Weekly Newsletter Newsletter-Commodity Commodity 04/07/2011
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (Mcx) USD/INR
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MARKET WRAP China PMI hits 28-month low, weighs on oil prices Oil falls on weak China data, economic worry U.S. consumer sentiment worsened in June Gold fell more than 1 percent on Friday to a six-week low Copper rises for fourth day on bright U.S. data
Gold ended down for second consecutive week shredding nearly $13 to end the week at $1487.79 after hitting 6-month low. Gold came under pressure as dollar rebounded and U.S crude oil fell more than $2, also, with no Greek default, investors liquidated their positions in Gold. Silver eclipsed gold and ended down nearly $1 at 33.86., iShare silver trust fell 1.4 million in this quarter, biggest outflow since its launch.
Copper ended up on the back of positive economic data to end the week up at $429.20. Copper rallied as U.S data ISM manufacturing PMI came up at 55.3 vs. 53.5 as against expected at 51.9 whit copper upside was capped by Chinese data that showed factory activity slowed. LME 3-month copper ended up at $9435 after making a two month high. Though, low decline in LME inventories, copper may correct next week.
Crude oil rebounded and ended the week up on the back of positive economic data, a rebound in Dollar and signs of better demand though its gains were capped by disappointing Chinese factory PMI data. Crude oil added more than $4 to end the week up at $94.70 as it took support of its 50% retracement and its support trendline drawn from lows of 2008. IEA crude oil inventories came lower at (–) 4.4m vs. (-) 1.5m w/w. www.capitalheight.com Capitalheight.wordpress.com
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1600
R3 1564
R2 1529
R1 1508
P 1493
S1 1472
S2 1457
S3 1422
S4 1386
OUTLOOK Trend:- Consolidate Resistance:- 1523, 1523,1548$ Support:- 1478,1445 ,1445$ Strategy:- Sell on high GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 39.42
R3 37.65
R2 35.88
R1 34.87
P 34.11
S1 33.10
S2 32.34
S3 30.57
S4 28.80
OUTLOOK Trend:- Consolidate Resistance:- 35.10,37.85 35.10,37.85$ Support:- 33.15,32 32.45$ Strategy:- Sell on high SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 112.0
R3 105.8
R2 99.6
R1 97.1
P 93.4
S1 90.9
S2 87.2
S3 81.0
S4 74.7
OUTLOOK Trend:- Consolidate Resistance:- 95.5,98.7 ,98.7$ Support:- 89.7,81.3 81.3$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.00
R3 4.77
R2 4.54
R1 4.43
P 4.31
S1 4.20
S2 4.08
S3 3.85
S4 3.62
OUTLOOK Trend:- Consolidate Resistance:- 4.540, 4.540,4.950$ Support:- 4.110,3.720 3.720$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 478.4
R3 458.8
R2 439.3
R1 432.6
P 419.7
S1 413.0
S2 400.2
S3 380.6
S4 361.1
OUTLOOK Trend:- Consolidate Resistance:- 435,446 Support:- 418,399 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.61
R3 45.99
R2 45.37
R1 45.00
P 44.75
S1 44.38
S2 44.13
S3 43.51
S4 42.89
OUTLOOK Trend:- Consolidate Resistance:- 45.300,45.85 Support:- 44.15,443.40 Strategy:- Buy on dips USD/INR WEEKLY
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