COMMODITY NEWS AND TRADING LEVELS FOR 16TH APRIL 2012

Commodity News And trading Levels
COPPER (APR) – Expected resistance and support level for today trade are as follows:

SUPPORT 1: 407.35
SUPPORT 2: 402.85

RESISTANCE 1: 418.75
RESISTANCE 2: 424.15

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: 5235
SUPPORT 2: 5095

RESISTANCE 1: 5395
RESISTANCEE 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: 28425
SUPPORT 2: 28310

RESISTANCE 1: 28685
RESISTANCE 2: 28765

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: 55725
SUPPORT 2: 55610

RESISTACE 1: 55995
RESISTANCE 2: 56095

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Daily Commodity News Updates

Base Commodities slightly softer after weak Chinese GDP

News that China’s first-quarter gross-domestic-product growth came in at 8.1%, its slowest pace in almost three years and below expectations for 8.4%, has had a miscellaneous effect on markets, although most base commodities were softer in overnight trading, said Janet Mirasola, managing director of R.J. O’Brien & Associates.

Europe’s debt crisis is still a potential major catalyst for gold prices, even though much of the focus by investors and traders at the instant is whether the U.S. Federal Reserve will engage in a third round of quantitative easing, said Sharps Pixley in a briefing.

Even though India crossed the export target of $300 billion in the Fiscal 2011-12, the trade deficit grew to $185 billion during the period, according to Anand Sharma, Commerce and Industry Ministry.

According to Anand Sharma, despite of challenging economic environment from the major markets like U.S and Europe, India has performed well in the fiscal'12 .

India imports grew to grew to $485 billion mainly due to the high petroleum costs.




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