10 February 2014

COMMODITY OUTLOOK FOR MONDAY 10 FEB 2014

Trading Call for the day: Buy Silver in the range 45750-44800 with Stop Loss 44400 Target 45200.
Yesterday our sell call of Copper achieved our target of 445. Sell was given in the range of 447-447.50.
On Friday’s trading session Gold settled up 0.37% at 28757 trading with positive bias all during the trading session and it is expected to trade with positive bias till the time it is trading above 28600. Silver settled down 0.10% at 44369 traded under pressure all during the trading session seen recovery from support levels but could not hold above the resistance levels. The two commodities are expected to trade within the range for the day. Support for Gold is at 28800 & resistance at 29100. Support for Silver is at 44400 & resistance at 45200
.On Friday’s trading session all base metals closed positive but seen some profit booking just near the resistance levels. The rally in base metals might continue for the coming trading sessions with trading in a rising channel and bet on buying can be made.
MCX Crude Oil settled up 1.41% at 6161 taking the support of 6040. It tested the support of 6050 and rallied strongly from that level and made high of 6172 and closed near that only which shows rally might continue for the next trading sessions also. Crude Oil is expected to trade with positive bias for the day. Intraday support for Crude Oil is at 6160 and resistance at 6240.
MCX Natural Gas settled down -2.91% at 300 after making new highs in the previous trading sessions is continuously falling which maintains the negative outlook for the commodity till 275 levels. The commodity is still in uptrend and strong pullbacks will always be seen from the lower support levels near 285 & 275. Support for Natural Gas is at 285 & resistance at 300.
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