COMMODITY OUTLOOK FOR 14-FEB-2014

Trading Call for the day:  

"Sell Silver in the range 45500-45550 with Stop Loss 46000 Target 45000."

COMMODITY OUTLOOK FOR TODAY 
PRECIOUS METAL :- "might see big sell off"

On yesterday’s trading session Gold settled up 0.18% at 29184 tracking gain’s in Comex Gold which rallied above $1,300 for the first time in over three months, gaining almost 1% after disappointing U.S. retail sales data weighed on the dollar and increased bullion’s appeal as a currency hedge. Silver settled up 0.19% at 44922 while market was traded in the range but sentiments improved as weaker-than-expected U.S. economic data bolstered the case for a slower rollback of the Federal Reserve’s bond-buying program. The two commodities are expected to trade might see big sell off if they could not sustain above 29350 for Gold and 45850 for Silver. Support for Gold is at 29180 & resistance at 29400. Support for Silver is at 45200 & resistance at 45900.

BASE METAL :- " might again see minor sell" 

On yesterday’s trading session base metals closed with mixed views as investors looked ahead to key economic data out of the U.S. and China to gauge the strength of the world’s two-largest economies. Base metals might again see minor sell off from the resistance levels as the trend is still down and has not changed yet. Base metals are expected to trade within the range for the day.

CRUDE OIL :-"Entered into corrective phase "

MCX Crude Oil settled up 0.53% at 6253 rose in the line of expectation as sentiments that an intense winter storm trekking across the eastern seaboard will hike demand for heating oil. Crude Oil seems to have entered into corrective phase and might test 6160 in coming trading sessions. Intraday support for Crude Oil is at 6190 and resistance at 6280.

NATURAL GAS :-"seems to continue at least till the levels "

MCX Natural Gas settled up 3.37% at 318.70 shot up on Thursday after a weekly U.S. supply report revealed cold winter weather has taken its toll on the country’s stockpiles. The rally in this commodity seems to continue at least till the levels of 335. Support for Natural Gas is at 315 and resistance at 338.

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