Hem Securities has come out with commodity report. According to research firm the support for gold remained at 16711-16543 per 10 gram.
Copper
The support for copper remains at 334/330 while it has resistance at 344/350 level. Copper dropped for a second day to a two-week low on concern China’s move to rein in liquidity may decrease demand for raw materials in the world’s largest metals user.
Crude
The support for Crude remains at 3676/3649 while it has resistance at 3739/3775 level. Oil declined for a third a day after China raised bank reserve requirements to curb a credit boom and prevent the economy from overheating, and as an industry report showed an increase in U.S. crude and distillate stockpiles.
Gold
The support for Gold remains at 16711/16543 it has resistance at 17065/17251 level. Gold fell the most in three weeks in New York after a rally to a one-month high spurred some investors to sell the precious metal for profit.
Silver
The support for Silver remains at 27742/27490 while it has resistance at 28372/28750 level. Silver also declined, halting the longest rally in 22 months as some investors sell the precious metal for profit.
