Weekly Newsletter Newsletter-Commodity Commodity 25/04/2011
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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 steady below record, weak dollar supports Spot silver rises to $46.64 LME market shut for holidays on April 22, 25 China's refined copper imports jumped 21.5 percent Copper edges up on weekly basis
Gold ended up nearly 1.5% making a fresh all time high of $1512.59 to end the week at $1507.30 due to weaker dollar, higher jobless claims, ongoing Euro zone sovereign debt crisis & fiscal stability in U.S. SPDR gold trust ETF dipped by 0.6 tonnes to 1,229.643 tonnes. Silver outshined gold by rising more than 8% & made fresh all time high of $47.71 to end at $46.67. iShare silver trust holdings rose to 11,150.30 tonnes.
Copper rebounded and ended up 2.56% at $438.25 complimented by weaker dollar and China’s refined copper imports up at 21.5% in March vs. 35.6% in February. Also, USD building permits up at 0.59M and existing home sales at 5.10M supported copper prices. The three month LME copper contract ended 3.2% up to end at $9,700 tonnes. LME copper stock rose added 5850 tonnes to 456,275 tonnes vs. 456,275 tonnes.
Crude Oil ended up nearly 3% at $112.25 on the back of weaker dollar, a bounce back on the Wall Street and taking support of its 61.8% retracement. Crude oil rose also as a report said that China, India and Mideast oil demand has outpaced OPEC expectations and Saudi will need to supply 9 million bpd or more for next few years to mitigate supply/demand. EIA Crude oil inventories w/w came down at (-) 2.3M as against 1.6M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1592
R3 1561
R2 1529
R1 1519
P 1498
S1 1487
S2 1467
S3 1435
S4 1404
OUTLOOK Trend:- Bullish 1519,1545$ Resistance:- 1519,1545 Support:- 1493,1467 1493,1467$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 58.54
R3 54.07
R2 49.60
R1 48.08
P 45.13
S1 43.61
S2 40.66
S3 36.19
S4 31.72
OUTLOOK Trend:- Bullish Resistance:- 48.10,49.60 48.10,49.60$ Support:- 44.40,42.90 44.40,42.90$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 129.4
R3 123.0
R2 116.6
R1 114.5
P 110.2
S1 108.1
S2 103.9
S3 97.5
S4 91.1
OUTLOOK Trend:- Bullish Resistance:- 117.3 117.3,122$ Support:- 105.3,99.5 105.3,99.5$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.34
R3 5.01
R2 4.68
R1 4.57
P 4.35
S1 4.24
S2 4.02
S3 3.69
S4 3.36
OUTLOOK Trend:- Consolidate Resistance:- 4.660, 0,5.230$ Support:- 3.975,3. ,3.520$ Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 501.2
R3 478.1
R2 455.0
R1 446.6
P 431.9
S1 423.5
S2 408.8
S3 385.7
S4 362.6
OUTLOOK Trend:- Consolidate Resistance:- 445,46 462 Support:- 428,416 416 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.04
R3 45.47
R2 44.90
R1 44.54
P 44.33
S1 43.97
S2 43.76
S3 43.19
S4 42.62
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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