COMMODITY NEWS AND TRADING LEVELS FOR 23RD FEBRUARY 2012


COPPER (FEB) – Risk appetite resurfaced back into the base metals space as the ratification of Greece second bailout fund to avert the default bolstered the metals. But, the steady euro after huge gains during the early session led the metals to trade sideways. Expected resistance and support level for today trade are as follows:

SUPPORT 1: 410.55
SUPPORT 2: 406.65

RESISTANCE 1: 421.45
RESISTANCE 2: 425.85

CRUDE OIL (MAR) – Doubts over the durability of the latest Greek rescue plan and an increase in oil prices to a nine-month-high settlement resulted in fall in the Asian equities. Expected resistance and support levels for the crude MAR contract with expiry date of 19 MARCH 2012 are:

SUPPORT 1: 5155
SUPPORT 2: 5095

RESISTANCE 1: 5345
RESISTANCE 2: 5435

GOLD (APR) - MCX Gold futures are expected to open higher after a late up move in overnight floor trades in New York. The shiny metal jumped after Fitch Ratings cut Greece's sovereign-credit rating to C from CCC, and said that the planned bond swap for private debt holders will amount to a restricted default. News on Tuesday that Beijing had cut reserve requirements for lenders had helped gold and other metals rise. Weak Eurozone composite PMI data also supported gold.  Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:

SUPPORT 1: 28535
SUPPORT 2: 28415

RESISTANCE 1: 28755
RESISTANCE 2: 28985

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: 57150
SUPPORT 2: 57035

RESISTANCE 1: 57375
RESISTANCE 2: 57495


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