COPPER (FEB) – Base metals heightening after obtaining huge losses during the morning session on Thursday, 1st March as the successful bond auction held in Spain reaching its target favored by ECB lending of euros to shun off the regions debt crisis. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 426.25
SUPPORT 2: 422.65
RESIST 1: 433.45
RESIST 2: 436.85
CRUDE OIL (FEB) – Oil held onto its gains after a US government report said new claims for unemployment benefits edged down last week, holding near a four-year low, suggesting the labour market was gaining momentum. Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 5285
SUPPORT 2: 5165
RESISTANCE 1: 5385
RESISTANCE 2: 5465
GOLD (APR) - Gold stayed under pressure yesterday, witnessing follow up selling after the massive drop in the overnight floor trades. Gold was hammered after the US Federal Reserve Chairman Ben Bernanke offered a tempered view of the US economy, pouring cold water on the notion that recent upbeat signs herald a stronger recovery. Bernanke told Congress that unless growth accelerated; the unacceptably high US unemployment rate would not keep dropping. Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th APR 2012 are:
SUPPORT 1: 28855
SUPPORT 2: 28745
RESISTANCE 1: 28045
RESISTANCE 2: 28135
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: 58115
SUPPORT 2: 57835
RESISTANCE 1: 58685
RESISTANCE 2: 58930
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