MUST KNOW BEFORE COMMODITY TRADING FOR 23-JAN-2014

On yesterday’s trading session all base metals closed negative except Nickel closed positive. The majority of metals closed negative on expectations that the US Federal Reserve will continue to scale back its assets purchasing program grew, the US dollar index remained strong. But for today’s trading session strong recovery may come into picture in all base metals as these are trading near the support levels.

Precious metals closed negative on yesterday’s trading session where Gold settled down -0.31% at 29150 due to technical weakness and strength in the dollar. Silver settled down -0.32% at 44338 as investors awaited U.S. data to gauge the strength of the economy. The two commodities are looking negative for today and any bounce may be used as selling opportunity where resistance for Gold is at 29250 & 29350 and resistance for Silver is at 44550 & 44800.

MCX Crude Oil settled up 1.55% at 6014 carried previous day’s gains as investors continued to applaud IEA data revealing that global demand is on the rise, while an IMF decision to hike its 2014 global growth forecasts also supported the commodity. International markets closed strongly above the resistance of 95$ and it seems the commodity has changed its trend and follow further gains. Intraday support for Crude Oil is at 6000 & 5960 and resistance is at 6050 & 6090.

MCX Natural Gas settled up 5.85% at 289.30 rallied to a two-and-a-half-year high on Wednesday, boosted by forecasts for freezing winter temperatures and heavy snow across most parts of the U.S. Northeast and the mid-Atlantic states. The commodity broke above the resistance of 281 and closed strongly above it and it is expected that the uptrend might continue further. Support for Natural Gas is at 290 & 286.

FOR COMMODITY  TIPS CLICK HERE

To get free Commodity tips enter your mobile number HERE