COMMODITY NEWS AND TRADING LEVELS FOR 24th JANUARY 2012

COPPER (FEB)  Base metals were trading with positive momentum on Monday as the solid German bond auctions, chatter of ECB buying conspired with word that Germans in discussion about running EFSF and ESM in parallel boosted sentiment. However, China, the major industrial metal consumer on holiday for the week reduced the volumes of trade. Copper contract is going to expire on 29 FEB 2012, is expected to trade between the broad ranges of 415 to 422 Expected resistance and support level for today trade are as follows:

SUPPORT 1: 419.55
SUPPORT 2: 416.65

RESISTANCE 1: 423.55
RESISTANCE 2: 425.45

CRUDE OIL (FEB) – Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:

SUPPORT 1: 4965
SUPPORT 2: 4905

RESISTANCE 1: 5075
RESISTANCE 2: 5135

GOLD (FEB) - A moderation in global futures lead to a hurried sell off in the Indian Gold market, Resistance and support levels for the today’s session for Gold FEB contract which will expire on 4th FEB 2012 are:

SUPPORT 1: 27405
SUPPORT 2: 27315

RESISTANCE 1: 27625
RESISTANCE 2: 27775

SILVER (MAR) Bullish undertone in global bullion prices and plenty of buying support and gains in global equities as helping push the white metal up. Silver is Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 54780
SUPPORT 2: 54165

RESISTANCE 1: 56295
RESISTANCE 2: 56875 

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