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Weekly Newsletter17/01/2011
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
US markets shut for M.L.K. holiday Monday
Gold fell to a one-week low and hovered above its lowest in two months
China hikes bank reserve requirements by 50 basis points
Copper moves up with equities, better U.S. outlook
U.S. crude oil marginally up trading at 91.50 $ per berral
Gold ended down for second consecutive week and traded in a stiff range as receding Euro
zone debt concerns & China’s monetary tightening to tame inflation weighed on precious
metals. Gold opened the week at $1369.95 and touched weekly high of $1393.10 post
disappointing U.S jobless claims at six month high though better demand from bond investors
for Euro zone’s fragile members like Spain and Portugal debt auction sent Gold to end weak
tempering its demand as safe haven. The support for gold was purchases from jewelers and
investors on talks of Indian govt. imposing tax on Gold imports and ahead of lunar New Year.
The holdings of the world’s largest gold backed ETF, New York’s SPDR gold trust slipped to
1,265.093 tonnes vs. 1,271.467 tonnes while ETF securities London listed Gold fund saw
redemptions as well.
Crude oil gained this week climbing towards its 27 month high to end the week at $91.64.
Crude opened the week at $89.48 and rose post steady rise in U.S economic retail sales and
unchanged inflation signaling economic recovery on track. The Crude oil inventory for the week
saw a larger-than-expected drop, down at (-) 2.2m vs. (-) 4.2m as against expected 0.4m, its
biggest 18 month drop while gasoline supplies increased 5.08 million barrels to 223.20 million,
the biggest gain since Sept. 2009. Crude oil is not been able to push above $92 but Brent crude
nearing $100; we expect bullish trend for Crude oil and can test the level of $93 - $95.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1484 1446 1408
OUTLOOK
Trend:- Consolidate
Resistance:- 1386
Support:- 1335,13
Strategy:- Buy on dips
ECHNICAL VIEW GOLD
R2 R1 P S1 S2
1408 1385 1370 1347 1332
Consolidate
86,1421$
5,1305$
Buy on dips
GOLD WEEKLY
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S3 S4
1294 1256
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 33.94 32.22 30.50
OUTLOOK
Trend:- Consolidate
Resistance:- 29.40,30.60
Support:- 27.92,26.90
Strategy:- Sell on high
SILVER
R2 R1 P S1 S2
30.50 29.47 28.78 27.75 27.06
Consolidate
29.40,30.60$
27.92,26.90$
Sell on high
SILVER WEEKLY
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S3 S4
25.34 23.62
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 103.4 99.2 94.9
OUTLOOK
Trend:- Consolidate
Resistance:- 93.80
Support:- 89.40,86.90
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
94.9 93.2 90.7 89.0 86.4
Consolidate
93.80,98.90$
86.90$
Buy on dips
CRUDE WEEKLY
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S3 S4
82.2 77.9
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.14 4.91 4.68
OUTLOOK
Trend:- Consolidate
Resistance:- 4.690
Support:- 4.250,3.860
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.68 4.58 4.44 4.35 4.21
Consolidate
0,4.990$
3.860$
Sell on high
NATURALGAS WEEKLY
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S3 S4
3.98 3.75
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 492.1 473.5 455.0
OUTLOOK
Trend:- Bullish
Resistance:- 452,465
Support:- 430,418
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
455.0 448.7 436.5 430.2 418.0
452,465
30,418
Buy on dips
COPPER WEEKLY
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S3 S4
399.5 380.9
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 47.19 46.55 45.91
OUTLOOK
Trend:- Consolidate
Resistance:- 45.80
Support:- 44.70,43.90
Strategy:- Buy on dips
USD/INR
R2 R1 P S1 S2
45.91 45.63 45.27 44.99 44.63
Consolidate
0,46.70
43.90
Buy on dips
USD/INR WEEKLY
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S3 S4
43.99 43.35
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