COPPER (APR) – Expected resistance and support level for today trade are as follows:
SUPPORT 1: 418.35
SUPPORT 2: 415.85
RESISTANCE 1: 425.75
RESISTANCE 2: 427.15
CRUDE OIL (APR) – Crude Oil prices have been rising for several months amid an EU states' boycott of oil supplies from Iran. Oil traders are also concerned about the possibility of a future war with Iran as well as wider political instability in the Middle East, including the crisis in Syria. Expected resistance and support levels for the crude APR contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5190
SUPPORT 2: 5085
RESISTANCE 1: 5395
RESISTANCE 2: 5515
GOLD (JUNE) - Gold’s ability to edge higher at the start of the week is impressive considering the lack of retail jewelry demand in India due to a protest by jewelers. Resistance and support levels for the today’s session for Gold JUNE contract which will expire on JUNE 2012 are:
SUPPORT 1: 28625
SUPPORT 2: 28510
RESISTANCE 1: 28835
RESISTANCE 2: 28945
SILVER (MAY) – From the economic data front as well we can see the US releases may come up with a good signal to the economy. However, an increase in jobless claims due to slash in government jobs might pressurize the dollar. So, silver is likely to remain strong for the day and hence, we recommend remaining long for the metal for the day. On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56825
SUPPORT 2: 56710
RESISTANCE 1: 57095
RESISTANCE 2: 57215
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DAILY COMMODITY NEWS UPDATES
Commodity is an international monthly trade journal that showcases the Indian commodity market. Apart from current import and export trends, it provides regular information on issues of interest to trade and industry by way of articles and overviews of policies, prospects and emerging trends in commodity trade.
Gold futures tumbled in the Asia session today as the US dollar sophisticated after a unsatisfactory reading on Chinese growth turned investors away from riskier assets.
The ICE dollar index, which measures the greenback against a basket of six currencies, traded at 79.45, from 79.269 in late North American trading on Thursday. In accumulation to the dollar's gains Friday, Asian shares pared gains and U.S. stock futures turned inferior, after official data showed that China's economic growth slowed more-than-expected to 8.1% in the first quarter from the identical period a year earlier.
Crude oil futures managed to hold in green today but the movement was very thin on the whole as worries over the Euro zone debt fight back remained in place and risky assets mostly retreated lower. The commodity edged up in Asian trades as the stock markets witnessed a modest ride but flipped back in London moves after a bleak start for the European indices following a heavily discounted rights issue from Banco Espirito Santo SA.
United States Mint reported that the sales of gold and silver coins bounced back in March this year from February but remained well below January's levels. The US Mint has sold 10,459,000 ounces of silver and 214,500 ounces of gold till March.
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