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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
Copper hit three-week highs on Friday
Gold prices stayed near three-week highs
U.S. April pending home sales dive 11.6 pct to 7-mth low
Crude oil trading almost flat near 100$
Silver inches above 38$, on weak dollar
Gold ended up for second consecutive week on the back of Greek debt fears
encouraged it as a safe haven & softer dollar underpinned sentiment. Gold gained more
than $25 to end the week at $1536.28 & it may test its all time high in near term. While
Silver rose more than 8% gaining nearly $3 to end at $37.94. Holdings of the world’s
largest Silver backed ETF, iShare silver trust dropped 0.51% to 9,941.33 tonnes.
Copper continued its uptrend and added nearly $10 to end the week at $418.10 as
weaker dollar and month end evaluation boosted prices but its gains were capped by poor
U.S data underlining a weak global demand outlook. 14 Days RSI for copper is at 50.82
and its upside resistance is at $425 - $440 while support is at $395 – $382.
LME monitored copper stocks added 1250 tonnes and now stands at 468,225 tonnes.
.
Crude oil gained more than $1 to end the week above psychological level of $100 at
$100.60 finding support from gasoline futures which soared in anticipation of higher
demand. London Brent crude settled the week at $115.03 a barrel, up 1.12%.
Crude oil upside gains were capped by weak consumer spending at 0.4% vs. 0.6%.
IEA crude oil inventories for the week came at 0.6M as against expected at (-) 1.6M.
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TECHNICAL VIEW
GOLD
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
GOLD 1629 1595 1560 1548 1526 1514 1492 1457 1423
OUTLOOK
Trend:- Consolidate
Resistance:- 1548,1576$
Support:- 1515,1478$
Strategy:- Buy on dips
GOLD WEEKLY
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SILVER
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 50.45 45.98 41.51 39.73 37.04 35.26 32.57 28.10 23.63
OUTLOOK
Trend:- Consolidate
Resistance:- 39.45,42.20$
Support:- 36.55,34.35$
Strategy:- Buy on dips
SILVER WEEKLY
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CRUDE
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE 116.2 110.7 105.2 102.9 99.6 97.4 94.1 88.6 83.1
OUTLOOK
Trend:- Consolidate
Resistance:- 105.7,114.2$
Support:- 98.6,95.3$
Strategy:- Buy on dips
CRUDE WEEKLY
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NATURALGAS
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
NG 5.32 5.03 4.73 4.62 4.44 4.33 4.14 3.85 3.55
OUTLOOK
Trend:- Consolidate
Resistance:- 4.820,5.220$
Support:- 4.290,4.040$
Strategy:- Buy on dips
NATURALGAS WEEKLY
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COPPER
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
COPPER 484.2 459.7 435.2 426.7 410.7 402.2 386.2 361.7 337.2
OUTLOOK
Trend:- Consolidate
Resistance:- 425,438
Support:- 395,378
Strategy:- Buy on dips
COPPER WEEKLY
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USD/INR
WEEKLY PIVOT
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
INR 46.72 46.20 45.68 45.43 45.16 44.91 44.64 44.12 43.60
OUTLOOK
Trend:- Consolidate
Resistance:- 45.80,46.30
Support:- 44.75,44.10
Strategy:- Buy on dips
USD/INR WEEKLY
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