Weekly Newsletter Newsletter-Commodity Commodity 25/07/2011
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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 Brent crude rises above $118 on spread buying Spot gold approaches $1,609.97/oz London copper ends down, supply worries cap losses Dollar falls against many currencies U U.S crude inventories w/w came at -3.7M vs. -1.5M.
Gold ended up for third consecutive week extending its gains to make a fresh all time high of $1610.14 and ended the week at $1602.74. Gold extended its gains on the back of concerns over Greek bailout plan and paired its gains with firmer Dollar. Silver ended up at $40.08 as recovering industrial demand due to stronger global economic growth anticipated for 2011. iShare Silver trust holdings currently stands at 9845.17 tonnes.
Copper ended down for the week with trivial loss of$8 on the back of profit booking. LME Copper made a fresh 3 month high of $9839 as Euro fell against the dollar while U.S copper ended at $440.60. Copper ended down on concerns over Greece debt crisis, contraction in China’s manufacturing sector and strike in world’s largest Copper mine in Chile. Though, LME Copper inventories fell 1,725 tonnes to 472,325 tonnes.
Crude Oil extended gains for fourth consecutive week and ended close to psychological level of $100 at $99.81 after making a fresh one and a half month high of $100.17. U.S crude inventories w/w came at -3.7M vs. -1.5M. Brent crude rose above $118 & ended the week up at $118.57. Natural gas ended down this week at $4.384 shredding previous week’s gains. U. S natural gas inventories w/w came at 60b vs. 67b.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1684
R3 1656
R2 1627
R1 1614
P 1598
S1 1585
S2 1569
S3 1540
S4 1511
OUTLOOK Trend:- Bullish 1614,1640$ Resistance:- 1614,1640 Support:- 1573,1540 1573,1540$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 47.67
R3 45.01
R2 42.35
R1 41.19
P 39.69
S1 38.53
S2 37.03
S3 34.37
S4 31.71
OUTLOOK Trend:- Consolidate Resistance:- 40.85,42.95 40.85,42.95$ Support:- 38.80,37.75 38.80,37.75$ 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:- 102,106.2 102,106.2$ Support:- 94.7,90.4 ,90.4$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.18
R3 4.94
R2 4.70
R1 4.55
P 4.46
S1 4.31
S2 4.22
S3 3.98
S4 3.74
OUTLOOK Trend:- Consolidate Resistance:- 4.560, 0,4.950$ Support:- 4.110,3.720 3.720$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 10482
R3 10216
R2 9950
R1 9796
P 9684
S1 9530
S2 9418
S3 9152
S4 8886
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 45.57
R3 45.19
R2 44.81
R1 44.57
P 44.43
S1 44.19
S2 44.05
S3 43.67
S4 43.29
OUTLOOK Trend:- Consolidate Resistance:- 44.80, 44.80,45.30 Support:- 44.05,443.40 Strategy:- Sell on high USD/INR WEEKLY
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