7 February 2014


Trading Call for the day: Sell Copper in the range 447-447.5 with Stop Loss 449 Target 445.
On yesterday’s trading session Gold settled down -0.23% at 28650 giving up its gains and fell slightly as Equities rallied, but losses were limited by the euro’s gain versus the dollar and caution ahead of the key U.S. non-farm payrolls report on Friday. Silver settled up 0.05% at 44413 dropped from the day high rallied to the highest levels of the session following the release of a flurry of U.S. economic data and as comments from ECB President Mario Draghi boosted the euro against the U.S. dollar. The two commodities are expected to trade within the range for the day. Support for Gold is at 28600 & resistance at 28880. Support for Silver is at 44280 & resistance at 45000.
On yesterday’s trading session all base metals closed positive as investors and speculators booked fresh positions in the industrial metal after a report said that US services activity expanded at a faster clip last month bolstering the demand outlook for copper. The base metals shown recovery from the lower levels and this might continue for the coming trading sessions and bet on buying can be made.
MCX Crude Oil settled down -0.3% at 6075 dropped from one-month high, market rallied earlier after data showed that U.S. jobless claims fell more-than-expected last week and as the U.S. dollar weakened against the euro following comments by European Central Bank Chief Mario Draghi. Crude Oil is expected to trade within the range for the day. Intra day support for Crude Oil is at 6050 and resistance at 6150.

MCX Natural Gas settled down -4.78% at 309 edged lower on Thursday after a weekly U.S. supply report disappointed investors, who were hoping a recent string of powerful winter storms took their toll on the nation’s stockpiles. The commodity is still in up trend and strong pull-backs will always be seen from the lower support levels near 300. Support for Natural Gas is at 305 & resistance at 321.

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