Weekly Newsletter Newsletter-Commodity Commodity 01/11/2010
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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 1 pct as dollar slumps ahead of Fed Fed Reserve policy 2-day meeting Nov 2-3 Oil slides on tepid growth, awaits Fed meeting Copper ends lower, hits 3-week low U.S. economy grew at a 2.0 percent annual rate
Gold
recovered this week and rallied post slack US GDP data and boosted by
expected Fed reserve monetary stimulus that may be larger than expected that will spark another selling pressure in dollar resulting an uptrend in gold. The rally is complimented by festival season in India that may raise gold sales up by 40%. Gold gained $27 to settle at $1359.15 and touched weekly low of $1318.88. The next resistance for gold is seen at $1374. World gold council report has showed a buying of 28.30 tonnes in physical market via gold backed exchange traded funds bringing total holdings to a new record high of 2070.10 metric tonnes, worth $ 87 billion.
Copper ended down this week after resisting its long standing January trendline and touched an all time high of $388.63. Copper shred $8 to settle at $374.25 and touched weekly low of $370.02. Copper shredded most of its gains later in the week on profit booking post US GDP data at 2.0% and a weaker dollar due to expected fed reserve monetary easing. The supply side concerns still looms on this metal as world’s no.3 copper mine in Chile is seeing a potential strike. The LME monitored copper stocks fell by 575 tonnes to 368,025 tonnes and COMEX copper fell by 163 tonnes to 75,459 tonnes.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1467
R3 1426
R2 1386
R1 1372
P 1346
S1 1332
S2 1305
S3 1265
S4 1225
OUTLOOK Trend:- Bullish 72,1395$ Resistance:- 1372 Support:- 1343,13 1311$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 28.92
R3 27.34
R2 25.76
R1 25.24
P 24.18
S1 23.66
S2 22.60
S3 21.02
S4 19.44
OUTLOOK Trend:- Bullish Resistance:- 25.25 25.25,26.55$ Support:- 24.20,22.60 22.60$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 89.9
R3 87.2
R2 84.4
R1 82.9
P 81.7
S1 80.2
S2 79.0
S3 76.3
S4 73.5
OUTLOOK Trend:- Consolidate Resistance:- 84.300,88.90$ Support:- 79.80,75 0,75.50$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 6.17
R3 5.37
R2 4.57
R1 4.30
P 3.78
S1 3.51
S2 2.98
S3 2.18
S4 1.38
OUTLOOK Trend:- Consolidate Resistance:- 4.140,4.480 4.140,4.480$ Support:- 3.760,3.25 3.250$ Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 433.4
R3 414.9
R2 396.2
R1 385.2
P 377.6
S1 366.6
S2 359.0
S3 340.4
S4 321.8
OUTLOOK Trend:- Consolidate Resistance:- 387,403 Support:- 371,354 71,354 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 45.57
R3 45.17
R2 44.17
R1 44.54
P 44.37
S1 44.14
S2 43.97
S3 43.57
S4 43.17
OUTLOOK Trend:- Consolidate Resistance:- 44.85, 44.85,45.30 Support:- 44.05,43.25 Strategy:- Buy on dips USD/INR WEEKLY
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