Weekly Newsletter25/07/2011
Weekly Newsletter-Commodity
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Weekly Newsletter
Contents
Market Wrap
Technical Analysis
Gold ( Comex)
Silver ( Comex)
Crude ( Nymex)
Naturalgas ( Nymex)
Copper (LME)
USD/INR
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MARKET WRAP
Brent crude rises above $118 on spread buying
Spot gold approaches $1,609.97/oz
London copper ends down, supply worries cap losses
Dollar falls against many currencies
U U.S crude inventories w/w came at -3.7M vs. -1.5M.
Gold ended up for third consecutive week extending its gains to make a fresh all time
high of $1610.14 and ended the week at $1602.74. Gold extended its gains on the back of
concerns over Greek bailout plan and paired its gains with firmer Dollar. Silver ended up at
$40.08 as recovering industrial demand due to stronger global economic growth
anticipated for 2011. iShare Silver trust holdings currently stands at 9845.17 tonnes.
Copper ended down for the week with trivial loss of$8 on the back of profit booking. LME
Copper made a fresh 3 month high of $9839 as Euro fell against the dollar while U.S
copper ended at $440.60. Copper ended down on concerns over Greece debt crisis,
contraction in China’s manufacturing sector and strike in world’s largest Copper mine in
Chile. Though, LME Copper inventories fell 1,725 tonnes to 472,325 tonnes.
Crude Oil extended gains for fourth consecutive week and ended close to psychological
level of $100 at $99.81 after making a fresh one and a half month high of $100.17. U.S
crude inventories w/w came at -3.7M vs. -1.5M. Brent crude rose above $118 & ended the
week up at $118.57. Natural gas ended down this week at $4.384 shredding previous
week’s gains. U. S natural gas inventories w/w came at 60b vs. 67b.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1684 1656 1627
OUTLOOK
Trend:- Bullish
Resistance:- 1614,1640
Support:- 1573,1540
Strategy:- Buy on dips
ECHNICAL VIEW
GOLD
R2 R1 P S1 S2
1627 1614 1598 1585 1569
1614,1640$
1573,1540$
Buy on dips
GOLD WEEKLY
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S3 S4
1540 1511
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 47.67 45.01 42.35
OUTLOOK
Trend:- Consolidate
Resistance:- 40.85,42.95
Support:- 38.80,37.75
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
42.35 41.19 39.69 38.53 37.03
Consolidate
40.85,42.95$
38.80,37.75$
Buy on dips
SILVER WEEKLY
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S3 S4
34.37 31.71
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 112.0 106.9 101.8
OUTLOOK
Trend:- Consolidate
Resistance:- 102,106.2
Support:- 94.7,90.4
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
101.8 99.1 96.7 94.1 91.6
Consolidate
102,106.2$
,90.4$
Buy on dips
CRUDE WEEKLY
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S3 S4
86.6 81.5
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.18 4.94 4.70
OUTLOOK
Trend:- Consolidate
Resistance:- 4.560,
Support:- 4.110,3.720
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.70 4.55 4.46 4.31 4.22
Consolidate
0,4.950$
3.720$
Sell on high
NATURALGAS WEEKLY
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3.98 3.74
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 10482 10216 9950
OUTLOOK
Trend:- Consolidate
Resistance:- 9790,10160
Support:- 9425,8650
Strategy:- Buy on dips
COPPER
R2 R1 P S1 S2
9950 9796 9684 9530 9418
Consolidate
9790,10160
9425,8650
Buy on dips
COPPER WEEKLY
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WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 45.57 45.19 44.81
OUTLOOK
Trend:- Consolidate
Resistance:- 44.80,
Support:- 44.05,4
Strategy:- Sell on high
USD/INR
R2 R1 P S1 S2
44.81 44.57 44.43 44.19 44.05
Consolidate
44.80,45.30
43.40
Sell on high
USD/INR WEEKLY
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