commodity outlook for today

Trading Call for the day:

" Sell Crude Oil in the range 6220-6225 with Stop Loss 6250 Target 6190."

gold & silver  :-

On yesterday’s trading session Gold settled flat at 29132 after climbing sharply overnight as investors continued to cheer Federal Reserve Chair Janet Yellen’s commitment to tapering stimulus measures. Silver settled flat up at 44839 as stocks rallied, but was still trading near its highest in three months on assurances from the new Federal Reserve chair that there would be no abrupt changes to U.S. monetary policy. The two commodities are expected to trade within the range for the day. Support for Gold is at 28980 & resistance at 29200. Support for Silver is at 44400 & resistance at 45200.

Base metal:-

On yesterday’s trading session most of the base metals closed negative after upbeat Chinese trade data eased fears over a slowdown in the world’s second-largest economy. Base metals recovered on yesterday’s trade and only significant breakout above their resistance levels will bring further rise. Base metals are expected to trade within the range for the day.

Crude oil :-

MCX Crude Oil settled flat up by 0.08% at 6220 near to six-week high Wednesday, after some strong economic data from China, even as a report from the Energy Information Administration showed crude stockpiles in the US to have increased more than expected while gasoline inventories dipped unexpectedly last week. Crude Oil seems to have entered in to corrective phase and might test 6160 in intraday. Intraday support for Crude Oil is at 6160 and resistance at 6250.

Natural gas :-

MCX Natural Gas settled up 4.19% at 308.30 shot up as a powerful winter storm trekked across the south eastern U.S. and fueled expectations that snow, ice and freezing temperatures are taking their toll on stockpiles as homes and business crank up their heating. The commodity took support near 295 levels in yesterday’s trading session and expected to hold that support for today also. Support for Natural Gas is at 295 and resistance at 315.

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