Weekly Newsletter-Commodity 22/08/2011
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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 Gold surges to record high above 1880$ Gold sets 9th record of Aug, best two weeks since 2008 Copper posts third straight weekly loss Copper prices have fallen more than 10 percent so far this month U.S. posting its fourth weekly loss
Gold posted biggest weekly gain since 2008 and rallied more than $100, making a fresh all time high of $1877.71. Gold rally was fueled by higher U.S jobless claims at 408K while mfg. index fell to -30.7 & home sales to 4.67M signaling a recession in the U.S economy. Silver broke
its
crucial
resistance
of
$42.20
and
gained
nearly
$4
to after making a fresh 2-month high of $42.81 and ended on a strong note at $42.75.
Copper ended down for second consecutive week shredding nearly $150 as Dollar fell against a basket of currencies while weaker U.S crucial economic data dampened its future demand outlook. LME Copper ended at $8788 while U.S Copper ended down at $397.25. Though, fundamentals
of
Copper
are
strong
due
to
ongoing
supply
threat
as strike fears at biggest copper mine at Chile while Shanghai inventories fell by 7.3%.
Crude Oil ended down after last week’s recovery shredding nearly $3 to end the week at $82.73 after making a weekly low of $79.38. Crude fell on weaker dollar and weaker future outlook as world’s biggest economy is in recession coupled by weaker U.S economic data and European credit crunch. Brent crude ended up at $108.92 as Dollar fell vs. Yen & Euro.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 2268
R3 2118
R2 1969
R1 1910
P 1819
S1 1761
S2 1570
S3 1520
S4 1370
OUTLOOK Trend:- Bullish Resistance:- 1890,1940$ Support:- 1820,1760$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 53.82
R3 49.69
R2 45.56
R1 44.17
P 41.43
S1 40.04
S2 37.30
S3 33.17
S4 29.04
OUTLOOK Trend:- Bullish Resistance:- 44.60,46.70$ Support:- 42.20,39.65$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 112.9
R3 103.1
R2 93.3
R1 87.8
P 83.5
S1 78.0
S2 73.7
S3 63.9
S4 54.1
OUTLOOK Trend:- Consolidate Resistance:- 87.2,91.7$ Support:- 78.5,71.8$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.59
R3 4.38
R2 4.16
R1 4.05
P 3.95
S1 3.83
S2 3.73
S3 3.52
S4 3.30
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 10371
R3 9848
R2 9325
R1 9084
P 8802
S1 8561
S2 8279
S3 7756
S4 7233
OUTLOOK Trend:- Consolidate Resistance:- 9140,9790 Support:- 8520,7980 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 47.43
R3 46.79
R2 46.15
R1 45.90
P 45.51
S1 45.26
S2 44.87
S3 44.23
S4 43.59
OUTLOOK Trend:- Consolidate Resistance:- 45.85,46.35 Support:- 44.75,43.85 Strategy:- Buy on dips USD/INR WEEKLY
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