31 January 2014

KEYS TO TRADE IN BULLIONS FOR 31/01/2014

"Trading Call for the day: Sell Gold in the range 29520-29530 Stop Loss 29600 Target 29400. "
Precious metals closed negative on yesterday’s trading session Gold settled down -1.21% at 29378 after robust U.S. GDP data cemented market expectations for the Federal Reserve to continue dismantling stimulus programs, which fueled demand for the dollar. Silver settled down -2.67% at 43220 poised to post its first weekly drop in six weeks on Friday as strong U.S. economic growth boosted global equities and the dollar, hurting the metal’s safe-haven appeal. The two commodities are expected to trade sideways till the time it holds their intraday support levels below which selling pressure can be seen. Support for Gold is at 29320 & resistance at 29550. Support for Silver is at 43100 & resistance at 43600.
On yesterday’s trading session all base metals closed slightly negative as there was heavy selling pressure after data confirmed a contraction in China’s manufacturing sector and following the Fed’s decision to taper its monthly bond-buying program by USD10 billion for the second consecutive meeting. The trend for the base metals is still negative so any bounce can be used as a selling opportunity.
MCX Crude Oil settled up 0.42% at 6156 heading for a third weekly gain, as increased spending by U.S. consumers boosted the economy of the world’s biggest oil user. Crude Oil is expected to trade sideways but with positive bias for the day. Intraday support for Crude Oil is at 6130 and resistance at 6200.
MCX Natural Gas settled down -0.25% at 320.30 retreated from a four-year high on forecasts for milder U.S. weather and a technical indicator showing that prices were poised to fall after yesterday’s 10 percent rally. 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 305 & resistance at 315.
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