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| Free Commodity Tips |
TREND CONSOLIDATE
SUPPORT 1: 424.50
SUPPORT 2: 4219.50
RESISTANCE 1: 433.10
RESISTANCE 2: 436.70
CRUDE OIL (JUL): International crude oil prices fell unexpectedly on Monday despite the start of European Union's sanctions against purchase of Iranian crude, as the potential drop in supplies was outweighed by concerns of falling global demand due to the economic uncertainty in Europe and the US. Brent crude fell about $2 a barrel to a little below $96 a barrel, while US crude dropped $1.4 to $83.5. Oil prices retreated after Brent's sharp rise of $6 a barrel on Friday, in anticipation of EU sanctions. Expected resistance and support levels for the crude JUN contract are:
TREND BULLISH
SUPPORT1: 4380
SUPPORT2: 4537
RESISTANCE1: 4782
RESISTANCE2: 4870
GOLD (AUG): Gold prices held steady on Tuesday, as hopes of more easing from central banks after astringe of bleak global macroeconomic data from Europe to the United States supported bullion's appeal Spot gold was little changed at $1,595.79 an ounce by 0032 GMT. U.S. gold futures contract for August delivery traded nearly flat at $1,596.50.Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT1: 29481
SUPPORT2: 29298
RESISTANCE1: 29824
RESISTANCE2: 29984
SILVER (JUL) – Silver prices, which slumped for four straight months, may rebound 25 percent after hitting a “double bottom,” according to technical analysis by Steel Vine Investments LLC.Silver futures for September delivery may climb to $34.50 an ounce this quarter after falling to $26.33 on Sept. 26 and $26.105 on June 28, this year’s low, said Spencer Patton, the Chicago-based chief investment officer for Steel Vine. Prices jumped 5 percent on June 29, the most since Jan. 3.Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 52842
SUPPORT2: 52391
RESISTANCE1: 53992
RESISTANCE2: 54691
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Free Commodity Market Overview
July is supposed to be a crucial month for various summer crops (kharif). A normal southwest monsoon also helps in the winter farming season (rabi) as it builds up the reservoirs across the nation. monsoon is likely to be the biggest headache in the near term, be it for the Government, farmers, consumers or companies.
The Nifty broke the 5080-5200 trading range after three weeks. The breakout point of 5200 could turn into a strong support. Data on IIP, inflation, corporate earnings and the RBI's month-end policy meeting will drive the sentiment all through July.
For the day, Indian markets will look out for data on merchandise exports.
FREE COMMODITY TIPS
Indian Gold rush likely to pick up as prices stay below Rs 30,000
Eurozone events over next several days to influence Gold, Silver: HSBC
Rupee appreciation to prove favourable for gold, crude oil
Sharp fall in China PMI to impact industrial commodities
FREE COMMODITY TIPS
Free Commodity Market Overview
July is supposed to be a crucial month for various summer crops (kharif). A normal southwest monsoon also helps in the winter farming season (rabi) as it builds up the reservoirs across the nation. monsoon is likely to be the biggest headache in the near term, be it for the Government, farmers, consumers or companies.
The Nifty broke the 5080-5200 trading range after three weeks. The breakout point of 5200 could turn into a strong support. Data on IIP, inflation, corporate earnings and the RBI's month-end policy meeting will drive the sentiment all through July.
For the day, Indian markets will look out for data on merchandise exports.
FREE COMMODITY TIPS
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News Updates
Indian Gold rush likely to pick up as prices stay below Rs 30,000
Indian gold imports likely to grow in the second half of this year as prices stayed below 30,000 rupees per 10 grams. The world's biggest consumer nation imported 250 tonnes of gold in the first six months of this year.
Eurozone events over next several days to influence Gold, Silver: HSBC
The near-term direction of the gold and silver markets could be influenced greatly by eurozone events and the direction of the euro, said HSBC Holdings plc (HSBC), a British multinational bank, in a commodities research note.
Rupee appreciation to prove favourable for gold, crude oil
On increased capital inflows amid stronger euro, the rupee rose marginally by 6 paise to trade at 55.55 against the US dollar in early trade on Monday at the Interbank Foreign Exchange.
Sharp fall in China PMI to impact industrial commodities
The decline in purchaser manufacture index(PMI) of China, the largest consumer of industrial commodities, is expected to be another blow to the global commodity markets which is already stricken with the European debt crisis.
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