BULLION OUTLOOK FOR 15 JAN 2014

YESTERDAY’S TRADE: We recommended a sell call in COPPER in the range 457.20 to 457.40 which achieved our 1^st Target of 455.30.

Precious metals closed negative yesterday where MCX Gold settled at 29096 & MCX Silver settled at 44941. Gold & Silver exactly followed the resistance levels mentioned in yesterday’s trading session and fell drastically in yesterday’s later trading session and now if any bounce comes in these two commodities would be used as a selling opportunity.

 On yesterday’s trading session almost all base metals opened gap up except Copper opened flat to negative but traded with negative bias almost the whole day. It is expected that all the base metals may fall further to at least test their support levels as the intermediate term trend for base metals is negative.

MCX Crude Oil shown recovery from lower levels but could not cross the resistance of 5720 & 5770 on yesterday’s trade and can be further assumed that it might cross resistance of 5720 in today’s trading session but 5770 will act as a good selling opportunity level. Intraday support for Crude Oil is at 5640 &5570.

MCX Natural Gas moving as per the expectations on yesterday’s trade with opening above 265 level and strongly holding that level and it is further expected that the commodity can further test the levels of 270 & 279 in the coming trading sessions.