Weekly Newsletter Newsletter-Commodity Commodity 18/07/2011
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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 Silver up on bargain hunting, up 2.67% at $39.23 Gold makes a new all time high of $1594.29 U.S consumer sentiment lowest since March 2009 Crude oil rebounds on concerns of low supply Copper ends up for third consecutive weekly gain
Gold ended up for second consecutive week and made a fresh all time high of $1594.29 and ended the week on a very strong note at $1593.34. Precious metals gains on the back of disappointing result of European banks and biggest fall in U.S consumer sentiment and can further rally to $1610 in the near term. Silver eclipsed gold and ended up for 2nd consecutive week after making a fresh 2-month high of $39.36 to end the week at $39.23.
Copper ended up with trivial gains though recovered nearly 2.5% to end the week on positive basis at $440.50. Copper ended up for 3rd consecutive week as Dollar strengthened while the 3- month LME copper too ended up at $9663. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 22.3 percent while Copper inventories at LME warehouses were unchanged at 462,025 tonnes on w/w basis.
Crude oil extended its gains to third consecutive week to end up at $97.32 after making a weekly high of $99.20. Crude oil gained on the back of concerns over lower supply for a Canadian export pipeline, short covering on the week-end and strengthening Dollar. Brent crude ended the week on negative basis at $117.57 while premium declined to $20.25 vs. $22 w/w. EIA crude oil inventories came at (-) 3.1M vs. expected at (-) 2.3M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 1738
R3 1684
R2 1630
R1 1611
P 1576
S1 1557
S2 1522
S3 1468
S4 1414
OUTLOOK Trend:- Bullish 610, 1630 Resistance:- $1610 Support:- $1575, 1550 Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 51.56
R3 46.97
R2 42.38
R1 40.80
P 37.79
S1 36.21
S2 33.20
S3 28.61
S4 24.02
OUTLOOK Trend:- Consolidate Resistance:- $40.79 $40.79, 42.86 Support:- $37.77,, 36.39 Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 113.6
R3 107.99
R2 102.3
R1 99.8
P 96.7
S1 94.1
S2 91.1
S3 85.4
S4 79.7
OUTLOOK Trend:- Consolidate Resistance:- $103.4 $103.4, 106.9 Support:- $94.6, 993.2 Strategy:- Buy on dips CRUDE WEEKLY
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NATURALGAS WEEKLY PIVOT SCRIPT NG
R4 5.53
R3 5.15
R2 4.78
R1 4.66
P 4.41
S1 4.29
S2 4.04
S3 3.67
S4 3.30
OUTLOOK Trend:- Consolidate Resistance:- $4.715 715, 5.180 Support:- $4.050,, 3.720 Strategy:- Buy on dips NATURALGAS WEEKLY
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COPPER WEEKLY PIVOT SCRIPT COPPER
R4 10421
R3 10151
R2 9881
R1 9772
P 9611
S1 9502
S2 9341
S3 9071
S4 8801
OUTLOOK Trend:- Consolidate Resistance:- $9790 $9790, 10160 Support:- $9425, 8650 Strategy:- Sell on high COPPER WEEKLY
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USD/INR WEEKLY PIVOT SCRIPT INR
R4 45.86
R3 45.40
R2 44.94
R1 44.71
P 44.48
S1 44.25
S2 44.02
S3 43.56
S4 43.10
OUTLOOK Trend:- Consolidate Resistance:- 44.80 80, 45.85 Support:- 44.15,443.40 Strategy:- Sell on high USD/INR WEEKLY
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