Weekly Newsletter-Commodity 08/08/2011
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Weekly Newsletter Contents Market Wrap Technical Analysis Gold ( Comex) Silver ( Comex) Crude ( Nymex) Naturalgas ( Nymex) Copper (LME) USD/INR
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MARKET WRAP Copper falls 8 pct this week, strike end adds to losses Base metals hit multi-week lows on Friday Gold resumes rise on economic fears Brent crude down 5 pct on week U.S. non-farm payrolls rose by 117,000 jobs last month
Gold made a fresh all time high of $1682.14 gaining nearly $45 this week to end at $1660.94. Gold surged as safe haven on the back of recession fears, jobs data showing contraction and Dollar falling against a basket of currencies helped precious metals. Holdings of SPDR Gold ETF rose to 1,286.30. Silver ended down at $38.30 for the week shredding more than $4 gains after making a fresh four month high of $42.25.
Copper ended down shredding more than $800 to end the week at 9041. LME Copper opened the week at $9845 and shredded more than 9% this week as investors focused on slowing economic growth and added copper supply as a mine strike ends in Chile. U.S
copper
ended
down
at
$411.70
shredding
more
than
$30.
With
that,
other base metals like Zinc, Aluminum, Lead and Nickel too shredded nearly 3- 5%.
Crude
Oil suffered most among commodities as it lost more than 10% this week.
Crude lost nearly $10 and ended down at $87.05; breaking the psychological level of $90 this week. Brent crude shredded $8.89 after opening the week at $118.16 and ending down at $109.27. Though, better than expected U.S non-farm payroll data & Iran pipeline blast lent support to crude. EIA crude inventories w/w came at 1.0m vs. 2.3m. www.capitalheight.com Capitalheight.wordpress.com
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1879
R3 1803
R2 1726
R1 1694
P 1650
S1 1618
S2 1573
S3 1497
S4 1421
OUTLOOK Trend:- Bullish Resistance:- 1673,1725$ Support:- 1643,1610$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 53.51
R3 48.79
R2 44.07
R1 41.20
P 39.35
S1 36.48
S2 34.63
S3 29.91
S4 25.19
OUTLOOK Trend:- Consolidate Resistance:- 39.70,42.95$ Support:- 37.75,36.80$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 136.5
R3 120.8
R2 105.1
R1 96.1
P 89.5
S1 80.4
S2 73.8
S3 58.1
S4 42.5
OUTLOOK Trend:- Consolidate Resistance:- 91.7,94.8$ Support:- 84.1,80.1$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.00
R3 4.68
R2 4.35
R1 4.15
P 4.03
S1 3.83
S2 3.70
S3 3.38
S4 3.05
OUTLOOK Trend:- Consolidate Resistance:- 4.170,4.560$ Support:- 3.760,3.510$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 11974
R3 11080
R2 10186
R1 9614
P 9292
S1 8720
S2 8398
S3 7504
S4 6610
OUTLOOK Trend:- Consolidate Resistance:- 9230,9790 Support:- 8640,8180 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.09
R3 46.23
R2 45.37
R1 45.04
P 44.51
S1 44.18
S2 43.65
S3 42.79
S4 41.93
OUTLOOK Trend:- Consolidate Resistance:- 45.15,45.85 Support:- 43.85,43.20 Strategy:- Buy on dips USD/INR WEEKLY
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