COPPER (AUG)- London copper prices edged up on Friday, holding near a two-week high hit in the previous session on hopes top consumer China would take more steps to boost its economy, but weak U.S. data is expected to keep a lidon gains. Three-month copper on the London Metal Exchange edged up 0.2 percent to $7,741.25 per ton by 0119 GMT. It touched a high of $7,813 per ton on Thursday, its highest since July 3.Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 424.88
SUPPORT 2: 419.90
RESIST 1: 435.60
RESIST 2: 440.20
CRUDE OIL (JUL)- World oil prices hit seven-week high today as traders fretted over the impact of simmering geopolitical tensions in the crude oil-rich Middle East. Crude oil surged 3.1% higher Thursday on renewed fears about Middle East tensions following the latest flare up between Israel and Iran. Light, sweet crude for August delivery settled at $92.66 a barrel on the New York Mercantile Exchange, up $2.79. Brent crude on the ICE futures exchange was trading at $107.87 a barrel, up $2.71.Expected resistance and support levels for the crude JUL contract are:
TREND CONSOLIDATE
SUPPORT 1: 5009
SUPPORT 2: 4920
RESIST1: 5221
RESIST2: 5348
GOLD (AUG)- In Comex, gold for August delivery was up by $2 at $1,580 a troy ounce at 9.42 am. The movement of rupee against dollar will continue to dictate gold price trend in India. On the MCX, it may trade in a range of Rs 29,150 to Rs 29,270 per 10 grams. Gold futures on the Multi Commodity Exchange has closed marginally lower at Rs 29,158 per 10 grams on Thursday against the previous close of Rs 29,159.Résistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 29050,
SUPPORT 2: 28960,
RESIST1: 29250,
RESIST2: 29332,
SILVER (SEP)- Silver, meanwhile, is benefiting from increased demand, Commerzbank said in a note. Holdings in silver exchange-traded funds rose to nearly 575.1 million troy ounces, their highest level since May 2011, Commerzbank said in a note. Silver futures rose 0.5%, or 12.2 cents, to settle at $27.217 a troy ounce. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 52386
SUPPORT 2: 52060
RESIST1: 52995
RESIST2: 53381
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