3 February 2014


"Trading Call for the day: Buy Gold (April) in the range 28680-28690 Stop Loss 28600 Target 28850."
Friday our sell call of Gold achieved the target of 29400. Sell was given in the range on 29520-29530.
Precious metals closed positive on Friday's trading session Gold settled up 0.29% at 28641 underpinned by weakness in global equities on concerns over emerging economies but prices on weekly basis seen under pressure due to strong U.S. economic growth. Silver settled up 0.21% at 43309 as a rout in emerging-market currencies increased demand for the metal as a haven. The two commodities are expected to trade sideways but with positive bias for the day. Support for Gold (April) is at 28600 & resistance at 28870. Support for Silver is at 43100 & resistance at 44000.
On Friday trading session some base metals closed negative while some closed positive. There was no decisiveness seen among the direction of all base metals collectively but most of them traded under pressure the whole trading session. The trend for the base metals is still negative so any bounce can be used as a selling opportunity.
MCX Crude Oil settled up 0.21% at 6169 but seen pressure on worries over the outlook for emerging economies and fallout over the U.S. Federal Reserve’s decision to continue tapering its stimulus program. Crude Oil is expected to trade within the range for the day. Intraday support for Crude Oil is at 6085 and resistance at 6150.
MCX Natural Gas settled down -5.53% at 302.6 after updated weather-forecasting models called for milder temperatures to return to the U.S. in February and curb demand for heating in the country’s homes and businesses. The commodity entered into corrective phase and is expected to trade sideways for the day. Support for Natural Gas is at 295 & resistance at 311.
To get free Commodity tips enter your mobile number 

No comments:

Post a Comment