Weekly Newsletter Newsletter-Commodity Commodity 09/05/2011
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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 US jobless rate rose to 9.0 percent. U.S. job creation at fastest pace in 5 years COMEX copper slide below 200-day MA Silver slide almost 30% from high Gold lost 5 percent, the worst weekly performance
Gold ended down nearly 4% posting its biggest sell off in week in 2011 tracking crude oil and silver fall though gold losses pared post higher U.S jobless claims and unemployment rate. Gold ended down at $1490.65 after making weekly low of $1462.05. Silver posted biggest weekly sell off in its history ending down nearly 9% at $35.27 while iShare silver trust
sliced
to
10,253.75
tonnes
vs.
11,021.34
tonnes.
Copper ended down nearly 4% on weak technical chart and declining open interest in May though better U.S private jobs creation up at 5 years high at 244K pared copper losses. Copper ended down below its 200 DMA and any further closing below could lead to further downtrend in Copper. 3-month LME copper ended down at $8825 a tonne. Though, LME warehouses saw net outflows in Copper, Aluminum and Nickel.
Crude
oil ended down posting its biggest weekly sell off as economic recovery
uncertainty raises concerns over its demand in near term. Crude oil ended down more than 13% and shredded more than $15 to end at $97.88. Crude oil may see more downside as net short positions created are enough to offset long positions & oil prices may find support at $90. EIA crude oil inventories came down at 3.4M vs. 6.2M w/w.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1850
R3 1737
R2 1624
R1 1559
P 1511
S1 1446
S2 1397
S3 1284
S4 1171
OUTLOOK Trend:- Consolidate Resistance:- 1523,1576 23,1576$ Support:- 1447,14 1425$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 83.88
R3 68.88
R2 53.88
R1 44.64
P 38.88
S1 29.64
S2 23.88
S3 8.88
S4 -6.12
OUTLOOK Trend:- Consolidate Resistance:- 36.80,39.65 36.80,39.65$ Support:- 34.30,32.25 34.30,32.25$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 163.0
R3 142.8
R2 122.7
R1 110.4
P 102.5
S1 90.2
S2 82.3
S3 62.2
S4 42.0
OUTLOOK Trend:- Consolidate Resistance:- 117.3 117.3,122$ Support:- 105.6,111.8 105.6,111.8$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.96
R3 5.44
R2 4.91
R1 4.58
P 4.39
S1 4.06
S2 3.86
S3 3.34
S4 2.81
OUTLOOK Trend:- Consolidate Resistance:- 4.480, 0,4.710$ Support:- 4.040,33.680$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 506.0
R3 472.2
R2 438.5
R1 417.3
P 404.7
S1 383.6
S2 371.0
S3 337.2
S4 303.5
OUTLOOK Trend:- Consolidate Resistance:- 408,431 Support:- 377,363 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.78
R3 46.05
R2 45.32
R1 45.02
P 44.59
S1 44.29
S2 43.86
S3 43.13
S4 42.40
OUTLOOK Trend:- Consolidate Resistance:- 45.25 5.25,45.75 Support:- 44.10,43. 43.80 Strategy:- Sell on high USD/INR WEEKLY
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