weekly commodity news letter by capitalheight 27-12-2010
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Weekly Newsletter27/12/2010
Weekly Newsletter-Commodity
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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
Gold rises towards $1,385/oz as dollar retreats
SPDR gold ETF heads for biggest weekly outflow since July
Euro rebounds from three-week low versus dollar
Copper steady in thin trade
Oil hovered around its highest levels in more than two years
Gold bounced back from a week low to end in green at $1384.50 adding almost $5.
Gold regained strength due to bargain hunting though thin trade owing to festive season and
volatile Euro can direct gold in either trend. Investors are eyeing tensions in Korean peninsula
while Euro rebounded from its week low but it may see further downside as debt crisis has also
engulfed Ireland & Portugal. As we said in our earlier report, Gold is still in consolidation phase
and another stroke of tensions from Euro zone will help precious metal to see further upside
though $1410 is level one can cap upside for gold prices. World’s largest gold backed ETF,
NY’s SPDR holdings slipped to 1,284.973 tonnes vs. 1,288.616 tonnes.
Crude oil gained 2.77% this week end at $91.45 after touching a fresh two year high of $91.91.
Crude oil breached its two year broader range of $68 - $87 to settle above magic number $90.
Crude oil price is complimented by upbeat U.S economic data like jobless claims at 420k and
durable goods order up at 2.4%. Also, cold weather in most countries is fueling the demand.
The U.S crude stockpiles are also depleting as crude oil inventories this week came down at (-)
5.3m against as expected (-) 1.1m. The crude oil prices are expected to be in uptrend in coming
weeks as OPEC is not likely to increase oil production because emerging market economies
are growing with crude prices above $90 and OPEC is also uncertain about conditions to
increase o/p in coming year.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1442 1422 1402
OUTLOOK
Trend:- Consolidate
Resistance:- 1392
Support:- 1371,13
Strategy:- Buy on dips
ECHNICAL VIEW GOLD
R2 R1 P S1 S2
1402 1391 1382 1371 1362
Consolidate
92,1420$
1345$
Buy on dips
GOLD WEEKLY
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S3 S4
1342 1322
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 31.54 30.75 29.96
OUTLOOK
Trend:- Consolidate
Resistance:- 29.58
Support:- 28.75,27
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
29.96 29.58 29.17 28.79 28.38
Consolidate
58,30.45$
5,27.90$
Buy on dips
SILVER WEEKLY
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S3 S4
27.59 26.80
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 101.9 98.0 94.1
OUTLOOK
Trend:- Consolidate
Resistance:- 93.80
Support:- 87.10,85
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
94.1 92.8 90.2 88.9 86.4
Consolidate
93.80,98.90$
87.10,85.20$
Buy on dips
CRUDE WEEKLY
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S3 S4
82.5 78.6
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 4.89 4.63 4.37
OUTLOOK
Trend:- Bearish
Resistance:- 4.240,
Support:- 3.860,3.
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.37 4.24 4.11 3.98 3.85
4.240,4.650$
3.520$
Sell on high
NATURALGAS WEEKLY
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S3 S4
3.58 3.32
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 463.6 450.1 436.6
OUTLOOK
Trend:- Bullish
Resistance:- 431,443
Support:- 413,403
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
436.6 430.9 423.1 417.4 409.6
31,443
413,403
Buy on dips
COPPER WEEKLY
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S3 S4
396.1 382.6
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 47.39 46.66 45.93
OUTLOOK
Trend:- Consolidate
Resistance:- 45.60
Support:- 44.70,43.90
Strategy:- Sell on high
USD/INR
R2 R1 P S1 S2
45.93 45.47 45.20 44.74 44.47
Consolidate
60,46.20
43.90
Sell on high
USD/INR WEEKLY
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S3 S4
43.74 43.01
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