COMMODITY NEWS AND TRADING LEVELS FOR 07th OCTOBER 2011


COMMODITY NEWS
Gold at the auspicious day of Dussehra surges to 26510 which is good sign for the traders as the festival gave some hope to them. Traders eagerly waiting for the Diwali festival as it are one of the biggest festivals in India.

Silver made a new high of last 4 day trading with a strong close of 53237. Some sign of comfort for those who bought silver at upper levels. Traders hoping that this rally will continue for silver and it will soon reach a level of 60000 mark.

COMMODITY TRADING LEVELS FOR 07th 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- 337.50 S2- 333

CRUDE OIL (Jul) – Expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE:  R1-4070 R2 – 4095
SUPPORTS:     S1-4010 S2 - 3990
  
GOLD (dec) - 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:  R1-26700 R2-26950
SUPPORTS:     S1-26050 S2-25650

SILVER (Sep) - Silver closed at 53237.silver traded in bullish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE:  R1-53650 R2-53950
SUPPORTS:     S1-52950 S2-50650

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