COMMODITY OUTLOOK FOR TODAY 24 JAN 2014

Trading Call for the day: Sell Silver in the range 44950-45000 Stop Loss 45400 Target 44200.

Yesterday our trading call of the day hit our Target of 304. We recommended a buy call in the range of 293-293.50.

Precious metals closed positive on yesterday’s trading session where Gold settled up at 29355 tracking gains from Comex Gold which settled at 1263.55 notching its biggest one-day rally in three months, as sharp losses in U.S. equities and disappointing Chinese manufacturing data lifted bullion’s safe-haven appeal. Silver settled up 1.29% at 44910 rose to the highest levels of the session hitting a five-week top, after data showed that U.S. existing home sales rose less-than-expected in December. The two commodities are looking to trade within the range for today. Support for Gold is at 29180 & resistance at 29400. Support for Silver is at 44500 & resistance at 45300.

On yesterday’s trading session all base metals closed negative as downbeat manufacturing data out of China fuelled concerns over the strength of the world’s second largest economy and biggest consumer of the industrial metal. The trend for the base metals has become negative for short term so any bounce can be used as a selling opportunity for today.

MCX Crude Oil settled up 1.45% at 6101 hovered near three-week highs in early deals on Friday following a larger-than-forecast drop in U.S. distillate stocks, putting the contract on track for its biggest weekly gain since early December. Crude Oil might take resistance near 6120 only sustaining above this level will bring further up move otherwise a little 50-60 points correction might come into picture before further rally. Intraday support for Crude Oil is at 6050 and resistance at 6120.

MCX Natural Gas settled up 2.66% at 297 remained sharply higher after data showed that U.S. natural gas supplies fell broadly in line with market expectations last week. The commodity might rally further only if it sustains above 305. Support for Natural Gas is at 295 & resistance at 306.

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