17 January 2014

COMMODITY OUTLOOK FOR TODAY

Precious metals closed negative yesterday where Gold settled flat at 29034 largely traded flat in the range of 28950-29150 after two consecutive days of losses. Silver settled down -0.54% at 44545 but overall market was steady as a string of U.S. data showed more strength in the recovery of the world’s largest economy. The two commodities are looking weak for the days to come if Gold doesn’t break 29200 and Silver 45600 on the upside.
On yesterday’s trading session almost all base metals traded sideways in the first half of the trading sessions but later seen sell off from higher levels. And, for today’s trading session the metals are expected to trade within the range only but might be with positive bias.
MCX Crude oil settled down -0.72% at 5781 eased on Thursday in light trade as more supply from the Middle East was offset against news of lower output from OPEC. International markets may feel resistance near 95$ level but once this level is broken then again the trend will change for the commodity. Intraday support for Crude Oil is at 5760 & 5720 and resistance is at 5830 & 5850.
MCX Natural Gas settled down -0.48% at 269.20 given up all it’s earlier gain as weather forecasts called for reinforcing blasts of cold air to trek east across the U.S. and hike demand for heating in the nation’s homes and businesses, while supply data capped gains albeit slightly. A blast of cold air shooting across the country, including in the south eastern U.S., will see reinforcing chilly air masses follow suit, which sent natural gas prices rising on Thursday. Support for Natural Gas is at 267 & 262 and resistance is at 273 & 277 in this commodity.
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