Commodities Market Summary
|
Gold
traders extended their bullish streak as analysts from Bank of America Corp. to
Deutsche Bank AG forecast record prices by next year after central banks
pledged more action to bolster economic growth. The Federal Reserve announced a
third round of debt-buying Sept. 13 and the Bank of Japan said two days ago it
will add 10 trillion yen ($128 billion) to a fund that buys assets. The
European Central Bank announced an unlimited bond-purchase program Sept. 6 and
China approved a $158 billion subways-to- roads construction plan. Gold rose 70
percent as the Fed bought $2.3 trillion of debt in two rounds of quantitative
easing from December 2008 through June 2011. Oil rose in New York as investors
speculated that the biggest weekly decline in more than three months was
exaggerated. November futures climbed as much as 0.9 percent after front-month
prices slipped 7.2 percent in the four days through yesterday, when the October
contract expired. Prices also have technical support after settling below the
lower Bollinger Band of $92.55 for the past two days. The last time oil closed
below the band on June 21, it gained 12 percent over the next 8 trading
sessions.
Levels for the Day
|
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
|
ALUMINIUM (28SEP12)
|
115.0
|
114.0
|
113.4
|
112.3
|
111.7
|
|
|
COPPER
(30NOV12)
|
460.7
|
456.4
|
453.1
|
448.8
|
445.5
|
|
|
CRUDEOIL (19OCT12)
|
5086
|
5051
|
5009
|
4974
|
4932
|
|
|
GOLD
(05OCT12)
|
32084
|
31998
|
31915
|
31829
|
31746
|
|
|
SILVER
(05DEC12)
|
65013
|
64688
|
64199
|
63874
|
63385
|
|
|
LEAD
(28SEP12)
|
123.1
|
122.3
|
121.4
|
120.6
|
119.7
|
|
|
NATURALGAS (25SEP12)
|
155.4
|
153.6
|
151.6
|
149.8
|
147.8
|
|
|
NICKEL
(28SEP12)
|
978.7
|
972.7
|
962
|
956
|
945.3
|
Buy at 972 SL 966 tgt 982/985
|
|
ZINC
(28SEP12)
|
114.4
|
113.5
|
112.7
|
111.8
|
111.0
|
|
|
21st Sep 2012 (Time – IST)
CAD Consumer Price Index (YoY) (AUG) at 18:00
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