Weekly Newsletter-Commodity 03/10/2011
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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 U.S. crude in biggest quarterly fall since 2008 Gold posts big Q3 gain despite sharp monthly drop Silver set for monthly and quarterly decline Copper ends down, logs worst quarter in 3 years Lead, Zinc, Nickel trading near to multi week lows
Gold extended its downtrend though with trivial losses this week as it recovered from fresh 3-month low of $ 1532.10 to end the week at $1623.10 on the back of firm dollar and jitters from EU of Greece default and Euro falling against a basket of currencies. 14 Day RSI of gold is at 49.86 and may be range bound in coming week from $1560 $1680. Silver ended up gaining trivial $0.62 due to fresh buying and short covering.
Copper rebounded after last week’s sell off though posted worst quarter in 3 years. LME benchmark Copper rebounded $125 to end the week at $6970 while US COMEX Copper fell $13 weighed by weak Dollar ending at $315.2 despite better crucial U.S data line unemployment claims down at 391K, final GDP q/q up at 1.3% and China’s PMI unchanged at 51.20. LME monitored Copper stocks stood at 470,700 tonnes.
Crude extended its downtrend for second consecutive week though its loss was nearly $1 as Dollar rebounded later in the week against Euro while better than expected U.S jobless claims down by 37K and U.S final GDP came up at 1.3% curbed the downside. Brent crude fell $1.5 and made a fresh 8 weeks low of $101.64 to end at $102.27 due to weaker Euro. EIA crude oil inventories w/w came much higher at 1.9M vs. (-) 7.3M. www.capitalheight.com Capitalheight.wordpress.com
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 2044
R3 1900
R2 1755
R1 1689
P 1611
S1 1545
S2 1466
S3 1322
S4 1177
OUTLOOK Trend:- Consolidate Resistance:- 1724,1775$ Support:- 1573,1495$ Strategy:- Sell on high GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 52.17
R3 44.71
R2 37.25
R1 33.54
P 29.79
S1 26.08
S2 22.33
S3 14.87
S4 7.41
OUTLOOK Trend:- Consolidate Resistance:- 33.45,36.80$ Support:- 28.70,26.30$ Strategy:- Sell on high SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 103.0
R3 95.4
R2 87.8
R1 83.2
P 80.2
S1 75.6
S2 72.6
S3 64.9
S4 57.3
OUTLOOK Trend:- Consolidate Resistance:- 84.0,87.2$ Support:- 75.2,69.5$ Strategy:- Sell on high CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 4.53
R3 4.27
R2 4.00
R1 3.83
P 3.74
S1 3.56
S2 3.47
S3 3.21
S4 2.94
OUTLOOK Trend:- Consolidate Resistance:- 3.820,4.180$ Support:- 3.510,3.220$ Strategy:- Sell on high NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 9739
R3 8874
R2 8009
R1 7489
P 7144
S1 6624
S2 6279
S3 5414
S4 4549
OUTLOOK Trend:- Consolidate Resistance:- 7760,8655 Support:- 6730,6310 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 52.45
R3 51.35
R2 50.25
R1 49.63
P 49.15
S1 48.53
S2 48.05
S3 46.95
S4 45.85
OUTLOOK Trend:- Consolidate Resistance:- 49.85,50.65 Support:- 48.20,47.35 Strategy:- Buy on dips USD/INR WEEKLY
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