Gold & Silver- Gold loses $60/oz yesterday, slips below $1600 to $1563/oz. We expect downside pressure in the case of gold and silver to continue as dollar strength and weak global market sentiments will add pressure on prices.
- Gold (FEB.) Support: 27900 - 28100, Resistance: 28300 - 28450
- Silver (MAR.) Support: 53450 - 54000, Resistance: 54600 - 55100.
Copper- Copper on the LME fell below $7200/tonne yesterday. With growing worries over the European economy, downside pressure is expected on industrial metals to persist. A stronger US Dollar is expected to add further downside pressure on prices.
- Copper (FEB.) Support: 390 - 394, Resistance: 400 - 403.
Crude Oil- Nymex crude oil prices fell more than 5 percent on Wednesday. Crude prices are expected to test 5120- 5100 on lower end.
- Crude (DEC.) Support: 5150 - 5200, Resistance: 5230 - 5280.
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