Weekly Newsletter-Commodity 11/07/2011
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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 U.S. June jobs report disappoints market Brent posted a second straight weekly gain, rising 5.87 percent Gold sets biggest wkly gain in 19 months Dollar falls against many currencies after jobs report U.S. unemployment rate rose to 9.2 percent, its highest in six months.
Gold
ended two weeks of downtrend and posted its biggest weekly gain in 19
months and rose on the back of safe haven bet for investors. Gold rallied nearly $60 to end the week at $1542.45 due to weaker U.S jobs data, unemployment rate at highest in 6 months and contemplation of QE3. Silver eclipsed gold and ended up after 5 weeks of downtrend gaining $2.6, posting its best week since May to end the week at $36.65.
Copper ended up this week to end at $440.25 though its uptrend was stalled as it fell later in the week alongside oil and U.S. stocks after disappointing U.S jobs data and unemployment rate, up at 9.2% due to which copper may correct further. LME 3-month copper ended the week at $9661 after it peaked at $9789.75 a tonne this week. LME copper stocks dipped 100 tonnes to 461,850 tonnes, lowest level since April 21.
Crude oil ended up gaining trivial $1.10 to end the week at $96.32. Oil gained as IEA announced that member nations would release 60 mn barrels of oil reserves and ended a strong week on a downbeat note on Friday as a dismal U.S. jobs report cast a pall on the economic outlook. Brent Crude ended the week at $118.25 while Brent premium to U.S crude rose above $22/ barrel.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1704
R3 1644
R2 1585
R1 1565
P 1525
S1 1505
S2 1466
S3 1406
S4 1347
OUTLOOK Trend:- Consolidate Resistance:- 1563,1585$ Support:- 1517,1487$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 44.96
R3 41.89
R2 38.82
R1 37.73
P 35.75
S1 34.66
S2 32.68
S3 29.61
S4 26.54
OUTLOOK Trend:- Consolidate Resistance:- 37.85,39.65$ Support:- 35.10,33.15$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 112.0
R3 106.9
R2 101.8
R1 99.1
P 96.7
S1 94.1
S2 91.6
S3 86.6
S4 81.5
OUTLOOK Trend:- Consolidate Resistance:- 99.4,103.5$ Support:- 94.4,90.4$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.25
R3 4.91
R2 4.57
R1 4.40
P 4.23
S1 4.06
S2 3.89
S3 3.55
S4 3.21
OUTLOOK Trend:- Consolidate Resistance:- 4.540,4.950$ Support:- 4.110,3.720$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 10734
R3 10355
R2 9976
R1 9813
P 9597
S1 9434
S2 9218
S3 8839
S4 8460
OUTLOOK Trend:- Consolidate Resistance:- 9790,10160 Support:- 9425,8650 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 45.66
R3 45.24
R2 44.82
R1 44.59
P 44.40
S1 44.17
S2 43.98
S3 43.56
S4 43.14
OUTLOOK Trend:- Consolidate Resistance:- 45.30,45.85 Support:- 44.15,43.40 Strategy:- Buy on dips USD/INR WEEKLY
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