weekly commodity news letter by capitalheight 20-12-2010
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Weekly Newsletter20/12/2010
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
SPDR gold ETF sees further outflow, Indian demand soft
Euro declined for a second straight week against the dollar
2011 outlook remains bullish for gold
Copper ends up as market eyes 2011 demand boost
LME copper stocks up for 5th straight day
Gold ended negative for second consecutive week after touching weekly high of
$1408.08 to end at $1375.10. The precious metal lost its appeal as a safe haven as number of
U.S economic data jumped up in November. Gold lost almost $5 this week as U.S jobless
claims came lower & Industrial activity came up at 24.3 signaling economic recovery. Bargain
hunting for gold came in physical market from Asian countries & investors complimented by a
weaker dollar, also, due to uncertainties over Europe’s debt contagion as Moody’s cut Ireland’s
debt rating & putting Spain & Belgium in review. Gold is seen in the range of $1420 - $1370 till
the year end due to thin trading and holidays. The holding’s of the worlds’ largest gold backed
ETF, New York’s SPDR fell to a two month low of 1,283.757 tonnes.
Copper ended up for third consecutive week and surged $7 to end the week at $416.35.
Copper made a new all time high of $421.95 while it touched weekly low of $407.17. Copper’s
bullish trend is supported by its demand expectations in coming year and positive U.S
economic data. Copper edged higher despite a rallying dollar against Euro as investors kept
eye on stream of positive U.S economic data & China’s copper restocking next year. The
industrial activity in U.S came up as Philly fed manufacturing index came at 24.3 vs. 22.5 while
supply demand fundamental will continue to triumph for copper. London metal exchange (LME)
benchmark copper ended up $79 at $9,070 a tonne, nearly $200 away from its all time high of
$9,267.5 hit on Dec. 14.
TECHNICAL
WEEKLY PIVOT
SCRIPT R4 R3 R2
GOLD 1415 1401 1387
OUTLOOK
Trend:- Consolidate
Resistance:- 1377
Support:- 1361,13
Strategy:- Buy on dips
ECHNICAL VIEW GOLD
R2 R1 P S1 S2
1387 1381 1373 1367 1359
Consolidate
1377,1420$
1345$
Buy on dips
GOLD WEEKLY
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S3 S4
1345 1331
WEEKLY PIVOT
SCRIPT R4 R3 R2
SILVER 33.99 32.37 30.75
OUTLOOK
Trend:- Consolidate
Resistance:- 29.35,
Support:- 28.45,27
Strategy:- Buy on dips
SILVER
R2 R1 P S1 S2
30.75 29.94 29.13 28.32 27.51
Consolidate
29.35,30.25$
28.45,27.90$
Buy on dips
SILVER WEEKLY
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S3 S4
25.89 24.27
WEEKLY PIVOT
SCRIPT R4 R3 R2
CRUDE 96.0 93.4 90.7
OUTLOOK
Trend:- Consolidate
Resistance:- 90.70,
Support:- 85.90,80.20
Strategy:- Buy on dips
CRUDE
R2 R1 P S1 S2
90.7 89.4 88.1 86.8 85.5
Consolidate
90.70,93.90$
.90,80.20$
Buy on dips
CRUDE WEEKLY
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S3 S4
82.9 80.2
WEEKLY PIVOT
SCRIPT R4 R3 R2
NG 5.96 5.37 4.77
OUTLOOK
Trend:- Bearish
Resistance:- 4.240,
Support:- 3.860,3.
Strategy:- Sell on high
NATURALGAS
R2 R1 P S1 S2
4.77 4.41 4.18 3.82 3.58
4.240,4.650$
3.520$
Sell on high
NATURALGAS WEEKLY
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S3 S4
2.99 2.39
WEEKLY PIVOT
SCRIPT R4 R3
COPPER 459.5 444.7 429.9
OUTLOOK
Trend:- Bullish
Resistance:- 423,43
Support:- 405,391
Strategy:- Buy on
COPPER
R2 R1 P S1 S2
429.9 423.1 415.2 408.4 400.4
423,437
,391
Buy on dips
COPPER WEEKLY
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S3 S4
385.6 370.8
WEEKLY PIVOT
SCRIPT R4 R3 R2
INR 47.48 46.72 45.96
OUTLOOK
Trend:- Consolidate
Resistance:- 45.60
Support:- 44.70,43.90
Strategy:- Sell on high
USD/INR
R2 R1 P S1 S2
45.96 45.56 45.20 44.80 44.44
Consolidate
60,46.20
43.90
Sell on high
USD/INR WEEKLY
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S3 S4
43.68 42.92
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