Copper –406.00/Kg (Prev close)
The support for copper remains at 403/400 while it has resistance at 411/415 level. Copper hit a one-week low on Thursday as hopes for swift action to combat Europe's debt crisis were dashed after the European Central Bank underlined its reluctance to pave the way for bond buying on a large scale.
For the next week we expect Copper prices to find resistance at 415. Trading consistently above 415 would trigger a sharp rally initially towards 421, and then finally towards the major resistance at 434-441.
Support is now observed at 403-398. Trading consistently below 398 can give correction initially towards 388, then 380, and then finally towards 373.
Silver March as seen in the weekly chart, found resistance at 58000, then fell sharply lower towards 56000, and closed at 57000.
For the next week we expect Silver prices to find resistance at 58350. One should sell the position at that level. If trading consistently above 58400, it can trigger a sharp rally initially towards 59200, then 59850, and then finally towards 60500. For this swing, the 60000 level can be a last point this time. Above that a new trend formation can be noted.
Support is now observed at 56200-56000. Trading below 56000 would give correction initially towards 55650, and then finally towards 55500.