Bullions Tips for the Week
Transcript of Bullions Tips for the Week
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10th May 2010 to 15th May 2010
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Metals On Sticky Wicket As Europe Reels
WEEKLYCOMMODITY REPORT
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R E S E A R C H
Weekly Commodity Report1st March to 6th Mar 2010
R E S E A R C HR E S E A R C H
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Date Time Currency Economic Data Forecast Previous
ECONOMIC DATA
10:00am
10:00am
IBD/TIPP Economic Optimism
Wholesale Inventories m/m
USD
USD
Wed
May 12
TueMay 11
-39.9B
-21.5B
0.5%
48.9
-39.7B
2.8M
-65.4B
0.6%
48.4
8:30am
10:15am
10:30am
1:15pm
2:00pm
Trade Balance
FOMC Member Rosengren Speaks
Crude Oil Inventories
FOMC Member Bullard Speaks
Federal Budget Balance
USD
USD
USD
USD
USD
Weekly Report Commodity10th May to 15th May 2010
ThuMay 13
440K
0.8%
444K
0.7%
83B
8:30am
8:30am
9:00am
10:30am
12:30pm
Unemployment Claims
Import Prices m/m
FOMC Member Kohn Speaks
Natural Gas Storage
Fed Chairman Bernanke Speaks
USD
USD
USD
USD
USD
FriMay 14
0.5%
0.3%
73.8%
0.6%
73.5
0.4%
0.9%
1.9%
73.2%
0.1%
72.2
2.9%
0.5%
8:30am
8:30am
9:15am
10:30am
9:55am
9:55am
10:00am
Core Retail Sales m/m
Retail Sales m/m
Capacity Utilization Rate
Industrial Production m/m
Prelim UoM Consumer Sentiment
Prelim UoM Inflation Expectations
Business Inventories m/m
USD
USD
USD
USD
USD
USD
USD
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Weekly Commodity Report1st March to 6th Mar 2010
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Gold rallied on Friday to near a record high, posting its biggest three-week gain since
November as investors cut exposure to risks stemming from Greece's debt crisis and
tumbling global stock markets. Gold futures rallied in afternoon trade to the firmest since
Dec. 4 as volatile equities and currencies prompted nervous anxious investors to buy
gold. Investors piled into gold exchange traded funds and coins and bars, with bullion holdings in the biggest gold-
backed ETF rising 20 tonnes on Thursday, the biggest one-day gain since February 2009.
Commodities ended Friday with their sharpest weekly loss in 17 months as global market
jitters pressured oil and a few other commodities even after data showing a better-than-
expected recovery in U.S. jobs. The 19-commodity Reuters-Jefferies CRB index settled
with a weekly decline of nearly 6 percent as its main component, U.S. crude oil, neared a
three-month low in prices. The CRB's previous biggest weekly loss was for the week of Dec. 7, 2008 when it fell 13.9
percent. Since Tuesday, the debt woes of Greece have caused the dollar to rally against the euro, sparking one of the
year's worst sell-offs in commodities and other financial markets. The U.S. Labor Department said on Friday the
nation's employers added 290,000 non-farm jobs in April -- about 90,000 more than forecast by Reuters in a poll --
while the overall jobless rate grew to 9.9 percent from 9.7 percent in March. The data briefly lifted equity marketsand oil before the sell-off resumed. Crude oil's benchmark front-month contract in New York settled down 2.6
percent at $75.11 a barrel after falling to a session low of $74.51. The dollar, which hit 14-month highs against the
euro this week, gained on the single European currency in early trading before a rescue package approved by
German lawmakers lifted the euro. Any strength in the dollar naturally raises costs for those using other currencies
to buy dollar-denominated commodities.
U.S. copper futures ended up in extremely volatile business on Friday, as buyers moved in
near the $3.00 per lb level, a key technical area that will remain a challenge as Europeandebt contagion fears linger, analysts said. Copper for July delivery firmed 2.75 cents to
settle at $3.1445 per lb on the New York Mercantile Exchange's COMEX division.
Ranged from $3.0620 to $3.1790. COMEX estimated copper futures volume at 51,365 lots. Final volume Thursday
hit 64,417 lots. Open interest down 2,275 lots at 137,123 contracts open as of May 6. Muted market reaction to
upbeat U.S. labor market data showing employment grew at its fastest pace in four years in April. Jobs data shows
U.S. economy on upswing, but real question is how much European debt crisis will slow global economic recovery
Copper additionally buoyed by recovery in euro from 14-month low against the dollar after German lawmakers
approved rescue for Greece.
OIL DOWN AGAIN;
CRB IN WEEKLY
US COPPER ENDS
UP IN 'REFLEXRALLY', FEARS
PERSIST
GOLD RISES
TOWARD RECORD
ON FLIGHT FROM
RISK
Fundamental Market Overview
Weekly Report Commodity10th May to 15th May 2010
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Weekly Commodity Report1st March to 6th Mar 2010
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COMEX Gold is strong on charts and sustain above 1200 $ anounce. Last week COMEX Gold sustained above 1180$ an ounce,in the coming week 1226$ /1230$ an ounce will be a majorresistance in Gold. If COMEX Gold breaks and sustains above
1230$ an ounce then it can move slightly upward and could comenear 1240 $/ 1250$ an ounce. And below 1180$ an ounce canmove slightly downward.
For the next week traders can use the buy on lower level strategy if
COMEX Gold sustains above 1174 $ /1180$ an ounce by keeping
the strict stop losses.Major support for COMEX Gold in the coming week would be
1175$ and 1150$Major resistance for COMEX Gold in the coming week would be
1230$ and 1250$Major support in MCX Gold is 17540 and 17100Major resistance in MCX Gold is 18180 and 18400
Market Overview Strategy
Weekly Chart
Technical Analysis
GOLD
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
GOLD 1367 1309 1252 1231 1193 1173 1135 1077 1019
Weekly Pivots
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Weekly Commodity Report1st March to 6th Mar 2010
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Last week COMEX Silver did not break the level of 1900$ an ounceand for the upcoming week 1900 $ is a crucial resistance in ComexSilver. In the coming week if COMEX Silver sustains above 1900 $an ounce then it can move slightly upward and touch the levels of
1940/1954/ 1975$ an ounce.
For the next week traders can use buy on lower level strategy ifSilver sustain above the level of 1900$ an ounce, by keeping theproper stop losses.
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StrategyMarket Overview
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 2357 2176 1995 1920 1814 1739 1633 1452 1271
SILVER
Weekly Chart
Weekly Report Commodity10th May to 15th May 2010
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Weekly Commodity Report1st March to 6th Mar 2010
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CRUDE OIL
Last week NYMEX Crude did not sustained above the level of 87$a barrel and close below 80 $ a barrel. Crude is weak on charts andin the coming week if crude sustains below 74$ a barrel then it canfurther go downward.
For the next week traders can use the sell on higher level strategy ifNYMEX Crude sustains below 74$/73$ a barrel by keeping theproper stop loss.
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Market Overview Strategy
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE 116.84 104.20 91.56 83.34 78.92 70.70 66.28 53.64 41.00
Weekly Chart
Weekly Report Commodity10th May to 15th May 2010
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Weekly Commodity Report1st March to 6th Mar 2010
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COPPER
As we mentioned last week COMEX Copper below 300 did a lowof 300.55, for the upcoming week 290 $/285 level can act as agood support for COMEX Copper, if it breaks this level andsustains below it we can see 270 level.
Copper is still bearish and for the next week one should use thestrategy of sell on higher levels.For the next week COMEX Copper has important support of 300and 285 and resistance of 341 and 356.
MCX Copper has support at 291 and 282 and resistance at 334and 350.
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Market Overview Strategy
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
COPPER 424.50 388.70 352.90 333.70 317.10 297.90 281.30 245.50 209.70
Weekly Chart
Weekly Report Commodity10th May to 15th May 2010
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Weekly Pivots
R E S E A R C H
Weekly Commodity Report1st March to 6th Mar 2010
R E S E A R C HR E S E A R C H
GOLD
COPPER
NATURAL GAS
ZINC
ALUMINIUM
18826.00 18569.67 18251.33 17676.67 17358.33 16783.67 16465.33
346.25 345.03 331.27 316.28 302.52 287.53 273.77
193.90 192.27 187.33 180.77 175.83 169.27 164.33
107.10 107.53 101.42 95.73 89.62 83.93 77.82
101.45 102.32 98.43 95.42 91.53 88.52 84.63
Scripts R3 R2 R1 PP S1 S2 S3
SILVER 30817.00 30339.00 29458.00 28099.00 27218.00 25859.00 24978.00
CRUDE 3902.00 4036.33 3740.67 3579.33 3283.67 3122.33 2826.67
LEAD 106.65 106.35 99.20 91.75 84.60 77.15 70.00
NICKELNICKEL 1253.20 1282.13 1149.37 1045.53 912.77 808.93 676.17
Weekly Report Commodity10th May to 15th May 2010
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R E S E A R C H
Weekly Commodity Report1st March to 6th Mar 2010
R E S E A R C HR E S E A R C H
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Weekly Report Commodity10th May to 15th May 2010