2. 8
Silver Plunges to Lowest Since 2010 as Gold Drops for
Eighth Day
Silver plunged to the lowest level since September 2010, sending its ratio to gold
to the highest in 33 months, while bullion extended the longest slump in four
years as investment holdings contracted and stocks rallied. Silver for immediate
delivery tumbled as much as 7 percent to $20.6985 an ounce, and was at $21.345
at 11:32 a.m. in Singapore. The ratio surged to 64.89, the highest since August
2010. Gold lost as much as 1.5 percent to $1,338.85 an ounce, the lowest price
since April 18, and was at $1,347.23. Gold is down for an eighth session, the
worst run since March 2009.
Expect base metals to move down.
COMEX copper for May delivery closed at USD 326.50 a tonne, down by USD
2.30, or 0.70 percent. Copper prices were down as a slowdown in euro zone
economy and poor US industrial production hurt prices. A build up in copper
inventories at LME warehouses and a stronger dollar pushed prices further down.
Base Metals are expected to move down as a slew of weak economic data from
China and rising supplies are likely to put pressure on base metals. US housing
data expected slightly positive today could limit the downside.
NEWS RADAR
3. S1 S2 R1 R2
1337 1324 1351 1475
GOLD HOURLY CHART
GOLD LOOKS BEARISH SELL BELOW 1341.00
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 1330.00 LEVEL AND
MAINTAINING SL OF 1350.00
4. S1 S2 R1 R2
21.04 20.74 21.72 21.95
SILVER HOURLY CHART
SILVER LOOKS BEARISH SELL BELOW 21.16 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 20.80 LEVEL AND MAINTAINING SL
OF 21.40
5. S1 S2 R1 R2
3.2772 3.2547 3.3148 3.3333
COPPER HOURLY CHART
COPPER LOOKS BULLISH BUY ABOVE 3.3210 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 3.3400 LEVEL AND MAINTAINING SL
OF 3.3000
3
6. S1 S2 R1 R2
95.14 94.54 96.24 96.78
CRUDE OIL HOURLY CHART
CRUDE LOOKS BEARISH SELL AROUND 95.40 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 94.40 LEVEL AND MAINTAINING SL
OF 96.40
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