Weekly Commodity News Letter by CapitalHeight 27-12-2010

Weekly Newsletter27/12/2010

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 rises towards $1,385/oz as dollar retreats

SPDR gold ETF heads for biggest weekly outflow since July

Euro rebounds from three-week low versus dollar

Copper steady in thin trade

Oil hovered around its highest levels in more than two years

Gold bounced back from a week low to end in green at $1384.50 adding almost $5.

Gold regained strength due to bargain hunting though thin trade owing to festive season and

volatile Euro can direct gold in either trend. Investors are eyeing tensions in Korean peninsula

while Euro rebounded from its week low but it may see further downside as debt crisis has also

engulfed Ireland & Portugal. As we said in our earlier report, Gold is still in consolidation phase

and another stroke of tensions from Euro zone will help precious metal to see further upside

though $1410 is level one can cap upside for gold prices. World’s largest gold backed ETF,

NY’s SPDR holdings slipped to 1,284.973 tonnes vs. 1,288.616 tonnes.

Crude oil gained 2.77% this week end at $91.45 after touching a fresh two year high of $91.91.

Crude oil breached its two year broader range of $68 - $87 to settle above magic number $90.

Crude oil price is complimented by upbeat U.S economic data like jobless claims at 420k and

durable goods order up at 2.4%. Also, cold weather in most countries is fueling the demand.

The U.S crude stockpiles are also depleting as crude oil inventories this week came down at (-)

5.3m against as expected (-) 1.1m. The crude oil prices are expected to be in uptrend in coming

weeks as OPEC is not likely to increase oil production because emerging market economies

are growing with crude prices above $90 and OPEC is also uncertain about conditions to

increase o/p in coming year.

TECHNICAL

WEEKLY PIVOT

SCRIPT R4 R3 R2

GOLD 1442 1422 1402

OUTLOOK

Trend:- Consolidate

Resistance:- 1392

Support:- 1371,13

Strategy:- Buy on dips

ECHNICAL VIEW GOLD

R2 R1 P S1 S2

1402 1391 1382 1371 1362

Consolidate

92,1420$

1345$

Buy on dips

GOLD WEEKLY



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S3 S4

1342 1322

WEEKLY PIVOT

SCRIPT R4 R3 R2

SILVER 31.54 30.75 29.96

OUTLOOK

Trend:- Consolidate

Resistance:- 29.58

Support:- 28.75,27


SILVER

R2 R1 P S1 S2

29.96 29.58 29.17 28.79 28.38

Consolidate

58,30.45$

5,27.90$

Buy on dips

SILVER WEEKLY



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S3 S4

27.59 26.80

WEEKLY PIVOT

SCRIPT R4 R3 R2

CRUDE 101.9 98.0 94.1

OUTLOOK

Trend:- Consolidate

Resistance:- 93.80

Support:- 87.10,85


CRUDE

R2 R1 P S1 S2

94.1 92.8 90.2 88.9 86.4

Consolidate

93.80,98.90$

87.10,85.20$

Buy on dips

CRUDE WEEKLY



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S3 S4

82.5 78.6

WEEKLY PIVOT

SCRIPT R4 R3 R2

NG 4.89 4.63 4.37

OUTLOOK

Trend:- Bearish

Resistance:- 4.240,

Support:- 3.860,3.

Strategy:- Sell on high

NATURALGAS

R2 R1 P S1 S2

4.37 4.24 4.11 3.98 3.85

4.240,4.650$

3.520$

Sell on high

NATURALGAS WEEKLY



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S3 S4

3.58 3.32

WEEKLY PIVOT

SCRIPT R4 R3

COPPER 463.6 450.1 436.6

OUTLOOK

Trend:- Bullish

Resistance:- 431,443

Support:- 413,403


COPPER

R2 R1 P S1 S2

436.6 430.9 423.1 417.4 409.6

31,443

413,403

Buy on dips

COPPER WEEKLY



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S3 S4

396.1 382.6

WEEKLY PIVOT

SCRIPT R4 R3 R2

INR 47.39 46.66 45.93

OUTLOOK

Trend:- Consolidate

Resistance:- 45.60

Support:- 44.70,43.90

Strategy:- Sell on high

USD/INR

R2 R1 P S1 S2

45.93 45.47 45.20 44.74 44.47

Consolidate

60,46.20

43.90

Sell on high

USD/INR WEEKLY



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S3 S4

43.74 43.01



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Weekly Commodity News Letter by CapitalHeight 27-12-2010

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Transcript of Weekly Commodity News Letter by CapitalHeight 27-12-2010