Weekly Newsletter-Commodity 12/09/2011
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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 dragged down by dollar spike, profit-taking Copper posts biggest weekly loss in over a month Euro hits 6-1/2-month lows against dollar G7 finance ministers gathering in France Crude dips on economic worries, strong dollar
Gold ended down this week on the back of profit booking at higher level and rebound in Dollar that strengthened later in the week. Though, gold pared losses due to ongoing U.S and European woes coupled with higher U.S jobless claims at 414K. Gold ended the week down at $ 1858, shredding $18 while SPDR gold ETF holdings for the week stood at 1,241.92 tonnes. Silver shredded more than $1 to end the week at $41.54.
Copper ended the week on a very bearish note as benchmark LME copper shredded $246 to end the week at $8798 taking support of its trendline drawn from troughs of Oct 2008. While, U.S COMEX copper ended down losing nearly 3% at $398.35 after a rebound in Dollar and higher U.S jobless claims coupled with concerns of economic growth lead to negative sentiments despite a substantial fall in copper inventories.
Crude ended the week with marginal gains though its gains were capped by European woes as Euro slid to a six month low vs. Dollar and weaker than expected U.S economic data while ECB will keep interest rates unchanged for a longer period of time. U.S Crude ended
at
$87.17,
after
making
a
fresh
monthly
high
of
$90.39
and
Brent crude ended up for 5th repeated week at $112.59. U.S-Brent spread is at $25.42.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 2241
R3 2113
R2 1985
R1 1922
P 1857
S1 1794
S2 1729
S3 1601
S4 1473
OUTLOOK Trend:- Bullish Resistance:- 1921,1985$ Support:- 1793,1705$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 50.67
R3 47.70
R2 44.73
R1 43.14
P 41.76
S1 40.17
S2 38.79
S3 35.82
S4 32.85
OUTLOOK Trend:- Consolidate Resistance:- 43.35,44.60$ Support:- 40.25,38.65$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 108.5
R3 101.3
R2 94.1
R1 90.6
P 86.9
S1 83.4
S2 79.7
S3 72.5
S4 65.3
OUTLOOK Trend:- Consolidate Resistance:- 90.3,95.1$ Support:- 82.8,78.5$ Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.51
R3 4.32
R2 4.12
R1 4.01
P 3.93
S1 3.82
S2 3.73
S3 3.54
S4 3.34
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 9935
R3 9590
R2 9245
R1 9022
P 8900
S1 8677
S2 8555
S3 8210
S4 7865
OUTLOOK Trend:- Consolidate Resistance:- 9120,9790 Support:- 8460,7990 Strategy:- Buy on dips COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 49.24
R3 48.25
R2 47.26
R1 46.87
P 46.27
S1 45.88
S2 45.28
S3 44.29
S4 43.30
OUTLOOK Trend:- Consolidate Resistance:- 47.05,47.90 Support:- 45.85,44.75 Strategy:- Buy on dips USD/INR WEEKLY
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