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Weekly Newsletter31/01/2011
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
Tight supply seen sending copper to fresh peaks
Lead prices are expected to outshine zinc
Gold posted its biggest gains in eight weeks on Friday
Oil spiked by more than 4 percent
Silver rose 3.5 percent to $27.82 an ounce.
Gold ended down for fourth week, its longest weekly consecutive decline, and made a
new 4-month low of $1307.88. Gold ended down due to upbeat U.S consumer spending
data and rising equity markets but edged almost 2% up later in the week due to U.S GDP
data at 3.2% against expected 3.5%. Holdings of the SPDR gold trust, world’s largest gold
backed ETF, fell to an 8-month low of 1226.546 vs. 1,251.433 tonnes.
Copper ended 1.2% up and recovered almost 3.5% from its weekly low of $420.08 while
LME copper ended near its record high of $9781 at $9635. U.S consumer spending at 4
years high & strong exports as economy regained its pre-recession peak supported
copper. Copper prices defied the LME inventories being more of speculative bet as stocks
added 800 tonnes to 398.075 tonnes, their highest level since September.
Crude oil ended marginally up at $89.42 but gained almost 4% from its weekly low of
$85.10 with U.S economy expanding it its fourth quarter sparking hopes for better
demand. Brent crude surged and ended near $100 on Egyptian unrest while U.S
consumer spending at 4 years high complimented oil prices. The EIA reported crude oil
inventories w/w came up at 4.8M vs. 2.6M as against expected at 0.9M.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1467 1422 1377
OUTLOOK
Trend:- Consolidate
Resistance:- 1360
Support:- 1308,1265
Strategy:- Sell on high
ECHNICAL VIEW GOLD
R2 R1 P S1 S2
1377 1357 1332 1312 1288
Consolidate
60,1373$
08,1265$
Sell on high
GOLD WEEKLY
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1243 1198
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 32.37 30.73 29.09
OUTLOOK
Trend:- Consolidate
Resistance:- 28.25
Support:- 27.10, 26.40
Strategy:- Sell on high
SILVER
R2 R1 P S1 S2
29.09 28.51 27.45 26.87 25.81
Consolidate
28.25, 29.40$
, 26.40$
Sell on high
SILVER WEEKLY
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24.17 22.53
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 101.8 97.2 92.6
OUTLOOK
Trend:- Consolidate
Resistance:- 93.70
Support:- 87.10, 83.40
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
92.6 91.0 88.0 86.4 83.4
Consolidate
0, 98.90$
, 83.40$
Buy on dips
CRUDE WEEKLY
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78.8 74.2
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 6.20 5.62 5.04
OUTLOOK
Trend:- Consolidate
Resistance:- 4.480
Support:- 4.150, 3.860
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
5.04 4.68 4.46 4.10 3.88
Consolidate
4.480, 4.990$
, 3.860$
Sell on high
NATURALGAS WEEKLY
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S3 S4
3.31 2.73
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 491.2 471.3 451.5
OUTLOOK
Trend:- Consolidate
Resistance:- 441,4
Support:- 432,421
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
451.5 443.2 431.6 423.3 411.8
Consolidate
,452
21
Buy on dips
COPPER WEEKLY
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WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 47.18 46.70 46.22
OUTLOOK
Trend:- Consolidate
Resistance:- 46.25
Support:- 45.40, 44.70
Strategy:- Buy on dips
USD/INR
R2 R1 P S1 S2
46.22 46.06 45.74 45.58 45.26
Consolidate
46.25, 47.10
, 44.70
Buy on dips
USD/INR WEEKLY
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