11 February 2014

Trading Call for the day:
 Sell Gold in the range 29120-29130 with Stop Loss 29200 Target 29020. 
On yesterday’s trading session gold and silver  closed positive where Gold settled up 0.63% at 28935 edged higher for a second session on Monday on speculation that the Federal Reserve would slow the pace of its stimulus tapering after a weak U.S. jobs report raised questions over the state of economic recovery. Silver settled up 0.68% at 44670 extended gains from last week on Monday, as a mixed U.S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve’s monetary policy. The two commodities are expected to trade within the range for the day. Support for Gold is at 29000 & resistance at 29150. Support for Silver is at 44500  & resistance at 45200.
On yesterday’s trading session base metals closed with mixed views as no economic data was to be released yesterday but most of them traded with negative bias. The rally in base metals which came some trading sessions back was not sustainable and trend is still down so any bounce can be used as selling opportunities. 
MCX Crude Oil settled up 1.41% at 6248 as prices carried Friday’s gains into Monday as sentiments remained firm that recent blasts of winter storms have taken their toll on heating oil stockpiles more than anticipated, though reports of increased supply from Libya capped the commodity’s gains. Crude Oil is expected to trade with positive bias for the day. Intraday support for Crude Oil is at 6160 and resistance at 6240. 
 MCX Natural Gas settled down -4.13% at 287.60 dropped on Monday after updated weather-forecasting models continued to call for a thawing trend to settle in over much of the U.S. through the third week of February. The commodity is still in long term uptrend and we might see strong pullbacks from the lower support levels near 275. Support for Natural Gas is at 285 & resistance at 300.

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