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Weekly Newsletter15/11/2010

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

Silver posted biggest one-day loss since February

Gold falls most since July

U.S. crude oil Prices fell 2.27 percent this week

Copper slips after touching record high

Zinc falls as much as 7 percent

Gold touched a new all time high of $1424 this week but failed to retrace the Fibonacci

level of 161.8 as it tumbled down more than 2% due to global economic uncertainties.

Gold shredded $30 to end the week at $1368 and took support of 61.8 Fibonacci level.

The crucial support for gold is now at $1340 and resistance is seen at $1386 & 14 day

RSI is at 51.62. The reason for sell off in gold was rise in dollar as it rose to a six week

high against Euro that ended the sell dollar-buy commodity chain. Also, the European

sovereign debt problem and concerns over major currency imbalance prompted

investors to book profits and liquidate positions. World’s largest gold backed ETF, NY’s

SPDR holdings slipped down to 1,290.855 vs. 1,291.766 tonnes.

Crude oil touched a new two year high this week of$88.1 but ended down as its gains

were capped by sell off in commodities. Crude ended very weak as it made a weekly

low of $84.52 & ended at $84.59. Crude weekly gains were erased in the last trading

day as investors liquidated their positions in commodities and turned to rising dollar as a

safety heaven amid concerns over worrying European debt crisis. Also, China’s crude

imports in Oct fell to their lowest in 19 months. The EIA data reported crude inventories

at (-)3.3m vs. 2.0m. Natural gas made three black crows on profit booking this week and

ended at $3.806 while inventory this week was at 19B vs. 67B as against expected 24B.

TECHNICAL

WEEKLY PIVOT

SCRIPT R4 R3 R2

GOLD 1578 1513 1449

OUTLOOK

Trend:- Consolidate

Resistance:- 1387

Support:- 1357,13

Strategy:- Buy on dips

ECHNICAL VIEW GOLD

R2 R1 P S1 S2

1449 1408 1384 1344 1320

Consolidate

387,1408$

1311$

Buy on dips

GOLD WEEKLY


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S3 S4

1255 1191

WEEKLY PIVOT

SCRIPT R4 R3 R2

SILVER 37.76 34.19 30.62

OUTLOOK

Trend:- Consolidate

Resistance:- 26.95

Support:- 25.85,24.7


SILVER

R2 R1 P S1 S2

30.62 28.33 27.05 24.76 23.48

Consolidate

5,28.85$

24.70$

Buy on dips

SILVER WEEKLY


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S3 S4

19.91 16.34

WEEKLY PIVOT

SCRIPT R4 R3 R2

CRUDE 98.2 94.1 90.1

OUTLOOK

Trend:- Consolidate

Resistance:- 88.90

Support:- 84.10,79.


CRUDE

R2 R1 P S1 S2

90.1 87.4 86.0 83.4 81.9

Consolidate

88.90,94.60$

79.80$

Buy on dips

CRUDE WEEKLY


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S3 S4

77.8 73.8

WEEKLY PIVOT

SCRIPT R4 R3 R2

NG 5.31 4.85 4.40

OUTLOOK

Trend:- Consolidate

Resistance:- 4.140,4.480

Support:- 3.760,3.25

Strategy:- Sell on high

NATURALGAS

R2 R1 P S1 S2

4.40 4.10 3.94 3.65 3.49

Consolidate

4.140,4.480$

3.250$

Sell on high

NATURALGAS WEEKLY


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S3 S4

3.04 2.58

WEEKLY PIVOT

SCRIPT R4 R3

COPPER 455.3 435.1 414.8

OUTLOOK

Trend:- Consolidate

Resistance:- 397,414

Support:- 382,365


COPPER

R2 R1 P S1 S2

414.8 401.5 394.6 381.3 374.3

Consolidate

397,414

82,365

Buy on dips

COPPER WEEKLY


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S3 S4

354.1 333.8

WEEKLY PIVOT

SCRIPT R4 R3 R2

INR 47.62 46.58 45.54

OUTLOOK

Trend:- Consolidate

Resistance:- 45.25

Support:- 44.50,43.90


USD/INR

R2 R1 P S1 S2

45.54 45.16 44.50 44.12 43.46

Consolidate

45.25,45.80

43.90

Buy on dips

USD/INR WEEKLY


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S3 S4

42.42 41.38


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