COMMODITY NEWS & tips
CRUDE GAVE A RUN OF THE LIFE TIME AND MADE A HIGH OF 4953 BUT UPSET FOR GOLD AND SILVER AS BOTH THESE METALS WENT DOWN AND GAVE A SLIGHTLY DOWNWARD CLOSING.
Bullish boosters to gold
Due to the oscillating European crisis people are rushing towards the safe haven, which may propel MCX Gold to a high of Rs 30,000 in Nov-Dec with prices trading in a range of Rs 26,000-Rs 30,000 Apart from safe haven buying due to the Euro zone crisis, there are some other factors that have been affecting bullion prices. One is that if the US Federal Reserve moves to introduce more liquidity at some point through another round of Quantitative Easing that would also provide a boost to gold prices. Another factor has been the high rate of inflation plaguing emerging markets.
COMMODITY TRADING LEVELS FOR 11th NOVEMBER 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 370 to 400 Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 384 R2- 390
SUPPORT: S1- 372 S2- 365
CRUDE OIL (Jul) – Expected resistance and support levels for the crude July contract with expiry date of 17 nov 2011 are:
RESISTANCE: R1-4960 R2 – 5000
SUPPORTS: S1-4920 S2 - 4865
GOLD (dec) - Gold august contract which will expire on 5th Dec 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: R1-28950 R2-29200
SUPPORTS: S1-28430 S2-28100
SILVER (Sep) - Silver closed at 57118.00.silver traded in huge volatility. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-57600 R2-58000
SUPPORTS: S1-56500 S2-56150
0 comments:
Post a Comment