Weekly Newsletter Newsletter-Commodity Commodity 03/01/2011
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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 Second year of top gains set high hopes for 2011 in commodities Silver is hottest commodity in CRB, rising 83 pct Gold posts 10th annual gain Copper caps 2010 with run of records Oil hits 26-month high to end 2010 up 15 pct
Gold gained almost 30% this year and posted its tenth annual gain.
Gold ended positive
for fifth consecutive week while posting one of the biggest weekly gains to end near its all time of $1431.12. Gold gained $48 this week to end the year on positive note at $1421.15. The surge in gold is due to languishing dollar and uncertain global economic stability. Precious metals outlook in 2011 is positive while Gold will continue to rise in 2011 on the back of strong fundamentals, inflationary pressures in China and abundant liquidity in the global markets complimented by a weaker dollar. Though on a cautious note, holdings of the world’s largest gold backed ETF, New York’s SPDR fell to 1,280.722 tonnes vs. 1,284.973 tonnes, it’s lowest since early June.
Crude oil ended positive for 3rd consecutive week hitting a fresh 28-month high of $92.03 while it gained 15% in 2010 though its weekly gain were comparatively less on smaller than expected drop in crude oil inventories. Crude oil gained $0.57 this week to end at $91.39 on the back of positive U.S economic data like jobless claims which came down at 388k & pending home sales up at 3.5%. The demand of crude in 2011 is expected to rise as the OPEC is not clear over increasing the crude production in coming half year of 2011. The crude inventories for the week came at (-) 1.3m vs. (-) 5.3m against expected at (-) 2.8m. Natural gas lost 20.9% this year while ended the week at $4.392 gaining 7.6% this week. The natural gas storage came at (-) 136b.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1554
R3 1504
R2 1454
R1 1438
P 1404
S1 1388
S2 1354
S3 1304
S4 1254
OUTLOOK Trend:- Bullish 438,1480$ Resistance:- 1438 Support:- 1402,13 1371$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 36.77
R3 34.57
R2 32.37
R1 31.60
P 30.17
S1 29.40
S2 27.97
S3 25.77
S4 23.57
OUTLOOK Trend:- Bullish Resistance:- 31.60,32.40 31.60,32.40$ Support:- 30.20,29.40 30.20,29.40$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 99.9
R3 96.9
R2 93.8
R1 92.6
P 90.8
S1 89.6
S2 87.8
S3 84.8
S4 81.7
OUTLOOK Trend:- Consolidate Resistance:- 93.80 93.80,98.90$ Support:- 89.10,85 .10,85.20$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.49
R3 5.09
R2 4.69
R1 4.54
P 4.29
S1 4.14
S2 3.89
S3 3.49
S4 3.09
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 510.1
R3 485.3
R2 460.5
R1 451.9
P 535.8
S1 427.1
S2 411.0
S3 386.2
S4 361.5
OUTLOOK Trend:- Bullish Resistance:- 452,473 Support:- 421,399 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.74
R3 46.12
R2 45.50
R1 45.10
P 44.88
S1 44.48
S2 44.26
S3 43.64
S4 43.02
OUTLOOK Trend:- Consolidate Resistance:- 45.400,46.20 Support:- 44.50,43.90 43.90 Strategy:- Sell on high USD/INR WEEKLY
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