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31 Jan 2013

MCX COMMODITY INTRADAY LEVELS (31-01-2013)

31-JAN-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 110.75 111.45 112.65 108.85 107.65 106.95
COPPER 443.65 445.20 447.95 439.35 436.60 435.05
CRUDEOIL 5235 5261 5282 5188 5167 5141
GOLD 30341 30464 30632 30050 29882 29759
LEAD 130.65 131.35 132.50 128.80 127.65 126.95
NATURALGAS 179.80 181.40 183.90 175.70 173.20 171.60
NICKEL 984.60 993.50 1010.40 958.80 941.90 933.00
SILVER 59563 60064 60990 58136 57210 56709
ZINC 114.40 115.10 116.35 112.35 111.05 110.40
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Oil near flat as US economy contracts

Crude oil was largely unchanged in Asian trading on Thursday as investors priced in a weakening U.S. economy with continued monetary expansion. On the New York Mercantile Exchange, light sweet crude futures for March delivery were up just 0.02% at USD97.96 per barrel ounce in Asian trading, up from a session low of USD97.94 and down from a high of USD98.12 per barrel. Gold futures were likely to test support at USD95.47 per barrel, the low from January 22, and resistance at USD99.30, the high back on August 15. On Wednesday, the U.S. GDP report showed that the economy contracted in the last quarter, declining about 0.1%. Economists had been anticipating an increase of 1.1%. At the same time, the GDP price index rose only 0.6% from the prior quarter while economists had been expecting an increase of 1.5%. GDP is considered by many to be the best indicator for total economic growth in an economy. Consistent GDP contraction is used to officially declare periods of economic recession and depression. With the U.S. economy showing signs of weakness, demand for energy assets like crude oil might be anticipated to decline. Less economic growth would correspond to lower demand for energy -- the lifeblood of the economy. However, continued monetary easing from the Federal Reserve could have a counter effect. Along with the GDP report, Wednesday also brought the official decision from the Federal Reserve’s Open Market Committee (FOMC). The FOMC opted to leave rates near 0% while continuing to inject about $85 billion per month into the economy. This continued easing from the FOMC might be seen as inflationary by oil market participants, and therefore stoke demand for hard assets like crude oil. Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery were roughly unchanged trading at USD115.10 a barrel, with the spread between the Brent and crude contracts standing at USD17.14 per barrel.

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Courtesy: INVESTING.COM