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Weekly Stock Commodity Newsletter By Capitalheight - 15/11/10 To 19/11/10

Weekly Stock Commodity Newsletter By Capitalheight - 15/11/10 To 19/11/10

Posted by CapitalHeight
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Silver's biggest one-day loss since February

Gold falls most since July

U.S. crude oil Prices fell 2.27 percent on the week

Copper slips after touched 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 retracement 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 VIEW

GOLD

WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
GOLD 1578 1513 1449 1408 1384 1344 1320 1255 1191

OUTLOOK
Trend:- Consolidate
Resistance:- 1387,1408$
Support:- 1357,1311$
Strategy:- Buy on dips

SILVER
WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 37.76 34.19 30.62 28.33 27.05 24.76 23.48 19.91 16.34

OUTLOOK
Trend:- Consolidate
Resistance:- 26.95,28.85$
Support:- 25.85,24.70$
Strategy:- Buy on dips

CRUDE
WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE 98.2 94.1 90.1 87.4 86.0 83.4 81.9 77.8 73.8

OUTLOOK
Trend:- Consolidate
Resistance:- 88.90,94.60$
Support:- 84.10,79.80$
Strategy:- Buy on dips

NATURAL GAS
WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
NG 5.31 4.85 4.40 4.10 3.94 3.65 3.49 3.04 2.58

OUTLOOK
Trend:- Consolidate
Resistance:- 4.140,4.480$
Support:- 3.760,3.250$
Strategy:- Sell on high

COPPER
WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
COPPER 455.3 435.1 414.8 401.5 394.6 381.3 374.3 354.1 333.8

OUTLOOK
Trend:- Consolidate
Resistance:- 397,414
Support:- 382,365
Strategy:- Buy on dips

USD/INR
WEEKLY PIVOT

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
INR 47.62 46.58 45.54 45.16 44.50 44.12 43.46 42.42 41.38

OUTLOOK
Trend:- Consolidate
Resistance:- 45.25,45.80
Support:- 44.50,43.90
Strategy:- Buy on dips

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