30 January 2014

COMMODITY OUTLOOK FOR TODAY 30 JAN 2014

Trading Call for the day: Buy Natural Gas in the range 335-335.50 Stop Loss 330 Target 342.
On yesterday’s trading session all base metals closed slightly negative except Lead closed slightly positive as no decisiveness is seen among the metals regarding their price direction. The trend for the base metals is still negative so any bounce can be used as a selling opportunity.
Precious metals closed positive on yesterday’s trading session where Gold settled up 0.74% at 29738 as Rupee gave up most gains as investors covered their short dollar positions ahead of the outcome of the U.S. Federal Reserve’s two-day policy meeting, while weaker local shares also hurt. Silver settled up 0.53% at 44405 as support seen from the rupee weakness while Comex Silver settled at 19.69 dropped after the Federal Reserve decided to cut its monthly bond-buying program by USD10 billion. Gold is expected to trade positive for the day while Silver is expected to trade sideways due to strong USDINR. Support for Gold is at 29650 & resistance at 29850. Support for Silver is at 44200 & resistance at 45000.
MCX Crude Oil settled flat at 6130 as Nymex Crude oil is holding well above $97 drawing support from a steep fall in distillate stocks in the world’s top oil consumer as bitter cold boosts demand for heating oil. Crude Oil is expected to trade with positive bias for the day. Intraday support for Crude Oil is at 6090 and resistance at 6170.
MCX Natural Gas settled up 3.88% at 321.10 amid speculation weekly supply data due on Thursday will show a larger-than-expected drop in U.S. natural gas inventories. The commodity again tested the resistance of 343 in early today’s trading sessions and only break and sustaining above 345 will add further gains. Support for Natural Gas is at 330 & resistance at 345.
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5 comments:

  1. These are great tips, and I love your honesty, keep it up

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