COPPER (AUG): Copper extended losses in after-hours business on Wednesday, sinking to its lowest in a week, after the Federal Reserve refrained from delivering fresh monetary stimulus despite acknowledging a weakening U.S. economy. COMEX copper for September delivery sank an additional 2.95 cents in electronic trade to hit a one-week trough at $3.3455 per lb. It earlier settled the day down 4.25 cents at $3.3750.London Metal Exchange (LME) benchmark copper ended off $135 at $7,425 a ton, after touching its lowest level in nearly a week at $7,421.50.Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 412.97,
SUPPORT 2: 407.86,
RESIST 1: 422.82,
RESIST 2: 428.68,
CRUDE OIL (AUG): Oil prices were lower in Asian trade today after the US central bank failed to announce any new economic stimulus measures at the end of a two-day meeting, analysts said. New York’s main contract, light sweet crude for delivery in September, shed 12 cents to $88.79 a barrel and Brent North Sea crude for September delivery fell 14 cents to $105.82.Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 4905,
SUP2: 4843,
RESIST1: 5057,
RESIST2: 5169
GOLD (AUG): Gold found support at $1,600 an ounce on Thursday, although was capped by uncertainty on whether the European Central Bank will take bold action to tackle the region's debt crisis after the U.S. central bank dashed hopes of any imminent stimulus. Spot gold edged up 0.2 percent to $1,601.86 an ounce by 0340 GMT, after losing 0.9 percent on Wednesday. U.S. gold futures contract for December delivery edged down 0.1 percent to $1,605.40. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BULLISH
SUP1: 29900,
SUP2: 29810,
RESIST1: 30150,
RESIST2: 30300
SILVER (SEP): Silver metal, used heavily in industry, also fell after earlier reports showed that a Chinese factory purchasing managers' index (PMI) fell to an eight-month low and the US ISM survey of the American manufacturing sector shrank in July. At the end of a two-day policy meeting, the US central bank disappointed investors who had hoped for a third round of government bond purchases, also called quantitative easing or QE3. Silver fell 1.6 per cent to $27.47 an ounce. It was up more than 4 per cent in a four-day rally last week. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 52640,
SUP2: 52100,
RESIST1: 53727,
RESIST2: 54485
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