Weekly Newsletter Newsletter-Commodity Commodity 27/09/2010
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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 $1,300 on inflation worry Silver climbs to 30-year peak Oil rises in biggest weekly gain since July U.S. total petroleum inventories have soared
Gold extended its last week rally gaining over $22 to touch an all time high of $ 1299.91 after breaching its recent weekly high of $ 1290.55 & 1296.20. It touched a weekly low of 1270.83 on profit booking as investor liquidates their positions. The precious metal shone amid uncertain economic recovery and the chance of further easing of US monetary policy. It also benefited from weaker economic data as US jobless claims benefits rose unexpectedly to 465K vs. 453K and Ireland’s economy shrinking 1.20% in second quarter. The world’s largest gold backed ETF, New York’s SPDR gold trust reported a fall in its holdings to 1,301.433 tonnes vs. 1,304.168 due to profit taking interest. Silver touched an all time high of 21.44 as World’s largest silver backed ETF, the iShares silver trust holdings rose to an all time high of 9,582.59 tonnes
Copper rallied up for the second consecutive week and is at $ 362.33 on improved fundamentals and buying momentum in the international market. Copper gained $ 11.86 or 3.36% to touch a new five month high of $363.10 and touched a weekly low of $ 346.78. The fundamental factor for copper to mount on was tightening supply base and lower inventories in one of the major consuming economy like China. It was complimented by notion that global economy is in a mend and demand will rise in the face of tightening supplies and second QE on the agenda will boost it.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1375
R3 1347
R2 1318
R1 1307
P 1289
S1 1278
S2 1260
S3 1231
S4 1202
OUTLOOK Trend:- Bullish 99,1325$ Resistance:- 1299 Support:- 1283,126 1263$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 24.00
R3 23.04
R2 22.08
R1 21.76
P 21.12
S1 20.80
S2 20.16
S3 19.20
S4 18.24
OUTLOOK Trend:- Bullish Resistance:- 21.75,22.55 21.75,22.55$ Support:- 20.80,20.35 20.35$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 84.9
R3 81.8
R2 78.7
R1 77.7
P 75.7
S1 74.6
S2 72.6
S3 69.5
S4 66.4
OUTLOOK Trend:- Consolidate Resistance:- 80.10,85.70 80.10,85.70$ Support:- 73.50,69.70 69.70$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.11
R3 4.74
R2 4.37
R1 4.19
P 3.99
S1 3.82
S2 3.62
S3 3.25
S4 2.87
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 406.4
R3 390.0
R2 373.7
R1 368.0
P 357.4
S1 351.7
S2 341.1
S3 324.8
S4 308.4
OUTLOOK Trend:- Bullish Resistance:- 365,382 ,382 Support:- 354,343 54,343 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.71
R3 46.93
R2 46.15
R1 45.63
P 45.37
S1 44.85
S2 44.59
S3 43.81
S4 43.03
OUTLOOK Trend:- Bearish Resistance:- 45.70 45.70,46.30 Support:- 44.85,43.80 Strategy:- Sell on high USD/INR WEEKLY
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