22 January 2014

COMMODITY OUTLOOK FOR TODAY(22/01/2014)

Precious metals closed negative on yesterday’s trading session where Gold settled down -0.16% at 29241 due to investors’ evaluation of rally’s impact on demand when the Dollar appreciated. Silver settled down -1.21% at 44480 on speculation about further cuts to the U.S. Federal Reserve’s stimulus measures and an improving outlook for the global economy. The two commodities are looking negative for today and any bounce may be used as selling opportunity where resistance for Gold is at 29350 & 29450 and resistance for Silver is at 44800 & 45200.
 On yesterday’s trading session all base metals closed positive on concerns of near-term tight supply, LME inventories continue to fall and a port strike in Chile exacerbated a temporary shortage of the metal. And, for today’s trading session the metals are expected to trade with positive bias and strong recovery can be seen from their support levels.
MCX Crude oil settled up 1.88% at 5922 as upbeat IMF global growth forecasts support oil demand expectations also support seen after the news that Libya´s oil minister had resigned also added to price gains. International markets in fact managed to cross resistance of 95$ but still this above move looks to be corrective and the commodity might fall in the coming trading sessions. Intraday support for Crude Oil is at 5910 & 5870 and resistance is at 5955 & 6010.
MCX Natural Gas settled up 3.96% at 273.30 rose sharply on Tuesday, as frigid winter temperatures and heavy snow was expected across most parts of the U.S. Northeast in thecoming days. The commodity is expected to trade under pressure till the time it does not manages to cross resistance of 278 but the overall trend for the commodity is positive. Support for Natural Gas is at 274 & 272 and resistance is at 278 & 281 in this commodity.