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WEEKLY
COMMODITY REPORT

Metals Up In Extension Of Rally, Dollar Bucks Again !!

22nd February 2010 to 27th Feb 2010
 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

ECONOMIC DATA

Date Time Currency Economic Data Forecast Previous

Tue 07:30pm USD S&P/CS Composite-20 HPI y/y -2.9% -5.3%

Feb 23
08:30pm USD CB Consumer Confidence 55.0 55.9

08:30pm USD Richmond Manufacturing Index 0 -2

Wed 03:35am USD FOMC Member Bullard Speaks

Feb 24
08:30pm USD Fed Chairman Bernanke Testifies

08:30pm USD New Home Sales 350K 342K

08:30pm USD Tresury Sec Geithner Speaks

09:00pm USD Crude Oil Inventories 3.1M

Thu 07:00am USD Core Durable Goods Orders m/m 1..2% 1.4%
Feb 25
07:00pm USD Unemployment Claims 466K 473K

07:00pm USD Durable Goods Orders m/m 1.6% 1.0%

07:30pm USD Fed Chairman Bernanke Testifies

08:30pm USD HPI m/m 0.6% 0.7%

09:00pm USD Natuval Gas Storage -190B

Fri 03:45am USD FOMC Member Bullard Speaks

Feb 26
07:00pm USD Prelim GDP q/q 5.6% 5.7%

07:00pm USD Prelim GDP Price Index q/q 0.6% 0.6%

08:15pm USD Chicago PMI 59.3 61.5

08:25pm USD Revised UoM Consumer Sentiment 74.0 73.7

08:25pm USD Revised UoM Inflation Expectations 2.7%

08:30pm USD Existing Home Sales 5.51M 5.45M

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

Fundamental Market Overview

Bullion prices rise, recovering early losses made on the back of the dollar's surge, “ YELLOW METAL
as fears over the outlook for the paper currencies and sovereign risk in the euro UP AS INVESTORS
SEEK REFUGE IN
zone boost diversification into the precious metal. Friday, reversing early losses
THE BULLION “
fueled by a stronger dollar, as investors bought the metal to hedge against
currencies' volatility and debt default risks in Europe. Gold priced in Euros hit a
record high of 826.35 Euros an ounce as investors sought to diversify away from
the beleaguered single currency. The dollar hit an eight-month high against a
currency basket on Friday, extending gains after the federal reserve's surprise
decision to raise its discount rate, its first hike in the rate since mid-2006.

U.S. crude oil futures ended higher in this week, amid supply worries in the wake “ NYMEX CRUDE OIL
of a strike in French refineries and on geopolitical tensions over Iran's nuclear RISES TOWARDS 80
posture. Oil futures rose with Wall Street as concerns eased about the Federal $ O N R E F I N E RY
Reserve's discount rate increase late Thursday, which had pulled back prices STRIKES “
overnight and in early trading.

U.S. copper futures stretched higher early Friday, extending weekly gains of nearly “ COMEX COPPER
8 percent, despite a stronger tone in the dollar from a Federal Reserve decision to ENDS AT 3 WEEK
hike its discount rate. Copper futures shot up to more than a three-week peak by P E A K O N
the close on Friday, extending a two-week rally of more than 19 percent, on the E C O N O M I C
PROSPECTS “
back of improved economic sentiment.

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

Technical Analysis
GOLD

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

GOLD 1175 1145 1113 1068 1083 1037 1052 1022 991

GOLD (Weekly Chart)

Market Overview Strategy

Last week Comex gold was in range between 1090$ $ to 1130$ $
an on ounce, but in the coming week Comex gold breaks the level
of 1030 $ an ounce and sustain over a period of time then it has a
chances to make a good rally on the upside, but if Comex gold did
not sustain on the upside then it has a chances to come around
1070 $ an ounce.
Comex Gold is in consolidation phase; in this phase breakout
strategy can be used.
Major support for Comex gold in the coming week would be
1040 and 1025$
Major resistance for Comex gold in the coming week would be
1130$ and 1147$
Major support in MCX gold is 16450 and 15700
Major resistance in MCX gold is 17120 and 17460

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

SILVER

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

SILVER 1917 1816 1715 1678 1614 1577 1513 1412 1311

SILVER (Weekly Chart)

Market Overview Strategy

Silver is strong on charts and close above 1600$ an ounce last
week and showing strength. If it sustains above 1600 then it touch
the level of 1700$ an ounce.
Silver sustains above 1600$ levels it can touch the level of 1700/
1725 $ and in downward, below 1560 it can make a rally till
1525/ 1475 and further below till 1350. Traders can use sell on
higher level strategy by putting the proper stop losses.
Major Resistance for MCX Silver 25800 and 26650, Major
Supports for MCX Silver is 22370 and 22500.

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

CRUDE OIl

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

CRUDE 96.32 90.20 84.08 81.95 77.96 75.83 71.84 65.72 59.60

CRUDE OIL (Weekly Chart)

Market Overview Strategy

Nymex Crude is bullish on charts and closed near its high. If it Nymex Crude is in upward phase, so traders should avoid selling
sustains above 75$ a barrel it can touch 82$ / 84$ a barrel. positions in this week and should work with the proper
breakout. Above 80.79 $ a barrel it can be upward till 82$/ 84
$/86$ a barrel, work with proper stop losses.

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

COPPER

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

COPPER 406.90 380.40 353.80 344.80 327.30 318.20 300.75 275.20 247.70

COPPER (Weekly Chart)

Market Overview Strategy

Comex Copper futures shot up to more than a three-week
peak, extending a two-week rally of more than 19 percent, on
the back of improved economic sentiment and expectations of
a strong Chinese market next week. Comex copper made a
high of 336 last week and for the next week its crucial level will
be of 341, if it sustains above this level we can further see the
level of 355 to 358.
Traders can use buy on lower levels strategy until it does not breaks the
level of 318/ 315 $ an ounce, work with proper stop losses.
Major support in Comex Copper is 309 and 280
Major Resistance in Comex Copper is 358 and 378.
Support for MCX Copper is 310 and 290.
Major Resistance of MCX Copper is 359 and 372.

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

Weekly Pivots

SCRIPTS R3 R2 R1 PP S1 S2 S3

GOLD 17223.00 17130.00 16973.00 16723.00 16566.00 16316.00 16159.00

SILVER 26772.00 26425.00 25969.00 25166.00 24710.00 23907.00 23451.00

COPPER 372.40 364.03 352.77 333.13 321.87 302.23 290.97

CRUDE 4007.00 3913.00 3812.00 3617.00 3516.00 3321.00 3220.00

NATURAL GAS 258.80 266.10 249.70 240.60 224.20 215.10 198.70

LEAD 119.15 115.50 112.00 104.85 101.35 94.20 90.70

ZINC 117.95 115.55 111.85 105.75 102.05 95.95 92.25

NICKEL 1044.60 1014.63 982.87 921.13 889.37 827.63 795.87

ALLUMINIUM 101.15 100.32 98.78 96.42 94.88 92.52 90.98

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 Weekly Commodity Report
22nd February to 27th Feb 2010
RESEARCH

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