Trading Call for the day: Sell Natural Gas in the range 330-330.5 with Stop Loss 335 Target 322.
Precious metal
On yesterday’s
trading session precious metals closed positive where Gold settled up 0.77% at
30120 rose reaching its highest level in month, as investors grew more anxious
about economic and political uncertainty over Ukraine. Silver settled up 1.09%
at 47985 posted solid gains on Monday after a data out of the Chinese housing
sector fuelled concerns that the global economy still battles headwinds that
will prompt the Fed to very gradually taper its monetary stimulus programs. The
two commodities are expected to trade with positive bias for the day. Support
for Gold is at 30000 & resistance at 30260. Support for Silver is at 47650
& resistance at 48350.
Base metal
On yesterday’s
trading session base metals closed with mixed views after data showed that
Chinese home prices fell for the first time in 14 months in January and
following reports that Chinese banks are cutting lending to property developers
and other related companies. Base metals
traded with negative bias the whole trading session but later during the day
base metals recovered from early losses and shown some signs that a little more
bounce can come into picture. The base metals are expected to trade within the
range for the day.
Crude oil
MCX Crude Oil
settled up 0.64% at 6400 higher in choppy trade on Monday, as investors
continued to weigh the potential weather drag on recent economic data and its
impact on future oil demand. Crude Oil is having support at 6340 levels if
broken and managed to sustain below that then further fall can be expected till
6290 levels.
Natural gas
MCX Natural Gas
prices dropped after hitting a 5-year high settled down -8.79% at 345.40
dropped after updated weather-forecasting models called for a return of milder
temperatures across the eastern U.S. after a blast of cold air moves out. Technically,
after hitting 5-year high it could not sustain above that levels which shows
signs of weakness and reversal but it would be too early to say that the
commodity has reversed from its uptrend till the time it is in a formation of
higher highs and higher lows on longer time frame charts. Support for Natural
Gas is at 320 and resistance at 345.
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