COPPER (FEB) – Copper is expected trade sideways during the morning session on Wednesday, 29th February as the ECB second round of long term refinancing operation due later today hoping that which is the last operation to fray against the euro zone crises. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 419.55
SUPPORT 2: 416.65
RESISTANCE 1: 424.75
RESISTANCE 2: 427.85
CRUDE OIL (FEB) – Crude oil fell for the second straight day as investors cautious of world demand scenario booked profits. Appreciation in US inventories lent support to declines. The report from American Petroleum Institute (API) showed that the US Crude oil inventories were up by 521000 barrels last week. Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 5255
SUPPORT 2: 5205
RESISTANCE 1: 5495
RESISTANCE 2: 5585
GOLD (APR) - Fundamentals boosted the risk appetite for Gold though the overall gentle undertone in global equities also supported the metal. MCX Gold futures for April are quoting at Rs. 28750, up Rs. 10 per 10 grams on the day, recovering impressively from a low of Rs. 28661 per 10 grams on the day. The counter is expected to face a resistance around Rs. 28800 per 10 grams. Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th APR 2012 are:
SUPPORT 1: 28655
SUPPORT 2: 28515
RESISTANCE 1: 28965
RESISTANCE 2: 29075
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: 60775
SUPPORT 2: 60655
RESISTANCE 1: 60995
RESISTANCE 2: 61085
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