Weekly Newsletter-Commodity 19/09/2011
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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 US crude dips on Europe woes, consumer unease Copper ends lower as European woes cap sentiment Dollar gains as euro slips Gold rises 1 pct on gloomy U.S. consumer outlook U.S. consumer sentiment inched up in early September
Gold extended its downtrend for second consecutive week due to profit booking at higher levels while investors are waiting for a next trigger with implied volatility at two year high. Gold made a fresh 3-week low of $1762.42 while recovered due to weak U.S consumer sentiment and physical buying to end the week at $1810.20, down $40. Silver ended down at $40.66, shredding nearly $1 after making a fresh 3 week low of $39.30.
Copper ended the week flat on a negative note ahead of crucial fed meet next week. Benchmark LME Copper fell trivial $11 to end the week at $8658 while U.S COMEX copper fell nearly $6 to end the week at $392.80 as Dollar rebounded against Euro while European debt woes still lingers on Copper demand outlook in the near term. Though, LME monitored Copper warehouses fell 125 tonnes to 466,025 tonnes.
Crude ended the week on a positive note for fourth consecutive week at $87.83 after making a fresh sex week high of $90.49 as its gains were capped by gloomy economic recovery after European woes hits sentiments later this week coupled U.S consumer outlook at 31 yr low. Brent crude ended up for 6 th week ending at $112.04. Brent – U.S crude spread is at $24.21. EIA crude inventories w/w came at(-) 6.7M vs. (-) 3.1M.
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TECHNICAL VIEW GOLD WEEKLY PIVOT SCRIPT GOLD
R4 2110
R3 2011
R2 1911
R1 1861
P 1812
S1 1761
S2 1712
S3 1612
S4 1513
OUTLOOK Trend:- Bullish Resistance:- 1877,1915$ Support:- 1763,1705$ Strategy:- Buy on dips GOLD WEEKLY
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SILVER WEEKLY PIVOT SCRIPT SILVER
R4 46.95
R3 44.79
R2 42.63
R1 41.65
P 40.47
S1 39.49
S2 38.31
S3 36.15
S4 33.99
OUTLOOK Trend:- Consolidate Resistance:- 42.10,44.60$ Support:- 39.30,36.80$ Strategy:- Buy on dips SILVER WEEKLY
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CRUDE WEEKLY PIVOT SCRIPT CRUDE
R4 104.3
R3 98.9
R2 93.3
R1 90.6
P 87.8
S1 85.0
S2 82.3
S3 76.7
S4 71.2
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 4.78
R3 4.49
R2 4.19
R1 4.00
P 3.90
S1 3.71
S2 3.60
S3 3.31
S4 3.01
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 9500
R3 9227
R2 8954
R1 8806
P 8681
S1 8533
S2 8408
S3 8135
S4 7862
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 52.11
R3 50.48
R2 48.85
R1 48.09
P 47.22
S1 46.46
S2 45.59
S3 43.96
S4 42.33
OUTLOOK Trend:- Consolidate Resistance:- 47.70,48.95 Support:- 46.80,45.85 Strategy:- Buy on dips USD/INR WEEKLY
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