Weekly Newsletter Newsletter-Commodity Commodity 02/05/2011
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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 jumps more than 3 pct to set record high Silver gained 3 percent this week Copper fell to a six-week low on Friday Copper down for 2nd straight month Oil rises to post 8th straight monthly gain
Gold ended up more than 3% and made a fresh all time high of $1569.35 on the back of concerns over inflation at highest level, weak dollar and Fed’s policy. Gold can further test the level of $1600 based on its wave pattern and strong buying of call options & spreads at $1800. Silver retreated back from $49.83 to end at $48.02, making a Doji, gaining trivial 0.31%.
iShare
silver
trust
holdings
fell
to
11021.34
vs.
11,150.3
tonnes.
Copper ended down nearly 4% as technical pressures mounted and rising concerns over economic slowdown and higher inflation that can lead to interest rate hike in Europe, Asia and Latin America kept copper down. Chinese copper inventories in bonded warehouses also rose in April signaling weaker outlook. Copper stocks monitored by Shanghai Futures fell for 6th straight week to lowest level since mid- Feb.
Crude Oil jumped and gained nearly 1% making a fresh 32-month of $114.17 and ended on a strong note at $113.69. Crude oil rose as the weaker dollar and turmoil in North Africa and the Middle East offset concerns about fuel demand and slowing U.S. economic growth. Crude is in overall uptrend channel formation and can test the upward resistance line at $119. EIA crude oil inventories came at 6.2M vs. (-) 2.3M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1770
R3 1694
R2 1618
R1 1590
P 1541
S1 1513
S2 1465
S3 1389
S4 1312
OUTLOOK Trend:- Bullish 0,1637$ Resistance:- 1590,1637 Support:- 1527,1493 1493$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 62.86
R3 57.69
R2 52.52
R1 50.10
P 47.35
S1 44.93
S2 42.18
S3 37.01
S4 31.84
OUTLOOK Trend:- Bullish Resistance:- 47.90, 0,51.30$ Support:- 46.55,42.90 ,42.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 123.1
R3 119.7
R2 116.3
R1 115.0
P 112.9
S1 111.6
S2 109.5
S3 106.0
S4 102.6
OUTLOOK Trend:- Bullish Resistance:- 117.3 117.3,122$ Support:- 110.3,105.3 105.3$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.51
R3 5.20
R2 4.89
R1 4.78
P 4.58
S1 4.47
S2 4.27
S3 3.96
S4 3.65
OUTLOOK Trend:- Consolidate Resistance:- 4.930, 0,5.230$ Support:- 4.190,3. 3.520$ Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 509.0
R3 480.0
R2 450.9
R1 434.2
P 421.9
S1 405.2
S2 392.8
S3 363.8
S4 334.7
OUTLOOK Trend:- Consolidate Resistance:- 429,44 445 Support:- 409,394 394 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 45.77
R3 45.29
R2 44.81
R1 44.53
P 44.33
S1 44.05
S2 43.85
S3 43.37
S4 42.89
OUTLOOK Trend:- Consolidate Resistance:- 44.75 75,45.30 Support:- 43.80,43. ,43.20 Strategy:- Sell on high USD/INR WEEKLY
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