THINGS YOU MUST KNOW BEFORE TRADING IN COMMODITY FOR 27 JAN 2014

Trading Call for the day:"Sell Crude Oil in the range 6100-6105 Stop Loss 6140 Target 6060."

Precious metals traded with positive bias on Friday’s trading session where Gold settled up 0.56% at 29519 as the release of downbeat U.S. economic reports prompted investors to flock to the safe-haven precious metal while Silver settled down -0.49% at 44691 on profit booking despite of downbeat data from U.S. economic reports prompted investors to flock to the safe-haven precious metal. The two commodities are expected to trade with positive bias for today. Support for Gold is at 29550 & resistance at 29850. Support for Silver is at 44600 & resistance at 45450.

On Friday’s trading session base metals closed with mixed views due to credit risk in China and strong USDINR. 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 pared all of its gains on reports of a slowing economy in China and a downward slide in U.S. equities. Crude Oil seems to have entered the short term correction which might complete near 6010 level. Intra day support for Crude Oil is at 6050 and resistance at 6140.

MCX Natural Gas settled up 7.34% at 318.8 after updated weather-forecasting called for fresh blasts of cold air to sweep across the U.S. and hike demand for heating. The commodity might take resistance near 343 levels and further rally may only be seen above 345. Support for Natural Gas is at 331 & resistance at 343.