COMMODITY MARKET NEWS
Gold in yesterday’s
session, witnesses profit booking around 30500 levels, and managed
to close the day with small losses.Gold will witness strong resistance above
30450 levels in coming days any up move will open the resistance of
30600. The trend is positive and any profit booking in the
commodity may test the supports around 30240 holding below may open
up 30150 levels also. Weekly support is seen around 29800 levels any
decline will test 29600, but the trend is very positive.
Silver witnessed a
sideways trading session, and managed to close the day with gains above
the 55000 levels. The commodity in coming sessions has
strong support at lower levels around 55000. Any dip in the
commodity below these levels will open up levels of 54600 and lower in
coming days.Silver has strong resistance above 55600 levels and if
it manages to hold above these levels we may soon test levels
of 56200. Outlook remains positive.
Crude oil another range bound
session, as the commodity traded above the 5350 levels. Crude oil
has support at lower levels around 5340 any sustained dip below
these levels will open up the levels of 5280 levels. Crude oil will face strong
intraday resistance above 5410 levels. Any move in the Crude oil
above these levels will open up 5500 levels. The commodity
is in a uptrend and sustaining at current levels will be positive
sign and we may soon test 5500 levels.
Copper witnessed a session of consolidation
above 420 levels, the commodity gained in early hours, but strong profit
taking around 423 levels was seen. Copper has been trading in
a range of 410-440 in the last few weeks and also since last few months,
the movement has been volatile inside this range. For the day support is
seen around 420 levels any decline will open up 416 levels.
Resistance for copper in coming session is seen above the 424-427 levels.