Weekly Newsletter-Commodity 30/05/2011
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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 Copper hit three-week highs on Friday Gold prices stayed near three-week highs U.S. April pending home sales dive 11.6 pct to 7-mth low Crude oil trading almost flat near 100$ Silver inches above 38$, on weak dollar
Gold
ended up for second consecutive week on the back of Greek debt fears
encouraged it as a safe haven & softer dollar underpinned sentiment. Gold gained more than $25 to end the week at $1536.28 & it may test its all time high in near term. While Silver rose more than 8% gaining nearly $3 to end at $37.94. Holdings of the world’s largest Silver backed ETF, iShare silver trust dropped 0.51% to 9,941.33 tonnes.
Copper continued
its uptrend and added nearly $10 to end the week at $418.10 as
weaker dollar and month end evaluation boosted prices but its gains were capped by poor U.S data underlining a weak global demand outlook. 14 Days RSI for copper is at 50.82 and its upside resistance is at $425 - $440 while support is at $395 – $382. LME monitored copper stocks added 1250 tonnes and now stands at 468,225 tonnes. .
Crude oil gained more than $1 to end the week above psychological level of $100 at $100.60 finding support from gasoline futures which soared in anticipation of higher demand. London Brent crude settled the week at $115.03 a barrel, up 1.12%. Crude oil upside gains were capped by weak consumer spending at 0.4% vs. 0.6%. IEA crude oil inventories for the week came at 0.6M as against expected at (-) 1.6M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1629
R3 1595
R2 1560
R1 1548
P 1526
S1 1514
S2 1492
S3 1457
S4 1423
OUTLOOK Trend:- Consolidate Resistance:- 1548,1576$ Support:- 1515,1478$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 50.45
R3 45.98
R2 41.51
R1 39.73
P 37.04
S1 35.26
S2 32.57
S3 28.10
S4 23.63
OUTLOOK Trend:- Consolidate Resistance:- 39.45,42.20$ Support:- 36.55,34.35$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 116.2
R3 110.7
R2 105.2
R1 102.9
P 99.6
S1 97.4
S2 94.1
S3 88.6
S4 83.1
OUTLOOK Trend:- Consolidate Resistance:- 105.7,114.2$ Support:- 98.6,95.3$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.32
R3 5.03
R2 4.73
R1 4.62
P 4.44
S1 4.33
S2 4.14
S3 3.85
S4 3.55
OUTLOOK Trend:- Consolidate Resistance:- 4.820,5.220$ Support:- 4.290,4.040$ Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 484.2
R3 459.7
R2 435.2
R1 426.7
P 410.7
S1 402.2
S2 386.2
S3 361.7
S4 337.2
OUTLOOK Trend:- Consolidate Resistance:- 425,438 Support:- 395,378 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.72
R3 46.20
R2 45.68
R1 45.43
P 45.16
S1 44.91
S2 44.64
S3 44.12
S4 43.60
OUTLOOK Trend:- Consolidate Resistance:- 45.80,46.30 Support:- 44.75,44.10 Strategy:- Buy on dips USD/INR WEEKLY
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