COPPER (AUG): London copper steadied on Thursday, recovering from a one-month low hit in the prior session as investor sentiment stabilized, but concerns the European debt crisis could yet deepen signaled the bounce could be brief. Three-month copper on the London Metal Exchange traded at $7,434.75 a ton by 0251 GMT, down 0.15 percent from the previous session, when it hit its lowest in one month, at $7,344.25 a tonne.Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUP1: 415.10
SUP2: 410.92
RESIST 1: 424.62
RESIST 2: 428.97
CRUDE OIL (AUG): Oil dropped for the first time in three days in New York on concern rising stockpiles in the U.S., the world’s biggest crude consumer, signal faltering demand. Futures slipped as much as 0.5 percent after gaining 0.5 percent yesterday. Crude inventories climbed 2.7 million barrels last week, the first gain in five weeks, data from the Energy Department showed. They were forecast to fall 1 million barrels, according to a Bloomberg survey. Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 4859
SUP2: 4760
RESIST1: 5066
RESIST2: 5146
GOLD (AUG): The August contract on Comex was down by $5 at $1,603 a troy ounce at 9.40 am. The rupee opened marginally higher on Thursday. However, further gains may be limited. The month-end demand for dollar may also keep rupee under pressure. If rupee depreciates, then gold will gain further in rupee terms. Gold futures on the Multi Commodity Exchange had closed higher at Rs 29,835 per 10 grams on Wednesday against the previous close of Rs 29,568. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BULLISH
SUP1: 29630
SUP2: 29399
RESIST1: 29939
RESIST2: 30150
SILVER (SEP): Silver rose 2.1 percent to $27.51 an ounce. Confidence in the Metal Remains Shaky, however, analysts said, with investors wary of taking profits in the traditionally volatile asset. The world's largest silver-backed exchange-traded fund, the Shares Silver Trust, posted an outflow of 69.36 tones on Tuesday. Confidence in the metal remains shaky, however, analysts said, with investors wary of taking profits in the traditionally volatile asset.Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 53040
SUP2: 52612
RESIST1: 53920
RESIST2: 54360
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