Weekly Newsletter Newsletter-Commodity Commodity 20/09/2010
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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 falls V/S dollar Gold hits record high above 1282$ Crude slipped down $ 4 to end the week at $ 74.81 Copper recovers from its last week low Nickel trading near recent high
Gold touched an all time new high this week fueled by the volatile & uncertain global markets. Gold opened the week at $ 1245 and rallied $ 33 to touch an all time high of $ 1282.78 after breaching recent weekly highs of $ 1274.60 $ 1277.80. It rallied almost $ 37 due to complete lack of confidence of global investors in the governments to sort out the financial mess. The fundamental factor for gold was recent hike in Thailand’s gold holding which is raised by a fifth in July and demand from other major Asian economies like China and India. Though, Gold lost $ 10 at the weekend on profit booking ending the week at $1274.03. Silver eclipsed gold and touched a new two and a half year high of $ 20.98 and settled at $ 20.72
Crude oil prices shred its last week gains after touching a five week high of $ 78.02. Crude slipped down $ 4 to end the week at $ 74.81. Crude prices cracked due to downbeat Philly fed manufacturing index data at (-) 0.7 & empire state manufacturing data down at 4.1. The crucial factor for slipped down crude prices was repairing of Enbridge energy partners link pipeline and accumulated crude inventories at (-)2.5m vs. (-)1.9m. Crude oil gained as EIA reported increased number of supplies later this week but fears of deflation pushed the prices down again. Natural gas surged this week to a monthly high of 4.134 due to speculation of a tropical weather system developing in Caribbean. As per EIA, natural gas storage came at 103b vs. 58b.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1392
R3 1350
R2 1308
R1 1291
P 1266
S1 1249
S2 1224
S3 1182
S4 1140
OUTLOOK Trend:- Bullish 82,1325$ Resistance:- 1282 Support:- 1267,12 1237$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 24.09
R3 22.89
R2 21.69
R1 21.21
P 20.49
S1 20.01
S2 19.29
S3 18.09
S4 16.89
OUTLOOK Trend:- Bullish Resistance:- 20.955,21.70$ Support:- 20.50,19.95 20.50,19.95$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 90.6
R3 85.3
R2 80.1
R1 76.8
P 74.8
S1 71.6
S2 69.5
S3 64.2
S4 59.0
OUTLOOK Trend:- Consolidate Resistance:- 76.50, .50,81.70$ Support:- 72.50,69.70 69.70$ Strategy:- Sell on higher CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.96
R3 4.64
R2 4.31
R1 4.15
P 3.98
S1 3.82
S2 3.65
S3 3.32
S4 2.99
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 385.3
R3 373.1
R2 361.0
R1 355.8
P 348.9
S1 343.7
S2 336.8
S3 324.6
S4 312.5
OUTLOOK Trend:- Consolidate Resistance:- 353,365 ,365 Support:- 342,333 333 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 48.00
R3 47.34
R2 46.68
R1 46.26
P 46.02
S1 45.60
S2 45.36
S3 44.70
S4 44.04
OUTLOOK Trend:- Consolidate Resistance:- 46.30, 46.30,47.15 Support:- 45.70,45.10 ,45.10 Strategy:- Sell on high USD/INR WEEKLY
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