Weekly Newsletter Newsletter-Commodity Commodity 13/09/2010
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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 Dollar's sharp gains on yen pressured gold Gold ends off, hit by firm dollar Copper, aluminum stockpiles continue decline Copper suffering its first weekly decline in four weeks U.S. crude rose 3 percent to hit a four-week high above $76
Gold turned red after five consecutive weekly gains owing to better US economic data and rising global equity markets. Gold has made a double top and resisted at a new two month high of $1262 and a weekly low of $ 1237 to end at $ 1246. The shine of gold as a safe haven became less in the later part of the week as it shred $ 11 on better than expected US jobless claims data at 451K vs. 470K and lower US trade balance at (-)42.88B. Gold consolidated this week as market waits for fresh momentum to climb higher as it is in a tight range of $ 1260 - $ 1240. The world’s largest gold back ETF, New York’s SDPR gold trust reported a drop in its holdings by 0.911 tonnes for second consecutive weeks. Its now at 1,293.531 tonnes.
Copper settled at $ 340 ending the three consecutive weeks’ gains. Copper shred $ 8 after resisting at $351.88 and touched weekly low of $ 338. Base metals melt down after as Chinese government clamps down on property speculation, shutters energyintensive factories and limits lending led by liquidation in Shanghai zinc where open interest fell 10 percent. On an average, metals on LME slumped by 3 percent with rising dollar against euro supported weak trend. The latest data of Chinese industrial production came better than expected at 13.9% vs. 13.1% while its consumer prices rose 3.5%. This economic data may support the falling copper in the coming week.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1325
R3 1299
R2 1274
R1 1260
P 1248
S1 1234
S2 1222
S3 1197
S4 1171
OUTLOOK Trend:- Bullish 64,1290$ Resistance:- 1264 Support:- 1225,1192 ,1192$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 21.59
R3 21.01
R2 20.43
R1 20.14
P 19.85
S1 19.56
S2 19.27
S3 18.69
S4 18.11
OUTLOOK Trend:- Bullish Resistance:- 20.15 20.15,20.85$ Support:- 19.45,18.90 18.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 87.5
R3 83.4
R2 79.4
R1 78.0
P 75.3
S1 73.9
S2 71.2
S3 67.1
S4 63.1
OUTLOOK Trend:- Consolidate Resistance:- 77.50, 77.50,82.90$ Support:- 72.30,69.70 69.70$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.53
R3 4.30
R2 4.06
R1 3.97
P 3.83
S1 3.73
S2 3.60
S3 3.36
S4 3.13
OUTLOOK Trend:- Consolidate Resistance:- 4.130 4.130,4.490$ Support:- 3.680,2.970 2.970$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 383.5
R3 370.2
R2 356.8
R1 348.4
P 343.5
S1 335.1
S2 330.1
S3 316.7
S4 303.4
OUTLOOK Trend:- Consolidate Resistance:- 349,365 Support:- 337,3233 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 48.61
R3 47.89
R2 47.17
R1 46.71
P 46.45
S1 45.99
S2 45.73
S3 45.01
S4 44.29
OUTLOOK Trend:- Consolidate Resistance:- 47.155,48.10 Support:- 45.80,45.10 ,45.10 Strategy:- Sell on high USD/INR WEEKLY
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