Commodity Trends :29-May-2012

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Commodity Trends :29-May-2012

Post  RaahiShah on Tue May 29, 2012 4:35 pm

COPPER (JUN) – Base metals were accentuating on Monday, 28th May as the signs that voters in Greece may back austerity measures needed for a European Union bailout coupled with the speculation that major metal consumer China may subsidizes vehicle purchases in rural areas in order to stimulate the sluggish growth within the economy weighing on the sentiment. But, the focus on Spain's rising bond yields following the announcement of bailout plans for troubled lender Bankia was curbing huge gains in the metal space:

Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 422.40
SUPPORT 2: 417.25

RESISTANCE 1: 430.70
RESISTANCE 2: 432.00


CRUDE OIL (JUN) – Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen..Expected resistance and support levels for the crude JUN contract are:

TREND CONSOLIDATE

SUPPORT 1: 4930
SUPPORT 2: 4880

RESISTANCE 1: 5170
RESISTANCE 2: 5270

GOLD (JUN) – MCX Gold surged above Rs. 29000 per 10 grams following gains in global prices as the metal continued to carve out an impressive recovery. The metal had rebounded from nearly four and half month lows of $1520 per ounce in the last week as safe haven buying finally came to the rescue of the commodity that has witnessed a free fall earlier. Gold had plummeted following a massive surge in the US dollar on worries of Grexit- Greece being ousted from Eurozone and returning to its old currency. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28745
SUPPORT 2: 28440

RESISTANCE 1: 29190
RESISTANCE 2: 29305

SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions.Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 53170
SUPPORT 2: 52820

RESISTANCE 1: 55119
RESISTANCE 2: 55505

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RaahiShah

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Join date : 2012-02-13

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