COMMODITY TRADING LEVELS FOR 22 MARCH 2012

GOLD (APR) – Gold edged up rising after a weak session. The yellow metal looked vulnerable as equities slipped across Asia and Europe and markets remained focused on Chinese growth. China's raised retail gasoline and diesel prices by 6.4% and 7%, respectively yesterday and trickled back worries pertaining to a revival in inflationary pressures in world's largest economy. Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:

SUPPORT 1: 27715

SUPPORT 2: 27625

RESISTANCE 1: 27945

RESISTANCE 2: 28095

SILVER (MAY) – Silver prices may rebound to $40-50 levels aided by strong growth in global solar photovoltaic (PV) market, said Barclays Capital in a research note. Silver’s Expected resistance and support levels for today trade are as follows:

SUPPORT 1: 56715

SUPPORT 2: 56625

RESISTANCE 1: 56965

RESISTANCE 2: 57095

COPPER (APR) – Copper is expected to trade with negative momentum during the morning session on Thursday, 22nd March as bleak HSBC China PMI fell to a 4-month low in March which further exacerbated the woes over Chinese demand for industrial metals. But, the China's central bank move to cut reserve requirement rate for some Agricultural banks of China might cushion the prices. Copper at MCX is likely to find support at Rs. 426 per kg and Rs. 421.7 per kg and resistance at Rs. 435 per kg and Rs. 439.6 per kg. Expected resistance and support level for today trade are as follows:

SUPPORT 1: 428.55

SUPPORT 2: 425.35

RESISTANCE 1: 433.45

RESISTANCE 2: 435.85

CRUDE OIL (APR) – Crude oil prices may jump by upto 30% if supply from Iran falls, said Christine Lagarde, Managing Director of the International Monetary Fund (IMF). Brent crude oil prices are currently hovering above $120/barrel level. Expected resistance and support levels for the crude Dec contract with expiry date of 19 APRIL 2012 are:

SUPPORT 1: 5360

SUPPORT 2: 5275

RESISTANCE 1: 5585

RESISTANCE 2: 5675