Weekly Newsletter Newsletter-Commodity Commodity 15/11/2010
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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 Silver posted biggest one-day loss since February Gold falls most since July U.S. crude oil Prices fell 2.27 percent this week Copper slips after touching record high Zinc falls as much as 7 percent
Gold touched a new all time high of $1424 this week but failed to retrace the Fibonacci level of 161.8 as it tumbled down more than 2% due to global economic uncertainties. Gold shredded $30 to end the week at $1368 and took support of 61.8 Fibonacci level. The crucial support for gold is now at $1340 and resistance is seen at $1386 & 14 day RSI is at 51.62. The reason for sell off in gold was rise in dollar as it rose to a six week high against Euro that ended the sell dollar-buy commodity chain. Also, the European sovereign debt problem and concerns over major currency imbalance prompted investors to book profits and liquidate positions. World’s largest gold backed ETF, NY’s SPDR holdings slipped down to 1,290.855 vs. 1,291.766 tonnes.
Crude oil touched a new two year high this week of$88.1 but ended down as its gains were capped by sell off in commodities. Crude ended very weak as it made a weekly low of $84.52 & ended at $84.59. Crude weekly gains were erased in the last trading day as investors liquidated their positions in commodities and turned to rising dollar as a safety heaven amid concerns over worrying European debt crisis. Also, China’s crude imports in Oct fell to their lowest in 19 months. The EIA data reported crude inventories at (-)3.3m vs. 2.0m. Natural gas made three black crows on profit booking this week and ended at $3.806 while inventory this week was at 19B vs. 67B as against expected 24B.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1578
R3 1513
R2 1449
R1 1408
P 1384
S1 1344
S2 1320
S3 1255
S4 1191
OUTLOOK Trend:- Consolidate Resistance:- 1387 387,1408$ Support:- 1357,13 1311$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 37.76
R3 34.19
R2 30.62
R1 28.33
P 27.05
S1 24.76
S2 23.48
S3 19.91
S4 16.34
OUTLOOK Trend:- Consolidate Resistance:- 26.955,28.85$ Support:- 25.85,24.7 24.70$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 98.2
R3 94.1
R2 90.1
R1 87.4
P 86.0
S1 83.4
S2 81.9
S3 77.8
S4 73.8
OUTLOOK Trend:- Consolidate Resistance:- 88.90 88.90,94.60$ Support:- 84.10,79. 79.80$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.31
R3 4.85
R2 4.40
R1 4.10
P 3.94
S1 3.65
S2 3.49
S3 3.04
S4 2.58
OUTLOOK Trend:- Consolidate Resistance:- 4.140,4.480 4.140,4.480$ Support:- 3.760,3.25 3.250$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 455.3
R3 435.1
R2 414.8
R1 401.5
P 394.6
S1 381.3
S2 374.3
S3 354.1
S4 333.8
OUTLOOK Trend:- Consolidate Resistance:- 397,414 Support:- 382,365 82,365 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.62
R3 46.58
R2 45.54
R1 45.16
P 44.50
S1 44.12
S2 43.46
S3 42.42
S4 41.38
OUTLOOK Trend:- Consolidate Resistance:- 45.25 45.25,45.80 Support:- 44.50,43.90 43.90 Strategy:- Buy on dips USD/INR WEEKLY
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