Weekly Newsletter Newsletter-Commodity Commodity 04/09/2010
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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 Copper, aluminum, zinc, lead around 5-mth highs Gold futures rise above $1,320 on inflation worry Silver consolidate to near 30-year peak Oil rises in biggest weekly gain since July U.S. manufacturing growth slowed last month
Gold maintained the rally for 3
rd
consecutive week and made a new all time high of $
1320.65 after breaching its recent high of $ 1315.95. It touched the weekly low of $ 1281 and ended at $ 1318.70, near its all time high. Gold dipped amid week on profit-taking after rallying to highs, racking up its eighth consecutive quarterly gain as the Federal Reserve stood ready to pump more cash into the U.S. economy to stave off double-dip recession and unemployment claims down at 453K boosted the equity markets. On fundamental side, world’s largest gold backed ETF, New York’s SPDR reported an eased down holdings at 1,304.776 tonnes by Sept 30 from 1,305.688 tonnes.
Crude oil gained for second consecutive week and touched a fresh seven week high of $ 81.67 and ended close to it at $ 81.64. Crude oil rose as a batch of encouraging economic data from the US propped up hopes that demand from the major energy consumer would pick up. It was complimented by lower jobless claims at 453K. The OPEC meet in Vienna next month is expected to keep its oil production targets unchanged. Iran's OPEC governor expects oil prices to reach $80 per barrel by the start of winter, assuming there are no major changes in the market. The stronger than expected revival in Chinese manufacturing PMI also boosted uptrend for crude prices.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1420
R3 1383
R2 1345
R1 1332
P 1307
S1 1294
S2 1270
S3 1232
S4 1194
OUTLOOK Trend:- Bullish 1332,1375$ Resistance:- 1332,1375 Support:- 1307,1283 1283$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 25.08
R3 23.97
R2 22.86
R1 22.48
P 21.75
S1 21.37
S2 20.64
S3 19.53
S4 18.42
OUTLOOK Trend:- Bullish Resistance:- 22.55 22.55,23.90$ Support:- 21.35,20.8 20.80$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 98.1
R3 91.9
R2 85.8
R1 83.7
P 79.6
S1 77.5
S2 73.4
S3 67.4
S4 61.1
OUTLOOK Trend:- Consolidate Resistance:- 83.70,88 83.70,88.70$ Support:- 79.90,75 79.90,75.50$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.53
R3 4.30
R2 4.08
R1 3.93
P 3.85
S1 3.71
S2 3.63
S3 3.40
S4 3.18
OUTLOOK Trend:- Consolidate Resistance:- 4.1400,4.490$ Support:- 3.680,2.970 2.970$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 410.8
R3 395.7
R2 380.6
R1 374.5
P 365.5
S1 359.4
S2 350.4
S3 335.3
S4 320.2
OUTLOOK Trend:- Bullish Resistance:- 372,390 Support:- 358,343 ,343 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.45
R3 46.52
R2 45.59
R1 44.97
P 44.66
S1 44.04
S2 43.73
S3 42.80
S4 41.87
OUTLOOK Trend:- Bearish Resistance:- 44.85, 44.85,45.70 Support:- 44.10,43.2 10,43.20 Strategy:- Sell on high USD/INR WEEKLY
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