COMMODITY OUTLOOK FOR TODAY 28/02/2014

Trading Call for the day: "Buy Silver in the range 46450-46500 with Stop Loss 46200 Target 47000."

Precious metal

On yesterday’s trading session Gold settled up 0.16% at 30089 rose overnight in the U.S. on stronger than expected weekly jobless claims and cautious statements from Federal Reserve Chair Janet Yellen. Silver settled down -0.29% at 46505 retreat from more than four month high as better than expected U.S. housing data supported bets that the Fed will continue to scale back its monetary stimulus. The two commodities are expected to trade with positive bias for the day. Support for Gold is at 30000 & resistance at 30270. Support for Silver is at 47150 & resistance at 48000.

Base metal

On yesterday’s trading session most of the base metals closed positive except Copper closed negative due to the expiry of February month contracts is near and short covering is seen in base metals.  Base metals are expected to trade with positive bias for the day.

Crude oil

MCX Crude Oil settled down -0.77% at 6348 after data on weekly U.S. jobless claims missed expectations, while forecasts for a warming trend over much of the country pushed prices lower as well. Crude Oil after strong pullback till the level of 6419 fell sharply and by considering the wave which is in formation might be 3^rd or C wave which is sharp and the commodity is expected to fall further and that too sharply. Intraday support for Crude Oil is at 6320 and resistance at 6390 level.

Natural gas

MCX Natural Gas settled down -0.35% at 283.20 trimmed losses recovered from the day’s low despite data showing that U.S. natural gas supplies fell less-than-expected last week. The commodity is expected to trade within the range for the day. Support for Natural Gas is at 275 and resistance at 285.

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