COMMODITY NEWS
It was a day of huge panic in silver as this metal rallied up and down for many a time with huge volume. Investors were in dilemma whether to short or to buy silver as the movement was too high. Till yet it is a matter of concern that where the metal will go from here.
Crude gained almost 3%, rising above USD 107 a barrel. However, crude is currently trading lower in Asia trade on concerns over Europe. Gold too rallied following a weakness in dollar
The gold gained USD 73.20, or 4.6%, to USD 1,668 an ounce on the Comex. It dropped to 1,535 yesterday, the lowest level since July 8, and capped the biggest three-day decline since March, 1983.
Bullion slumped 12% in the previous three days as some investors sold to cover losses in other markets, which plunged on concern there may be another global recession.
COMMODITY TRADING LEVELS FOR 28th SEPTEMBER
COPPER (Nov) –Copper’s Nov contract which is going to expire on 30 Nov 2011, is expected to trade between the broad ranges of 350 to 370 Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 381 R2- 388
SUPPORT: S1- 358 S2- 345
CRUDE OIL (Jul) –Expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE: R1-4131 R2 - 4150
SUPPORTS: S1-3950 S2 - 3920
GOLD (aug) - Gold august contract which will expire on 5th Oct 2011.gold is deviating as the US debt default concern made the investors cautious. Resistance and support levels for the today’s session are:
RESISTANCE: R1-26325 R2-26550
SUPPORTS: S1-25700 S2-25400
SILVER (Sep) - silver closed at 52989.silver traded in bullish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-53500 R2-53800
SUPPORTS: S1-52400 S2-52100
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