85,42.95 40.85,42.95$ Support:- 38.80,37.75 38.80,37.75$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 114.1
R3 108.5
R2 102.8
R1 99.3
P 97.1
S1 93.7
S2 91.5
S3 85.8
S4 80.2
OUTLOOK Trend:- Consolidate Resistance:- 101,106.2 ,106.2$ Support:- 94.6,90.4 ,90.4$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.11
R3 4.82
R2 4.53
R1 4.34
P 4.24
S1 4.05
S2 3.95
S3 3.66
S4 3.37
OUTLOOK Trend:- Consolidate Resistance:- 4.560, 0,4.950$ Support:- 4.040,3.720 3.720$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 10445
R3 10208
R2 9971
R1 9885
P 9734
S1 9648
S2 9497
S3 9260
S4 9023
OUTLOOK Trend:- Consolidate Resistance:- 9910 9910,10160 Support:- 9565,9220 9220 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 45.87
R3 45.30
R2 44.73
R1 44.47
P 44.16
S1 43.90
S2 43.59
S3 43.02
S4 42.45
OUTLOOK Trend:- Consolidate Resistance:- 44.80, 44.80,45.30 Support:- 43.85,443.20 Strategy:- Sell on high USD/INR WEEKLY
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