Gold holds below $1,185 per ounce
Gold held below $1,185 an ounce in Europe on Tuesday, supported by physical demand after this month’s slip and a softer dollar. Spot gold was bid at $1,184.35 an ounce against $1,183.75. US gold futures for August delivery firmed 90 cents to $1,184.00
Trend: Weak
Support: 17609, 17464 & 17192
Pivot Level: 17881
Resistance: 18026, 18298 & 18443
Silver:
Trend: Sideways to Positive Bias
Support: 28184, 27910 & 27428
Pivot Level: 28666
Resistance: 28940, 29422 & 29696
Copper falls with Chinese equities
Copper eased around 1 per cent on Tuesday, after hitting 10-week highs in the previous session, as Chinese stocks markets weighed and investors paused for breath ahead of a furry of economic data in the US. Copper for three month delivery on the London Metal Exchange traded at $7,090 a tonne from $7,148 at the close on Monday and compared with a session low at $7,065. LME stocks for the metal, used in transport and packaging, shed 4,875 tonnes to 4.39 million tonnes and have now fallen from record highs above 4.6 million tonnes touched in late January.
Trend: Sideways to Positive Bias
Support: 328.70, 326.00 & 323.55
Pivot Level: 331.15
Resistance: 333.85, 336.30 & 339.00
Crude oil at 11-week high
Crude oil jumped to an 11-week high in New York as equities rallied around the world and oil supplies were forecast to decline. Oil increased as much as 0.9 per cent as US stock-index futures advanced and European stocks rose for a sixth day. A government report may show US oil inventories to a four-month low. Crude for September delivery gained 19 cents, to $79.17 a barrel. Earlier it touched $79.69 a barrel, the highest level since May 6. Oil has advanced 16 per cent in the past year.
Trend: Weak
Support: 3583, 3542 & 3475
Pivot Level: 3650
Resistance: 3691, 3758 & 3799
By
Sukanay.P
Chona Commodity Services Pvt. Ltd. | 