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Weekly Newsletter09/05/2011
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
US jobless rate rose to 9.0 percent.
U.S. job creation at fastest pace in 5 years
COMEX copper slide below 200-day MA
Silver slide almost 30% from high
Gold lost 5 percent, the worst weekly performance
Gold ended down nearly 4% posting its biggest sell off in week in 2011 tracking crude oil
and silver fall though gold losses pared post higher U.S jobless claims and unemployment
rate. Gold ended down at $1490.65 after making weekly low of $1462.05. Silver posted
biggest weekly sell off in its history ending down nearly 9% at $35.27 while iShare silver
trust sliced to 10,253.75 tonnes vs. 11,021.34 tonnes.
Copper ended down nearly 4% on weak technical chart and declining open interest in
May though better U.S private jobs creation up at 5 years high at 244K pared copper
losses. Copper ended down below its 200 DMA and any further closing below could lead
to further downtrend in Copper. 3-month LME copper ended down at $8825 a tonne.
Though, LME warehouses saw net outflows in Copper, Aluminum and Nickel.
Crude oil ended down posting its biggest weekly sell off as economic recovery
uncertainty raises concerns over its demand in near term. Crude oil ended down more
than 13% and shredded more than $15 to end at $97.88. Crude oil may see more
downside as net short positions created are enough to offset long positions & oil prices
may find support at $90. EIA crude oil inventories came down at 3.4M vs. 6.2M w/w.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1850 1737 1624
OUTLOOK
Trend:- Consolidate
Resistance:- 1523,1576
Support:- 1447,14
Strategy:- Buy on dips
ECHNICAL VIEW
GOLD
R2 R1 P S1 S2
1624 1559 1511 1446 1397
Consolidate
23,1576$
1425$
Buy on dips
GOLD WEEKLY
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S3 S4
1284 1171
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 83.88 68.88 53.88
OUTLOOK
Trend:- Consolidate
Resistance:- 36.80,39.65
Support:- 34.30,32.25
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
53.88 44.64 38.88 29.64 23.88
Consolidate
36.80,39.65$
34.30,32.25$
Buy on dips
SILVER WEEKLY
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S3 S4
8.88 -6.12
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 163.0 142.8 122.7
OUTLOOK
Trend:- Consolidate
Resistance:- 117.3
Support:- 105.6,111.8
Strategy:- Sell on high
CRUDE
R2 R1 P S1 S2
122.7 110.4 102.5 90.2 82.3
Consolidate
117.3,122$
105.6,111.8$
Sell on high
CRUDE WEEKLY
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S3 S4
62.2 42.0
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.96 5.44 4.91
OUTLOOK
Trend:- Consolidate
Resistance:- 4.480,
Support:- 4.040,3
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.91 4.58 4.39 4.06 3.86
Consolidate
0,4.710$
3.680$
Sell on high
NATURALGAS WEEKLY
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S3 S4
3.34 2.81
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 506.0 472.2 438.5
OUTLOOK
Trend:- Consolidate
Resistance:- 408,431
Support:- 377,363
Strategy:- Sell on high
COPPER
R2 R1 P S1 S2
438.5 417.3 404.7 383.6 371.0
Consolidate
408,431
377,363
Sell on high
COPPER WEEKLY
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S3 S4
337.2 303.5
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 46.78 46.05 45.32
OUTLOOK
Trend:- Consolidate
Resistance:- 45.25
Support:- 44.10,43.
Strategy:- Sell on high
USD/INR
R2 R1 P S1 S2
45.32 45.02 44.59 44.29 43.86
Consolidate
5.25,45.75
43.80
Sell on high
USD/INR WEEKLY
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S3 S4
43.13 42.40
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