COPPER (AUG): London copper steadied on Friday but was still set for its biggest weekly loss in two months after European Central Bank inaction disappointed markets and as worries over global growth dragged on the outlook for metals. Three-month copper on the London Metal Exchange traded at $7,348 a ton by 0305 GMT, up 0.25 percent from the previous session, when it hit its lowest since June 22. Expected resistance and support level for today trade are as follows.
TREND BEARISH
SUPPORT 1: 408.70
SUPPORT 2: 404.30
RESIST 1: 415.00
RESIST 2: 420.00
CRUDE OIL (AUG):Oil futures fell in New York after European Central Bank President Mario Draghi failed to give details of a plan designed to shore up the euro by curbing rising government borrowing costs in the region. Crude for September delivery fell as much as $1.40 to $87.51 a barrel on the New York Mercantile Exchange and was at $88.76 at 9:10 p.m. local time. Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 4850
SUP2: 4730
RESIST1: 5040
RESIST2: 5150
GOLD (OCT): Gold rose 0.2 per cent to USD 1,602.85 an ounce in London. Gold prices rose by Rs 74 to Rs 29,681 per 10 grams in futures trade as speculators created fresh positions, tracking a firm trend in overseas markets.
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 74, or 0.25 per cent to Rs 29,681 per 10 grams in business turnover of 341 lots.
Similarly, the metal for delivery in October declined by Rs 34, or 0.11 per cent, to Rs 30,048 per 10 grams in business volume of 7,633 lots. Resistance and support levels for the today’s session for Gold OCT contract 2012 are:
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 74, or 0.25 per cent to Rs 29,681 per 10 grams in business turnover of 341 lots.
Similarly, the metal for delivery in October declined by Rs 34, or 0.11 per cent, to Rs 30,048 per 10 grams in business volume of 7,633 lots. Resistance and support levels for the today’s session for Gold OCT contract 2012 are:
TREND CONSOLIDATE
SUP1: 29895
SUP2: 29735
RESIST1: 30123
RESIST2: 30280
SILVER (SEP): Silver futures traded 2% lower Thursday, with a final bid of $26.99 per ounce. Thursday’s high for silver reached $27.78, and the low was $26.88. Silver fell Thursday amid news that Mario Draghi and the European Central Bank aren’t going to take immediate action to push growth and rejuvenate the wallowing euro zone. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 52760
SUP2: 52585
RESIST1: 53480
RESIST2: 53700
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