COPPER (AUG): London copper dropped to its lowest in almost a week after official manufacturing data from top metals consumer China fell short of expectations, while fading hopes for monetary stimulus in the United States and Europe also dragged down prices. Three-month copper on the London Metal Exchange traded down 0.2 percent at $7,548 a tonne by 0246 GMT, after touching a low of $7,487.50 earlier in the session -- lowest since July 27. LME copper fell almost 2 percent in July. Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 418.70,
SUPPORT 2: 414.20,
RESIST 1: 426.70,
RESIST 2: 430.98,
CRUDE OIL (AUG): Crude-oil futures prices settled 1.9% lower Tuesday as investors adjusted positions ahead of a scheduled Wednesday statement from the U.S. Federal Reserve's policy-making board. Prices rallied nearly $2 a barrel over four days last week, and re-submitted at the $90-a-barrel level on expectations that the Fed was preparing to move soon with a fresh stimulus package to jolt the U.S. economy. Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 4843,
SUP2: 4730,
RESIST1: 5049,
RESIST2: 5170,
GOLD (AUG): Gold has rallied since tumbling to within 1% of a bear market in May, it's still 16% below the record $1,923.70 an ounce reached on September 6. Investors have favored sovereign debt and the dollar to protect their wealth as economic growth slows, driving yields to record lows and the US currency to a two-year high. Central banks from Europe to China cut interest rates this month, and the Federal Reserve said it was prepared to act to boost the recovery. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BULLISH
SUP1: 30080,
SUP2: 29950,
RESIST1: 30270,
RESIST2: 30350,
SILVER (SEP): Silver also edged higher, following the yellow metal. * Silver for September delivery on the MCX was 0.69 percent higher at 54,197 rupees per kg. The festivals season starts in August in India, the world's biggest buyer in 2011, and continue till November. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 53670,
SUP2: 53373,
RESIST1: 54420,
RESIST2: 54840,
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