COPPER (FEB) – Flat moves were observed in LME Copper as worries over a weak Euro zone economy and a weak manufacturing sector China kept fresh buying under check while sound economic data from US limited the downside. US home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 414.55
SUPPORT 2: 411.65
RESISTANCE 1: 419.45
RESISTANCE 2: 422.85
CRUDE OIL (FEB) – China said February 18 that it will cut banks' reserve requirements to boost growth and U.S. indicators pointed last week to sustained economic expansion. MCX Crude oil futures neared Rs. 5400 per barrel levels in a persistent gush of bullishness. Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 5305
SUPPORT 2: 5215
RESISTANCE 1: 5495
RESISTANCE 2: 5585
GOLD (APR) - There are expectations that the Indian demand might not be very strong this year and the latest jump in cash prices towards Rs. 29000 mark are likely to weigh on the overall sentiments in global and local bullion markets. The benchmark local futures also neared Rs. 29000 per 10-gram levels before slipping on profit selling ahead of weekends, Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th APR 2012 are:
SUPPORT 1: 28555
SUPPORT 2: 28415
RESISTANCE 1: 28745
RESISTANCE 2: 28835
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: 58275
SUPPORT 2: 58135
RESISTANCE 1: 58575
RESISTANCE 2: 58690
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