COMMODITY NEWS
This time silver was range bounded as there were many chances for the trader to build up long and short positions there were very strong support and resistance in the rally for the silver that caused the silver to trade between certain levels.
Crude gained due to better economic data which above expected data of US economy it closed at 4076 in Indian market.
Gold again closed above 25650 as it is the strong support level .it closed in Indian market at 25740 which gave some hope of bounce back to the traders.
COMMODITY TRADING LEVELS FOR 30th September 2011
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- 371 R2- 385
SUPPORT: S1- 342 S2- 330
CRUDE OIL (Jul) – expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE: R1-4121 R2 - 4150
SUPPORTS: S1-4010 S2 - 3950
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: R1-26100 R2-26450
SUPPORTS: S1-25700 S2-25400
SILVER (Sep) - silver closed at 51245.00.silver traded in bearish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-51850 R2-52650
SUPPORTS: S1-50950 S2-50500
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