COMMODITY NEWS AND TRADING LEVELS FOR 28th OCTOBER 2011

COMMODITY NEWS & tips

MCX GOLD MAY GET AFFECTED BY THE GLOBAL CUES:

A strong US Q3 GDP spurred investor confidence in the world’s largest economy. Q3 2011 GDP at 2.5% is the strongest of the year.

First time unemployment claims in the US fell by 2000 to 402,000 for the week ended Oct 22 as per data by the Labor Department.

These news may give the investors added support and relief which will result into the weaken demand of the gold. However base metals and precious metals rallied almost for the fifth week in row.

COMMODITY TRADING LEVELS FOR 28^th OCTOBER 2011

COPPER (NOV) – copper’s Nov contract is expected to trade between the broad ranges of 385 to 417. Expected resistance and support level for today trade are as follows.

RESISTANCE:  R1- 409 R2- 417

SUPPORT:       S1- 391 S2- 385

CRUDE OIL (Nov) – expected resistance and support levels for the crude Nov contract are:

RESISTANCE:  R1-4735    R2 -4791

SUPPORT:       S1-4579   S2- 4471

GOLD (Dec) - gold December contract’s Resistance and support levels for the next trading session are:

RESISTANCE:  R1-27915    R2-28025

SUPPORTS:     S1- 26864   S2-26785

SILVER (Sep) -   silver Dec contract’s expected resistance and support level for today trade are as follows.

RESISTANCE:  R1-58885   R2-59600

SUPPORTS:     S1-56140    S2-55020