COMMODITY MARKET NEWS FOR TODAY 21/01/2014

Precious metals closed flat on yesterday’s trading session where Gold settled at 29288 after touching its highest level in nearly six weeks with a lower dollar and a dip in equities boosting investor confidence in the yellow metal. Silver settled flat at 45024 carrying the last weeks gain as traders continued to speculate over how quickly the Federal Reserve will roll back its stimulus program. The two commodities are looking negative for today and any bounce may be used as selling opportunities where resistance for Gold is at 29370 & 29450 and resistance for Silver is at 45300 & 45600.

 On yesterday’s trading session all base metals closed negative as pressure seen after data released from China that GDP grew 7.7% in Q4, a slowdown from the 7.8% growth in Q3. And, for today’s trading session the metals are expected to trade within the range and with negative bias.

 MCX Crude oil settled down -0.79% at 5813 in quiet trade on Monday, as investors digested a mixed batch of Chinese economic data. International markets took resistance near 95$ level but once it closes above this level the trend will change for the commodity. Intraday support for Crude Oil is at 5790 & 5750 and resistance is at 5850 & 5890.

 MCX Natural Gas settled down -1.2% at 262.90 extended losses from the previous session on Monday, as market players focused on near-term weather forecasts in the U.S. to gauge the strength of demand for the heating fuel. The commodity is expected to remain under pressure but from higher levels. Support for Natural Gas is at 262 & 258 and resistance is at 266 & 269 in this commodity.

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