MARKET OUTLOOK OF COMMODITY TODAY

“SELL GOLD BELOW 25200 TG 25100,25020 SL 25300”

Gold: Gold prices closed with a gain of 1.21% yesterday. Momentum above 25420 levels will push prices higher towards 25525/25623 levels. Intraday outlook for the counter will stay positive until prices stay above 25200. A decisive breakdown below this support will push prices lower towards 25080 levels.

Silver: We expect Silver prices to test its immediate resistance between 34500—34600 zones. A daily close above 34600 will open upside targets of 35150/35390 levels in the counter. Intraday dips will find support until prices hold on above 33870 levels. A decisive breakdown below this level will push prices lower towards 33450/33300 levels.

Crude Oil (Rs/Bbl):

Failure to break below 2400 will see crude oil prices drift higher towards 2460/2500 levels. Selling can be seen as prices approach higher levels. Sustenance below 2400 will push prices lower towards 2366/2330 levels. Weakness at higher levels can be sold into by day traders. The broader technical setup for the counter continues to be negative.

Natural Gas (Rs./Mmbtu): Natural Gas witnessed a strong bounce once prices started to trade above 123 levels yesterday. Sustenance below 125 will see prices correct towards 124—123 zones. Reversals from lower levels should be used to go long in the counter. Momentum above 128.50 will see prices rebound towards 131/132.50 levels. The outlook for the counter will be positive until prices stay above 123 on a closing basis.