Weekly Newsletter Newsletter-Commodity Commodity 16/05/2011
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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 ends week flat, dollar rally triggers selling Silver finishes week down 1.5 pct Stocks of copper in LME warehouses rose 800 tonnes LME stocks of aluminium rose by 32,075 tonnes Copper prices shed over 5 percent on the week
Gold ended down for second consecutive week shredding nearly $10 as the dollar strengthened and expectations mounted that U.S inflation eased in April despite being at 2 ½ years high. Gold ended down at $1493 taking support of lower trendline drawn from bottom of Jan 2011. Silver too found support at $32 & bounced back to end at $35.24, down 2.7%. Though, iShare silver trust added 280 tonnes to 10,534.41 tonnes.
Copper
ended down nearly 1% shredding $5 to end the week at $399.75. Copper
recovered nearly 3% from $384.50 due to upbeat economic data like German GDP up at 1.5% and prelim UoM consumer sentiment at 72.4. LME 3-month copper ended down $35 at $8790 a tonne. Though Copper open interest has fallen down nearly 30% from its peak in Jan. LME monitored copper warehouses rose 800 tonnes to 468,525 tonnes .
Crude oil ended in green adding nearly $1, making a doji on the weekly chart as short covering & positive economic data from Germany and France helped crude oil prices find support while news of Gaddafi president being wounded mounted pressures. In Short term, Crude prices may see support at $95 & its upside resistance is at $106. EIA crude oil inventories w/w came at 3.8M vs. 3.4M as against expected at 1.1M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1645
R3 1596
R2 1548
R1 1521
P 1499
S1 1472
S2 1451
S3 1402
S4 1354
OUTLOOK Trend:- Consolidate Resistance:- 1523,1576 23,1576$ Support:- 1461,14 1425$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 57.20
R3 50.03
R2 42.86
R1 39.09
P 35.69
S1 31.92
S2 28.52
S3 21.35
S4 14.18
OUTLOOK Trend:- Consolidate Resistance:- 36.55 55,39.65$ Support:- 34.05,32. ,32.10$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 127.7
R3 118.4
R2 109.1
R1 104.3
P 99.8
S1 95.0
S2 90.4
S3 81.1
S4 71.8
OUTLOOK Trend:- Consolidate Resistance:- 102.1,105.6 102.1,105.6$ Support:- 95.3,92.8 95.3,92.8$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.76
R3 4.58
R2 4.39
R1 4.32
P 4.21
S1 4.13
S2 4.02
S3 3.84
S4 3.65
OUTLOOK Trend:- Consolidate Resistance:- 4.480, 0,4.710$ Support:- 4.040,3.68 3.680$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 464.6
R3 442.1
R2 419.6
R1 409.7
P 397.1
S1 387.2
S2 374.6
S3 352.1
S4 329.6
OUTLOOK Trend:- Consolidate Resistance:- 407,420 Support:- 385,363 ,363 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.32
R3 45.82
R2 45.32
R1 45.09
P 44.82
S1 44.59
S2 44.32
S3 43.82
S4 43.32
OUTLOOK Trend:- Consolidate Resistance:- 45.30,45.80 Support:- 44.50,43. 43.80 Strategy:- Buy on dips USD/INR WEEKLY
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