ZLBT Chats

Tuesday, March 2, 2010

BT Crude Oil and Gold Futures Report >>> Market Overview

Crude futures finished a volatile session in the red today, as investors interpreted the commodity's rise to $80 per barrel as an ideal time to take profits. Furthermore, reports of a possible aid package for Greece bolstered the U.S. dollar against the euro, making dollar-denominated commodities more expensive for holders of foreign currencies.
Earlier in the session, crude jumped as high as $80.62 per barrel, helped in part by Iran's threat to cut off energy supplies to European countries aligned with the U.S., which has been vocal about the hostile nation's nuclear capabilities. By the close, April-dated crude oil shed $0.96, or 1.2%, to settle at $78.70 per barrel.

Gold futures didn't stray too far from breakeven today, as the stronger greenback offset support from overseas. More specifically, Chinese economic data showed continuing expansion in the country's manufacturing sector, pointing to escalating demand for the malleable metal.

By the close, gold for April delivery surrendered 60 cents to end at $1,118.30 an ounce. Elsewhere in the metals pits, copper futures jumped 7 cents, or 2.1%, to end at $3.35 a pound, bolstered by an earthquake-induced shuttering of several Chilean mines.

Levels to Watch in Trading:
Dow Jones Industrial Average (DJIA – 10,403.79) - support at 9,000; resistance at 11,000
S&P 500 Index (SPX – 1,115.71) - support at 950; resistance at 1,300
Nasdaq Composite (COMP – 2,273.57) - support at 1,900; resistance at 2,600

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