Weekly Newsletter29/11/2010
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 ended up snapping 2 weeks sell off
Thin volume trading concerns commodities
Copper drops further amid China’s demand worry
U.S crude oil limits losses ending up 1.7%
Dollar hits two-month high against Euro
Gold ended up marginally but remained cautious tracking global economic instability.
Gold gained $5 to end the week at $1363.48 and touched weekly high of $1382.
The cautiousness in gold was due to recent recovery in dollar as it hit fresh two-month
high against Euro & China’s anti-inflation rate hikes. Though, Gold recovered some
losses due to modest buying amid investors rising concerns over Euro zone credit
worries and Irish debt crisis that may engulf other Euro zone. The momentum in gold is
now due to currency fluctuations as buyers bid for it as a safe haven amid economic
instability while liquidation is due to continuous rising dollar. World’s largest gold backed
ETF, New York’s SPDR gold trust reported a drop down in its holdings to 1,285.084
tonnes vs. 1,289.36 tonnes.
Copper ended down for third consecutive week amid thin trading as the euro zone debt
crisis boosted the dollar and fear of another interest rate hikes in China stoked worries
about demand from the world's top metals buyer as another rate hike will dampen the
base metals further pushing their demands lower. Copper opened the week at $385.3
and shredded almost $13 to end the week at $373.8. It took a crucial support of $365.35
while its RSI is at 58.63. The three month copper at London metal exchange closed
down at $8239 a tonne vs. $8340 and ran into its third consecutive weekly loss. Further
trigger for copper will be the crucial Euro zone debt crisis and China’s monetary action.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1466 1432 1398
OUTLOOK
Trend:- Consolidate
Resistance:- $1377
Support:- $1339,131
Strategy:- Buy on dips
ECHNICAL VIEW GOLD
R2 R1 P S1 S2
1398 1381 1364 1347 1330
Consolidate
77,1401
1317
Buy on dips
GOLD WEEKLY
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S3 S4
1296 1262
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SILVER
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 31.49 29.99 28.49 27.59 26.99 26.09 25.49 23.99 22.49
OUTLOOK
Trend:- Consolidate
Resistance:- $27.85,29.34
Support:- $25.85,24.95
Strategy:- Buy on dips
SILVER WEEKLY
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CRUDE
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE 95.6 91.4 87.1 85.4 82.7 81.2 78.6 74.3 70.1
OUTLOOK
Trend:- Consolidate
Resistance:- $87.22,90.40
Support:- $79.70,75.86
Strategy:- Sell on highs
CRUDE WEEKLY
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NATURALGAS
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
NG 5.50 5.11 4.73 4.56 4.34 4.17 3.95 3.56 3.17
OUTLOOK
Trend:- Bullish
Resistance:- $4.500,4.715
Support:- $4.164,3.848
Strategy:- Buy on dips
NATURALGAS WEEKLY
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COPPER
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
COPPER 439.6 418.2 396.8 385.3 375.4 363.9 354.1 332.6 311.2
OUTLOOK
Trend:- Consolidate
Resistance:- $388,398
Support:- $365,356
Strategy:- Sell on highs
COPPER WEEKLY
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 48.10 47.26 46.42
OUTLOOK
Trend:- Bullish
Resistance:- `46.45
Support:- `45.12,
Strategy:- Buy on dips
USD/INR
R2 R1 P S1 S2
46.42 46.12 45.58 45.28 44.74
6.45,47.41
,44.06
Buy on dips
USD/INR WEEKLY
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S3 S4
43.90 43.06
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