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| Free Commodity Tips |
TREND CONSOLIDATE
SUPPORT 1: 414.00
SUPPORT 2: 417.00
RESISTANCE 1: 422.20
RESISTANCE 2: 424.40
CRUDE OIL (JUL) Crude oil futures fell 3% on Thursday, heading for the worst quarterly performance since the 2008 financial debacle, on worries that an EU summit will not find durable solutions to the euro zone crisis, stifling global growth prospects. By 2:40 pm EDT (l840 GMT), Brent crude oil futures traded in London at USD 91.63, down USD 1.87, after having slid to a session low of USD 90.88.
Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4540
SUPPORT2: 4481
RESISTANCE1: 4648
RESISTANCE2: 4697
GOLD (AUG) Gold extended losses as crude oil and U.S. equities tumbled after the Supreme Court upheld President Barak Osama’s healthcare law, which assesses a financial penalty to individuals who do not obtain health insurance. Spot gold was down 1.4 percent at $1,553.10 an ounce by 3:16 p.m. EDT (1916 GMT), having earlier hit a four-week low at $1,547.39. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT1: 29878
SUPPORT2: 29759
RESISTANCE1: 30127
RESISTANCE2: 30257
SILVER (JUL) – Silver, which has industrial uses that gold lacks, exceeded gold's losses Thursday. Silver is used in electronics, solar panels and photography. The July-delivery contract slumped 2.6% to settle at $26.247 an ounce. That is the lowest ending price since November 2010.. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 53717
SUPPORT2: 53329
RESISTANCE1: 54268
RESISTANCE2: 55151
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Free Commodity Market Overview
The Nifty is likely to trade in a range in the near term unless of course the government try out some positive surprises.
The glum mood over the GAAR issue could well take a backseat as the Government is all set to resolve outstanding tax issues in the next couple of weeks. So despite less greenery in the global markets our main indices are looking at a smiling start.
Another positive development is crude oil remains lower and petrol prices have been scaled down by Rs 2.46 per litre. Any further positive news on the policy front could keep the momentum going for a while. Problems confronting the eurozone remain the biggest risk.
FREE COMMODITY TIPS
FREE COMMODITY TIPS
Free Commodity Market Overview
The Nifty is likely to trade in a range in the near term unless of course the government try out some positive surprises.
The glum mood over the GAAR issue could well take a backseat as the Government is all set to resolve outstanding tax issues in the next couple of weeks. So despite less greenery in the global markets our main indices are looking at a smiling start.
Another positive development is crude oil remains lower and petrol prices have been scaled down by Rs 2.46 per litre. Any further positive news on the policy front could keep the momentum going for a while. Problems confronting the eurozone remain the biggest risk.
FREE COMMODITY TIPS
Daily Free Commodity Tips and Free Commodity
News Updates
Indian gold imports are again in focus after reports that the Reserve Bank of India is considering clamping down on gold-coin sales by banks in an effort to deal with its current account deficit.
New York based global financial services firm Morgan Stanley trimmed its 2012 and 2013 silver price forecasts to $31.5 an ounce and $34.9, respectively.
Crude oil
The Petroleum and Natural Gas Ministry termed as ‘factually inaccurate” reports in the media that there has been a drastic drop in exploration spending in NELP blocks from US $ bn in 2007 to US$4.7 mn in 2011.
Copper gets back on track in metal exchanges with US economic data and EU meeting scheduled later today.
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