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 looses due to doubtful euro zone crises which is not yet resolved and is creating very panicking situations in the mind of the traders.
Gold again closed above 25650 as it is the strong support level .it closed in Indian market at 26020 which gave some hope of bounce back to the traders.
COMMODITY TRADING LEVELS FOR 3rd OCTOBER 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 340 to 360 Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 349.5 R2- 354.50
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: R1-3947 R2 – 3958.5
SUPPORTS: S1-3921 S2 - 3912
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: S1-25650 S2-25400
SILVER (Sep) - Silver closed at 51181.silver traded in bullish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-51450 R2-52850
SUPPORTS: S1-50950 S2-50500
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