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Weekly Newsletter30/08/2010
Weekly Newsletter-Commodity
www.capitalheight.com
Commodity
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Phone- (0731)4295950
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
Gold rises for 4th straight week
Bernanke says Fed ready to act to stop recovery stall
U.S. economic growth slows, but not as sharply as feared
Copper at 1-wk high after Bernanke comments
Fed Reserve FOMC minutes released on Tuesday
Gold continued its uptrend for fourth consecutive week as world economy fears of a
slowdown, precisely a double dip recession. This yellow precious metal gained $ 15 as
major global indices shredded. It touched weekly high of $ 1244 after 7 weeks or almost
2 month and weekly low of $ 1174. As we said earlier, Gold is still in the range of $ 1210
- $ 1240 and there is a strong resistance for Gold at $1245. Gold saw decline in latter
half of the week as US jobless claims came stronger than expected at 473K vs. half a
million & US prelim GDP q\q came better than expected at 1.6% vs. 1.5%. Gold surged
on Friday almost $10 as fed chairman Ben Bernanke sees economic slowdown and is
steady at $1237.
Copper continues to gain for second week and is at $ 337.It shredded most gains in
earlier week but gained most in later part of the week. Copper gained $ 7 on weekly
basis after touching low of $ 317.Copper ended higher as data showing U.S jobless
claims fell by 27k from 500 mn, improving the demand outlook for industrial metals. The
Chicago Federal Reserve Bank said its Midwest manufacturing index rose in July,
driven by gains in auto, steel and machinery sectors complimented the copper prices to
surge back. On a bullish note, supporting copper prices were stocks in LME
warehouses,which at 400,100 tonnes are down 1,175 tonnes on weekly basis and
sliced more than 25% since the middle of February and their lowest since last Nov.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1333 1299 1265
OUTLOOK
Trend:- Bullish
Resistance:- 1244
Support:- 1227,1192
Strategy:- Buy on dips
ECHNICAL VIEW
GOLD
R2 R1 P S1 S2
1265 1251 1231 1217 1197
44,1265$
,1192$
Buy on dips
GOLD WEEKLY
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S3 S4
1163 1129
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 23.45 21.87 20.29
OUTLOOK
Trend:- Bullish
Resistance:- 19.31,20.30
Support:- 18.90,18.10
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
20.29 19.67 18.71 18.09 17.13
19.31,20.30$
18.90,18.10$
Buy on dips
SILVER WEEKLY
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S3 S4
15.55 13.97
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 88.3 83.5 78.7
OUTLOOK
Trend:- Consolidate
Resistance:- 77.50,
Support:- 73.30,69.70
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
78.7 77.1 73.9 72.3 69.2
Consolidate
77.50,82.90$
69.70$
Buy on dips
CRUDE WEEKLY
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S3 S4
64.4 59.6
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.13 4.70 4.27
OUTLOOK
Trend:- Bearish
Resistance:- 3.850,
Support:- 3.520,2.970
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.27 3.99 3.84 3.56 3.41
3.850,4.285$
2.970$
Sell on high
NATURALGAS WEEKLY
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S3 S4
2.98 2.55
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 392.9 372.3 351.8
OUTLOOK
Trend:- Bullish
Resistance:- 341,3
Support:- 326,311
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
351.8 344.7 331.2 324.2 310.7
341,363
,311
Buy on dips
COPPER WEEKLY
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S3 S4
290.1 269.6
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 48.89 48.16 47.43
OUTLOOK
Trend:- Consolidate
Resistance:- 47.15
Support:- 45.80,45.10
Strategy:- Buy on dips
USD/INR
R2 R1 P S1 S2
47.43 47.12 46.70 46.39 45.97
Consolidate
5,48.10
,45.10
Buy on dips
USD/INR WEEKLY
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S3 S4
45.24 44.51
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