Weekly Newsletter Newsletter-Commodity Commodity 22/11/2010
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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 Gold ended down for 2nd consecutive week Silver rebounded and ended up at $27.27 Crude oil falls biggest since august, down 3.97% Copper ended down with moderate loss Weekly commodities Open interest down most since 2008
Gold ended down for second consecutive week owing to global economic instability though recovered its losses later in the week as worries over Irish debt contagion eased down on aid hopes, still, China’s monetary maneuvers kept it under pressure. Gold ended the week at $1353.35 and shredded almost $17. The precious metal touched the weekly low of $1329.50 due to sell-off in commodities owing to China’s imminent rate hike that happened later in the week. Also, another rate hike may cause more downward pressure in commodities though most has been priced in and volatility in gold will sustain. World’s largest gold-backed ETF, New York’s SPDR said its holdings slipped to a one-month low of 1,286.299 tonnes.
Copper saw downside pressure this week due to sell-off in commodities as it touched the weekly low of $360.30 but recovered almost $22 to end the week at $382.73. The pressure was due to rate hike of China to control its inflation which was priced by investors. Copper recovered on hopes that recent rate hike will not suppress the demand and it will remain as expected complimented by positive US economic data and concerns over Euro zone sovereign debt crisis eased on aid hopes. The Philly fed manufacturing index came better than expected at 22.5 vs. 1.0 as against expected 5.1. The ZEW economic sentiment too came up at 13.8 vs. 1.8 & GBP Core CPI y/y came up at 1.1% vs. 1.0%.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1495
R3 1448
R2 1401
R1 1377
P 1354
S1 1330
S2 1307
S3 1260
S4 1213
OUTLOOK Trend:- Consolidate Resistance:- $1377 77,1401 Support:- $1338,131 1317 Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 33.77
R3 31.36
R2 28.95
R1 28.11
P 26.54
S1 25.70
S2 24.13
S3 21.72
S4 19.31
OUTLOOK Trend:- Consolidate Resistance:- $28.1 28.15,29.34 Support:- $26.35,,24.95 Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 98.1
R3 93. 1
R2 87.9
R1 84.9
P 82.8
S1 79.8
S2 77.7
S3 72.6
S4 67.5
OUTLOOK Trend:- Consolidate Resistance:- $88.50,94.60 Support:- $80.01,75.5 Strategy:- Sell on highs CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.39
R3 4.93
R2 4.47
R1 4.31
P 4.01
S1 3.85
S2 3.85
S3 3.55
S4 3.09
OUTLOOK Trend:- Consolidate Resistance:- $4.270,4.510 Support:- 3.720,3.250$ Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 482.9
R3 448.4
R2 413.8
R1 398.2
P 379.3
S1 363.7
S2 344.7
S3 310.2
S4 275.6
OUTLOOK Trend:- Consolidate Resistance:- $3988,414 Support:- $365,35 ,354 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 48.08
R3 47.10
R2 46.12
R1 45.68
P 45.14
S1 44.70
S2 44.16
S3 43.18
S4 42.20
OUTLOOK Trend:- Consolidate Resistance:- 45.80 80,46.20 Support:- 44.70,444.15 Strategy:- Buy on dips USD/INR WEEKLY
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