COPPER (AUG): Three-month copper on the London Metal Exchange had slipped 0.45 percent to $7,546 a ton by 0308 GMT, reversing gains from the previous session when it hit a one-week high and closed at $7,580 a ton, its loftiest finish since July 19.LME copper has gained 3.5 percent over the last three days, its biggest three-day rally in more than a month, but is still in negative territory for the year. Expected resistance and support level for today trade are as follows.
TREND BEARISH
SUPPORT 1: 412.80
SUPPORT 2: 407.10
RESIST 1: 426.60
RESIST 2: 431.20
CRUDE OIL (AUG): Oil slid from the highest close in more than two months as investors sold contracts on speculation that recent gains were excessive amid signs of weakening demand in the U.S, the world’s biggest consumer of crude. Futures fell as much as 0.5 percent, dropping for the first time in four days. Oil’s gains stalled near the upper Bollinger Band, an indicator of technical resistance. Crude consumption declined 4 percent to 15.9 million barrels last week, the biggest percentage decrease in a month. Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 5040
SUP2: 4950
RESIST1: 5246
RESIST2: 5350
GOLD (OCT): Gold may drop for the first time in four days as the metal’s advance to a one-week high encourages sales and as the dollar’s strength saps demand for bullion as an alternative investment. Silver declined. Spot gold lost as much as 0.2 percent to $1,609.40 an ounce, and was at $1,611.25 at 9:41 a.m. in Singapore. The metal climbed to $1,618.40 an ounce yesterday, the highest level since Aug. 1. Resistance and support levels for the today’s session for Gold OCT contract 2012 are:
TREND CONSOLIDATE
SUP1: 29650
SUP2: 29520
RESIST1: 29920
RESIST2: 30080
SILVER (SEP): Spot silver fell as much as 0.5 percent to $28.0075 an ounce, and traded at $28.0425, dropping for the first time in four days. The dollar rose 0.2 percent versus a six-currency basket including the euro, gaining for the first time in four days, before data that may show weakness in German industrial production. Bullion tends to move inversely to the greenback. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 53130
SUP2: 52900
RESIST1: 53610
RESIST2: 53890
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