Daily Report for 27th July 2012

Gold dropped for the first time in four days, paring its best weekly performance in six, as the rally to a three-week high prompts sales before data that may show the U.S. economy expanded at the slowest pace in a year. Spot gold fell as much as 0.2 percent to $1,611.88 an ounce before trading at $1,612.38 at 9:06 a.m. in Singapore, after climbing to $1,622 yesterday, the highest level since July 5. Bullion is up 1.8 percent this week, the most since the five days to June 15, as European Central Bank President Mario Draghi pledged to preserve the euro and on speculation Europe’s rescue fund may get a banking license to help ease the region’s crisis. Spot silver fell for the first time in three days, losing as much as 0.4 percent to $27.445 an ounce. It was last at $27.4575, up 0.5 percent this week. Cash platinum was little changed at $1,406.75 an ounce, set for a fourth weekly decline. Palladium gained for a third day, rising as much as 0.4 percent to $572.25 an ounce, paring a second weekly drop. Oil rose from the highest close in almost a week in New York after the head of the European Central Bank predicted the euro will survive and reports signaled improving economic prospects in the U.S. and China. Oil for September delivery rose as much as 26 cents to $89.65 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.65 at 11:05 a.m. Singapore time. The contract climbed 0.5 percent yesterday to $89.39, the highest close since July 20. Prices are down 2 percent this week and 9.3 percent lower this year. Brent crude for September settlement was up 48 cents to $105.74 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at $16.08, the widest since May 28 and up from $15.87 yesterday.

             Levels for the Day

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31JUL12)	104.92	104.08	103.62	102.78	102.32
COPPER (31AUG12)	425.05	421.85	419.45	416.25	413.85
CRUDEOIL (20AUG12)	5076	5036	4992	4952	4908
GOLD (04AUG12)	29942	29867	29800	29725	29658
SILVER (05SEP12)	53757	53487	53318	53048	52879
LEAD (31JULN12)	105.35	104.75	104.15	103.55	102.95
NATURALGAS (28AUG12)	178	175	171.9	168.9	165.8
NICKEL (31JUL12)	901.4	892.2	887.1	877.9	872.8	Sell below 880 SL 885 Tgt 870/868
ZINC (31JUL12)	101.85	101.45	101.15	100.75	100.35

     Important Events for the Day

27th July 2012 (Time – IST) EUR German Consumer Price Index - EU Harmonised (YoY) (JUL P) at 17:30 EUR German Consumer Price Index (YoY) (JUL P) at 17:30 USD Gross Domestic Product (Annualized) (2Q A) at 18:00 USD Gross Domestic Product Price Index (2Q A) at 18:00

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