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Commodity Updates

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1Commodity Updates  Empty Commodity Updates on Wed Jun 06, 2012 12:58 am

GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. Gold has held steady above $1,600 an ounce since it rallied 4.3 percent last Friday, as investors expect further monetary easing from the central banks, especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

SUPPORT 1: 29880
SUPPORT 2: 29635
RESIST 1: 30160
RESIST 2: 30380

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.

SUPPORT 1: 53320
SUPPORT 2: 52813
RESIST 1: 54535
RESIST 2: 55120

COPPER (JUN) – copper rose on Wednesday, its first trading day this week, benefitting from a weaker dollar as investors looked to the European Central Bank for a possible solution to the euro zone debt crisis which has
hurt raw material demand. The ECB meeting comes a day after finance ministers from the world's seven major economies discussed financial and fiscal union in Europe and agreed to work together to deal with the
problems in Spain and Greece, but took no joint action. Expected resistance and support level for today trade are as follows.

SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESIST 1: 417.90
RESIST 2: 423.70

CRUDE OIL (JUN) – Crude futures settled slightly higher Tuesday as traders reacted to improving U.S. services-sector data and factored in an expected drop in oil inventories, while remaining cautious on the European debt crisis. Light, sweet crude for July delivery settled at $84.29 a barrel, up 31 cents, or 0.4%, on the New York Mercantile Exchange after wavering around $84 in early afternoon trading. For the year to date, the price of the front-month contract traded in New York is down almost 15%. Brent crude on the ICE Futures exchange traded one cent lower at $98.84 a barrel.

Expected resistance and support levels for the crude JUN contract are:
SUPPORT 1: 4480
SUPPORT 2: 4345
RESIST 1: 4732
RESIST 2: 4870

Happy trading!!!

View user profile http://share-market-review.blogspot.in/

2Commodity Updates  Empty Commodity Updates on Thu Nov 01, 2012 12:44 am

Your tips are informative for the people who are trading in the Commodities.

View user profile http://www.buzzingstreet.com/

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