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Weekly Newsletter07/02/2011
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 still heads for first weekly gain this year
US jobs rose less than expected, unemployment rate down
Egypt's political situation in focus
Copper soars to new record on U.S. data boost
Oil falls on unfounded Egypt report
Gold ended up this week gaining $17.21 to end at $1348.90 posting its first weekly gain
of the year though it still lacks a crucial catalyst to drive prices. Gold edged up higher as
U.S non-farm employment claims came lower than expected at 36K & non-farm
productivity came higher at 2.6%. Holdings of the world’s largest gold backed ETF, New
York’s SPDR gold trust rose slightly to 1,299.277 tonnes vs. 1227.153 tonnes w/w.
Copper ended 4.13% up backed by healthier demand outlook in 2011 & made a record
high of $460.50 to settle at $457.25. Copper ended up as U.S manufacturing recorded
largest jobs gain since Aug 1998 while jobless claims came lower than expected at 415K.
LME 3 months copper made a record high of $10,100 and ended $120 up at $10,050
tonnes. The LME copper inventories fell by 325 tonnes to 394,150 tonnes.
Crude oil ended down this week at $88.88 and lost nearly 2% from its weekly high of
$92.83 on the back of profit booking due to weaker U.S non-farm employment change at
36K, modest recovery in dollar and speculation over Egyptian president stepping down.
Brent crude too fell from its peak of $102.48 to end below crucial level of $100 at $99.83.
Crude oil inventories w/w came at 2.6M vs. 2.5M as against expected at 2.5M.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1449 1414 1379
OUTLOOK
Trend:- Consolidate
Resistance:- 1363
Support:- 1338,131
Strategy:- Sell on high
ECHNICAL VIEW
GOLD
R2 R1 P S1 S2
1379 1364 1343 1328 1308
Consolidate
3,1385$
315$
Sell on high
GOLD WEEKLY
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S3 S4
1273 1237
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 33.89 32.14 30.39
OUTLOOK
Trend:- Consolidate
Resistance:- 29.40
Support:- 28.30,27.
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
30.39 29.75 28.64 28.00 26.89
Consolidate
29.40,30.10$
27.90$
Buy on dips
SILVER WEEKLY
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S3 S4
25.14 23.39
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 103.3 98.9 94.5
OUTLOOK
Trend:- Consolidate
Resistance:- 92.20
Support:- 87.10,8
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
94.5 91.7 90.1 87.3 85.6
Consolidate
0,98.90$
83.40$
Buy on dips
CRUDE WEEKLY
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S3 S4
81.2 76.8
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 4.98 4.77 4.56
OUTLOOK
Trend:- Consolidate
Resistance:- 4.480,
Support:- 4.150,3.860
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.56 4.43 4.35 4.22 4.14
Consolidate
4.480,4.990$
3.860$
Sell on high
NATURALGAS WEEKLY
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S3 S4
3.94 3.73
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 518.8 496.5 474.3
OUTLOOK
Trend:- Bullish
Resistance:- 466,485
Support:- 443,429
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
474.3 465.8 452.0 443.5 429.8
466,485
9
Buy on dips
COPPER WEEKLY
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S3 S4
407.5 385.3
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 47.57 46.93 46.29
OUTLOOK
Trend:- Consolidate
Resistance:- 46.25,47.10
Support:- 45.40,44.
Strategy:- Buy on dips
USD/INR
R2 R1 P S1 S2
46.29 45.92 45.65 45.28 45.01
Consolidate
46.25,47.10
44.70
Buy on dips
USD/INR WEEKLY
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S3 S4
44.37 43.73
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