Weekly Newsletter18/07/2011
Weekly Newsletter-Commodity
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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.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1738 1684 1630
OUTLOOK
Trend:- Bullish
Resistance:- $1610
Support:- $1575,
Strategy:- Buy on dips
ECHNICAL VIEW
GOLD
R2 R1 P S1 S2
1630 1611 1576 1557 1522
610, 1630
1550
Buy on dips
GOLD WEEKLY
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S3 S4
1468 1414
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 51.56 46.97 42.38
OUTLOOK
Trend:- Consolidate
Resistance:- $40.79
Support:- $37.77,
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
42.38 40.80 37.79 36.21 33.20
Consolidate
$40.79, 42.86
, 36.39
Buy on dips
SILVER WEEKLY
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S3 S4
28.61 24.02
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 113.6 107.99 102.3
OUTLOOK
Trend:- Consolidate
Resistance:- $103.4
Support:- $94.6, 9
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
102.3 99.8 96.7 94.1 91.1
Consolidate
$103.4, 106.9
93.2
Buy on dips
CRUDE WEEKLY
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S3 S4
85.4 79.7
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.53 5.15 4.78
OUTLOOK
Trend:- Consolidate
Resistance:- $4.715
Support:- $4.050,
Strategy:- Buy on dips
NATURALGAS
R2 R1 P S1 S2
4.78 4.66 4.41 4.29 4.04
Consolidate
715, 5.180
, 3.720
Buy on dips
NATURALGAS WEEKLY
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S3 S4
3.67 3.30
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 10421 10151 9881
OUTLOOK
Trend:- Consolidate
Resistance:- $9790
Support:- $9425, 8650
Strategy:- Sell on high
COPPER
R2 R1 P S1 S2
9881 9772 9611 9502 9341
Consolidate
$9790, 10160
$9425, 8650
Sell on high
COPPER WEEKLY
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S3 S4
9071 8801
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 45.86 45.40 44.94
OUTLOOK
Trend:- Consolidate
Resistance:- 44.80
Support:- 44.15,4
Strategy:- Sell on high
USD/INR
R2 R1 P S1 S2
44.94 44.71 44.48 44.25 44.02
Consolidate
80, 45.85
43.40
Sell on high
USD/INR WEEKLY
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S3 S4
43.56 43.10
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