COPPER (FEB) – Copper is likely to trade in sideways during the morning session on Friday, 24th February 2012 as the recovery in the world's largest economy might boost the sentiment. But, the concerns over the euro zone economic growth might keep the metal gains in check. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 408.55
SUPPORT 2: 405.65
RESISTANCE 1: 416.45
RESISTANCE 2: 422.85
CRUDE OIL (MAR) – Crude has gone up in last few days on Iran nuke worries and has been further benefited by the firm undertone in global equities. Iran last weekend responded to a European Union embargo on oil purchases, set to take effect this summer, by cutting sales to the UK and France and threatening similar action for others. Expected resistance and support levels for the crude MAR contract with expiry date of 19 MARCH 2012 are:
SUPPORT 1: 5165
SUPPORT 2: 5070
RESISTANCE 1: 5375
RESISTANCE 2: 5485
GOLD (APR) - Gold futures rose to fresh three month highs above, adding to its recent strong of gains as investors eyed a mixed undertone in equities markets and some profit selling was expected in the yellow metal after recent strong of gains. Before this, 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. Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:
SUPPORT 1: 28835
SUPPORT 2: 28715
RESISTANCE 1: 29015
RESISTANCE 2: 29185
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: 58550
SUPPORT 2: 58435
RESISTANCE 1: 58775
RESISTANCE 2: 58990
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