FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 19TH JUNE 2012

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COPPER (JUN) : Copper retreated from a three-week high to be slightly higher on Monday as relief that pro-bailout parties in Greece won a slim majority soon turned sour, with investor focus turning to debt and banking problems in Spain, Europe's third-largest economy.

Greece's centre-right New Democracy party will try to form a coalition with other parties that back the international bailout after a narrow election victory on Sunday, which eased fears the country might suddenly exit the euro. Expected resistance and support level for today trade are as follows.

TREND BULLISH

SUPPORT 1: 414.60

SUPPORT 2: 406.85

RESISTANCE 1: 422.40

RESISTANCE 2: 428.25

CRUDE OIL (JUN) – Crude-oil futures fall by 76 cents to $83.27 a barrel.Market focused on fears about a deteriorating euro zone. Expected resistance and support levels for the crude JUN contract are:

TREND CONSOLIDATE

SUPPORT1: 4565

SUPPORT2: 4520

RESISTANCE1: 4775

RESISTANCE2: 4880

GOLD (AUG) – Gold hit an intraday high of $1,630.59 an ounce and was steady at $1,627.95 an ounce by 0300 GMT. Gold rallied to a record of around $1,920 in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe.

Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND BULLISH

SUPPORT1: 29870

SUPPORT2: 29185

RESISTANCE1: 30555

RESISTANCE2: 30985

                                   

SILVER (JUL) – Silver for July delivery was little changed at $28.925 an ounce. Silver is Expected resistance and support levels for today trade are as follows:

SUPPORT1: 53820

SUPPORT2: 52820

RESISTANCE1: 55535

RESISTANCE2: 56530

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The RBI continues to surprise, this time, rather nastily with even the CRR left unchanged. Further worsening of the eurozone debt crisis is another scenario which could force the RBI’s hands.

Markets are perhaps more upset with the RBI than Fitch, which has become the second of the top three ratings firms to cut outlook on India. Despite their sullied reputation post 2008 crisis, one can’t afford to overlook the concerns flagged by Fitch and S&P.

Lack of fiscal discipline is costing India dearly. The Government’s ostrich-like attitude on this crucial issue may deepen India’s woes. One hopes the Centre will soon unveil a few important initiatives to shore up the economy.

The opening is likely to be steady today owing to mixed global cues. All eyes are on the FOMC meeting to see if the Fed announces fresh monetary easing. Not much is expected out of the G-20 summit, except the usual rhetoric.

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