Weekly Newsletter-Commodity 05/09/2011
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (LME) USD/INR
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MARKET WRAP Gold rose after jobs by 3.1 pct to post record high U.S. employment growth ground to a halt in August U.S. unemployment rate stood at 9.1 percent. U.S. financial markets will close on Monday for Labor Day Crude inventories w/w came much higher at 5.3M vs. expected at 0.5M.
Gold gained nearly $45 and ended the week on strong note at $1881.95 after making fresh one and a half week high of $1884.50. Gold surged as a safe haven this week after last week’s sell off due to flat U.S non-farm unemployment change and weak consumer sentiments
signaling
DM’s
slower
economic
recovery.
Silver
eclipsed
gold and ended the week on a strong note at $43.24 after making a high of $43.35.
Copper ended down this week shredding marginal losses post poor crucial U.S economic data of unemployment change at 0K and decline in China’s non manufacturing industries index to 57.6 vs. 59.6 m/m. Benchmark LME Copper ended marginally down at $9046 while COMEX copper ended marginally up at $410.70, up 0.70 pts after US ISM manufacturing PMI data accelerated to 50.6 vs. 48.7. . Crude oil ended up gaining trivial $1.5 to end at $86.67 after making a new three week high of $89.87. Crude gains were capped by weaker than expected crucial U.S economic data while Brent crude extended its uptrend on the back of softer dollar gaining $2.5 to end at $112.51. The US-Brent spread reached to a new record of $25.84. EIA Crude inventories w/w came much higher at 5.3M vs. expected at 0.5M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 2174
R3 2065
R2 1956
R1 1919
P 1847
S1 1810
S2 1739
S3 1630
S4 1521
OUTLOOK Trend:- Bullish Resistance:- 1911,1970$ Support:- 1778,1705$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 51.53
R3 48.45
R2 45.37
R1 44.30
P 42.29
S1 41.22
S2 39.21
S3 36.13
S4 33.05
OUTLOOK Trend:- Consolidate Resistance:- 44.20,46.65$ Support:- 42.11,40.83$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 101.5
R3 96.7
R2 92.0
R1 89.3
P 87.2
S1 84.6
S2 82.5
S3 77.7
S4 72.9
OUTLOOK Trend:- Consolidate Resistance:- 89.6,92.7$ Support:- 82.8,78.5$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.95
R3 4.61
R2 4.26
R1 4.06
P 3.92
S1 3.71
S2 3.57
S3 3.23
S4 2.88
OUTLOOK Trend:- Consolidate Resistance:- 4.170,4.560$ Support:- 3.760,3.510$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 9961
R3 9675
R2 9389
R1 9217
P 9103
S1 8931
S2 8817
S3 8531
S4 8245
OUTLOOK Trend:- Consolidate Resistance:- 9250,9790 Support:- 8870, 8460 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.32
R3 46.83
R2 46.34
R1 56.04
P 45.85
S1 45.55
S2 45.36
S3 44.87
S4 44.38
OUTLOOK Trend:- Consolidate Resistance:- 46.40,47.40 Support:- 45.45,44.75 Strategy:- Buy on dips USD/INR WEEKLY
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