FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 8TH JUNE 2012

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COPPER (JUN) – The ECB meeting comes a day after finance ministers from the world's seven major economies discussed financial and fiscal union in Europe and agreed to work together to deal with the problems in Spain and Greece, but took no joint action. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 402.50

SUPPORT 2: 394.60

RESISTANCE 1: 417.90

RESISTANCE 2: 423.70

CRUDE OIL (JUN) – U.S. and Europe indicated they may take steps to boost their economies and Iran signaled it will take a hard line in nuclear talks.. Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT 1: 4611

SUPPORT 2: 4522

RESISTANCE 1: 4730

RESISTANCE 2: 4820

GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28840

SUPPORT 2: 28265

RESISTANCE 1: 30380

RESISTANCE 2: 30555

                                   

SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 53320

SUPPORT 2: 52813

RESISTANCE 1: 55535

RESISTANCE 2: 56530

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Free Commodity Market Overview 

After a flurry of gains, we are set to see some easing on the Street. Not the quantitative kind from central banks. Big Ben (Bernanke) has refused to play ball with the markets on another round of quantitative easing (QE) - for now. Markets are already showing their displeasure over the Federal Reserve chairman’s ‘disappointing’ remarks. Asian indices are mostly lower. The Indian market is set to mimic them at open with some selling coming in.

US markets closed off session highs as Bernanke’s comments tempered hopes of a fresh monetary stimulus. European benchmarks also pulled back from their best intraday levels, notwithstanding China’s rate cut move and encouraging Spanish debt auction.

Back home, the Government continues to dither over key reforms, with the Cabinet not taking up the pension bill. A leading global airport operator has announced its exit from India and power cuts remain rampant due to soaring demand. At the same time, reports indicate that three leading investments banks are likely to sell the long-term India story to global investors in the coming months. 

Globally, Fitch Ratings has downgraded Spain by three notches and has warned the US of a similar treatment. In short, it is time to step back after the advance we saw earlier this week. Next week will be very important, with the Government due to release the latest data on industrial production (IIP) and inflation.

Next weekend will be critical for the global markets as the beleaguered Greece holds another election. It has been billed as a 'make-or-break' election for Greece. The outcome may well decide whether the country stays in the euro currency bloc or leads to a disruptive exit. It pays to be cautious at this juncture and wait till the important events lined up for this month are over.

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