Weekly Newsletter Newsletter-Commodity Commodity 06/06/2011
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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 Dollar falls on weak jobs data, buoys many commodities Gold keeps gains with euro after weak U.S. labor data Weak dollar, euro strength support oil prices Physical buying in China helps copper climb U.S. May nonfarm payrolls data weakest since Sept
Gold ended up for third consecutive week and continues its uptrend adding marginal $5 to end the week at $1541.39. Higher jobless claims at 422K and sharp fall in non-farm employment change to 54K & falling Dollar buoyed Gold. Though, Gold has made a Doji and may see downside to $1510. Silver ended down more than 5% due to its upward resistance line at $39. iShare silver trust holdings dropped to 9885.40 tonnes.
Copper ended down trivial $4 to end the week at 411.75 though recovered more than 2% as it bucked higher U.S jobless claims and Non-farm employment change data as China’s spot copper demand rose in may & on the expectation of QE3. The 3-month LME copper shredded $179, or 2 percent, to close at $9,099 a tonne. Though, Copper in warehouses monitored
by
the
Shanghai
Futures
Exchange
rose
4.7%
from
last
week.
Crude oil almost ended flat on negative bias this week ending at $100.48 making a doji on the weekly chart. Crude ended slightly lower reacting to the weaker jobs data. U.S. May nonfarm payrolls posted the weakest reading since Sept and the U.S. jobless rate rose to 9.1% signaling economic slowdown. Brent crude recovered from $113.40 to end the week at $115.84. EIA crude inventories for the week came up at 2.9M vs. (-) 1.5M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1629
R3 1598
R2 1568
R1 1554
P 1537
S1 1524
S2 1506
S3 1476
S4 1445
OUTLOOK Trend:- Consolidate Resistance:- $1560 60, 1576 Support:- $1524, 1502 Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 47.75
R3 44.06
R2 40.37
R1 38.29
P 36.68
S1 34.60
S2 32.99
S3 29.30
S4 25.61
OUTLOOK Trend:- Consolidate Resistance:- $38.12,39.50 Support:- $33.54,31.70 Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 106.4
R3 104.2
R2 101.9
R1 101.2
P 99.6
S1 98.9
S2 97.4
S3 95.1
S4 92.8
OUTLOOK Trend:- Consolidate Resistance:- $104.5, 114.2 Support:- $95.3, 92.8 Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.52
R3 5.24
R2 4.97
R1 4.83
P 4.70
S1 4.55
S2 4.43
S3 4.15
S4 3.88
OUTLOOK Trend:- Consolidate Resistance:- $4.850, 5.180 Support:- $4.463, 4.230 Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 471.9
R3 451.5
R2 431.1
R1 421.4
P 410.7
S1 401.1
S2 390.3
S3 369.9
S4 349.5
OUTLOOK Trend:- Consolidate Resistance:- $426,448 Support:- $400, 384 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 46.28
R3 45.82
R2 45.36
R1 45.09
P 44.90
S1 44.63
S2 44.44
S3 43.98
S4 43.52
OUTLOOK Trend:- Consolidate Resistance:- 45.40 40, 45.80 Support:- 44.50, 43. 43.90 Strategy:- Sell on high USD/INR WEEKLY
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