29 January 2014

COMMODITY OUTLOOK FOR TODAY 29 JAN 2014

Trading Call for the day: Sell Copper in the range 450-450.5 Stop Loss 453 Target 447.
Our yesterday’s trading call of Silver achieved its target of 44500. Sell was given in the range of 44950-45000
Precious metals closed negative on yesterday’s trading session where Gold settled down -0.93% at 29521 extending the previous session’s drop, as global equities rebounded from a one-month low and emerging markets stabilized after three days of intense selling. Silver settled down -2.31% at 44169 fell to the lowest levels of the session on Tuesday, after data showed that U.S. consumer confidence rose more-than-expected in January to hit a five-month high. The two commodities are expected to trade with negative bias for today. Support for Gold is at 29250 & resistance at 29500. Support for Silver is at 43600 & resistance at 44300.
On yesterday’s trading session all base metals closed negative as investors looked ahead to U.S. durable goods data due out later in the session to gauge the strength of the economy and weak USDINR added to the weakness. The trend for the base metals has become negative for intermediate term so any bounce can be used as a selling opportunity. Even today also the metals are expected to trade with negative bias.
MCX Crude Oil settled up 0.74% at 6133 as a double shot of improving U.S. consumer confidence and chilly weather along with hopes for a bullish inventory report sent oil prices posting impressive gains on Tuesday.  Crude Oil is expected to trade sideways for the day. Intraday support for Crude Oil is at 6025 and resistance at 6120.
MCX Natural Gas settled up 0.78% at 309.10 regained ground on Tuesday, as investors returned to the market to seek cheaper valuations after prices fell by the most in nearly nine months on Monday. The commodity is expected to trade sideways for the day and coming trading sessions. Support for Natural Gas is at 304 & resistance at 320.
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