COMMODITY OUTLOOK FOR TODAY 28/02/2014

Trading Call for the day: "Buy Silver in the range 46450-46500 with Stop Loss 46200 Target 47000."

Precious metal

On yesterday’s trading session Gold settled up 0.16% at 30089 rose overnight in the U.S. on stronger than expected weekly jobless claims and cautious statements from Federal Reserve Chair Janet Yellen. Silver settled down -0.29% at 46505 retreat from more than four month high as better than expected U.S. housing data supported bets that the Fed will continue to scale back its monetary stimulus. The two commodities are expected to trade with positive bias for the day. Support for Gold is at 30000 & resistance at 30270. Support for Silver is at 47150 & resistance at 48000.

Base metal

On yesterday’s trading session most of the base metals closed positive except Copper closed negative due to the expiry of February month contracts is near and short covering is seen in base metals.  Base metals are expected to trade with positive bias for the day.

Crude oil

MCX Crude Oil settled down -0.77% at 6348 after data on weekly U.S. jobless claims missed expectations, while forecasts for a warming trend over much of the country pushed prices lower as well. Crude Oil after strong pullback till the level of 6419 fell sharply and by considering the wave which is in formation might be 3^rd or C wave which is sharp and the commodity is expected to fall further and that too sharply. Intraday support for Crude Oil is at 6320 and resistance at 6390 level.

Natural gas

MCX Natural Gas settled down -0.35% at 283.20 trimmed losses recovered from the day’s low despite data showing that U.S. natural gas supplies fell less-than-expected last week. The commodity is expected to trade within the range for the day. Support for Natural Gas is at 275 and resistance at 285.

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COMMODITY OUTLOOK FOR TODAY

"Trading Call for the day: Sell Crude Oil in the range 6330-6335 with Stop Loss 6360 Target 6280."

"Yesterday our trading call of Natural Gas achieved our target of 322. Sell was given in the range of 330-330.50."

PRECIOUS METAL

On yesterday’s trading session Gold settled up 0.4% at 30240 advanced to a four-month high on speculation weaker than expected U.S. economic data and unrest in Ukraine increased safe haven demand. Silver settled down -0.35% at 47817 as market players awaited the release of key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy. The two commodities are expected to trade within the range for the day. Support for Gold is at 30000 & resistance at 30270. Support for Silver is at 47150 & resistance at 48000.

BASE METAL

On yesterday’s trading session most of the base metals closed negative except Zinc closed positive on concern about the impact of slower growth in China and its volatile property sector on metal inventories.  Base metals traded with negative bias the whole trading session and are not showing any signs of recovery so any bounce can be used as a selling opportunity. The base metals are expected to trade within the range for the day.

CRUDE OIL

MCX Crude Oil settled down -1.5% at 6304, ahead of the official weekly oil report from the US Energy Information Administration which is forecast to show increased inventories and on concerns of lower demand from China amid fears of economic growth slowdown. Crude Oil is having support at 6220 & 6150 levels near which the correction might follow. Crude Oil is expected to trade with negative bias for the day can be sold near resistances. Support for Crude Oil is at 6270 and resistance at 6350 level.

NATURAL GAS

MCX Natural Gas settled down -2.1% at 289.60 fell sharply on Tuesday, extending heavy losses from the previous session as forecasts for milder U.S. weather weighed ahead of the expiration of the front-month contract. The commodity is expected to remain under pressure for some trading sessions and might consolidate in the wide range of 275-300. Support for Natural Gas is at 285 and resistance at 295.

COMMODITY OUTLOOK FOR TODAY 25/02/2014

Trading Call for the day: Sell Natural Gas in the range 330-330.5 with Stop Loss 335 Target 322. 

Precious metal

On yesterday’s trading session precious metals closed positive where Gold settled up 0.77% at 30120 rose reaching its highest level in month, as investors grew more anxious about economic and political uncertainty over Ukraine. Silver settled up 1.09% at 47985 posted solid gains on Monday after a data out of the Chinese housing sector fuelled concerns that the global economy still battles headwinds that will prompt the Fed to very gradually taper its monetary stimulus programs. The two commodities are expected to trade with positive bias for the day. Support for Gold is at 30000 & resistance at 30260. Support for Silver is at 47650 & resistance at 48350.

 Base metal

On yesterday’s trading session base metals closed with mixed views after data showed that Chinese home prices fell for the first time in 14 months in January and following reports that Chinese banks are cutting lending to property developers and other related companies.  Base metals traded with negative bias the whole trading session but later during the day base metals recovered from early losses and shown some signs that a little more bounce can come into picture. The base metals are expected to trade within the range for the day.

Crude oil

MCX Crude Oil settled up 0.64% at 6400 higher in choppy trade on Monday, as investors continued to weigh the potential weather drag on recent economic data and its impact on future oil demand. Crude Oil is having support at 6340 levels if broken and managed to sustain below that then further fall can be expected till 6290 levels.

Natural gas

MCX Natural Gas prices dropped after hitting a 5-year high settled down -8.79% at 345.40 dropped after updated weather-forecasting models called for a return of milder temperatures across the eastern U.S. after a blast of cold air moves out. Technically, after hitting 5-year high it could not sustain above that levels which shows signs of weakness and reversal but it would be too early to say that the commodity has reversed from its uptrend till the time it is in a formation of higher highs and higher lows on longer time frame charts. Support for Natural Gas is at 320 and resistance at 345.

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COMMODITY OUTLOOK FOR MONDAY 24 FEB 2014

Trading Call for the day: "Sell Crude Oil in the range 6395-6400 with Stop Loss 6420 Target 6360."

"On Friday’s trading session, our trading call of Natural Gas achieved our target of 386. Sell was given in the range of 392-392."

Precious metal

On Friday’s trading session Gold settled flat at 29889 as prices recovered from lows as doubts over U.S. economic recovery helped lift bullion’s safe-haven appeal. Silver settled flat at 47467 as prices recovered from lows after investors digested the latest in a series of hit-and-miss economic indicators, this time soft U.S. home sales, and concluded that even though the Federal Reserve remain on course to dismantling stimulus programs, it will do so gradually. The two commodities are expected to trade with positive bias for the day. Support for Gold is at 29800 & resistance at 30150. Support for Silver is at 47150 & resistance at 47800.

Base metal

On Friday’s trading session base metals closed flat to negative as concerns over growth in top consumer China weighed on the market, although a survey showing brisk U.S. manufacturing underpinned prices. Base metals traded with negative bias most of the trading session and the intermediate negative trend is still intact. The base metals are expected to trade with negative bias for the day.

Crude oil

MCX Crude Oil settled down -0.86% at 6359 as the fierce U.S. winter weather that has supported heating fuel demand gave way to milder temperatures, triggering a selloff in heating oil. Crude Oil might face resistance near 6400 and if managed to sustain above that then rise till 6460 can be seen. Intraday support for Crude Oil is at 6360 and resistance at 6410.

Natural gas

MCX Natural Gas settled down -2.12% at 378 as pressure seen due to profit booking though prices rose nearly 18 percent for the week as a severely depleted storage level and projections for yet another bout of freezing weather boosted prices. The commodity shown some consolidation but the range was still wide and it is expected that this consolidation might continue in the large range of 360 to 400. Support for Natural Gas is at 378 and resistance at 400.

COMMODITY OUTLOOK FOR TODAY FOR 21/02/2014

Trading Call for the day: 

"Sell Natural Gas in the range 392-392.5 with Stop Loss 396 Target 386."

PRECIOUS METAL

On yesterday’s trading session precious metals closed negative where Gold settled down -0.5% at 29882 pressured by a firmer dollar and having risen nearly 1 percent in the previous session, but the precious metal was heading for its third week of gains on a patchy recovery in the global economy. Silver settled down -0.63% at 47486 fell as the markets expect reduced demand from major importer China after it reported weak manufacturing data. The two commodities are expected to trade within the range for the day. Support for Gold is at 29750 & resistance at 29950. Support for Silver is at 46900 & resistance at 47700.

BASE METAL

On yesterday’s trading session base metals closed negative after poor manufacturing PMI for China on Thursday. Economic data from the Euro zone indicated slow recovery in the area, causing the euro to slip for a second day, which negatively affected LME. Base metals traded with negative bias the whole day and within the range only. The base metals are expected to trade within the range for the day.

CRUDE OIL

MCX Crude Oil settled up 0.12% at 6414 fluctuated between small gains and losses on falling demand and higher U.S. supplies. Crude Oil is trading and sustaining consistently above its resistance but it might correct in today’s trading session. Intraday support for Crude Oil is at 6360 and resistance at 6440.

NATURAL GAS

MCX Natural Gas settled up 1.85% at 386.20 but dropped from 395 level on profit taking sent natural gas futures edging lower after weekly U.S. supply data largely met expectations, giving investors reason to lock in gains stemming from recent blasts of wintry weather and sell the commodity for profits. The commodity rose more than 10% in last two trading sessions and might consolidate or correct for some days to rally further. Support for Natural Gas is at 378 and resistance at 392.

COMMODITY OUTLOOK FOR TODAY 20 FEB 2014

Trading Call for the day:

  "Buy Crude in the range 6390-6395 with Stop Loss 6350 Target 6440."

PRECIOUS METAL :- 

 On yesterday’s trading session precious metals closed negative where Gold settled down -0.64% at 30031 after the news that India is likely to cut the import tax on gold before end-February by between 2% and 4% from the current level of 10%. Silver settled down -0.49% at 47787 fluctuated between small gains and losses after the release of Federal Reserve meeting minutes that highlighted the possibility of an increase in interest rates sooner than expected. The two commodities are expected to trade with negative bias for the day. Support for Gold is at 29750 & resistance at 30150. Support for Silver is at 46900 & resistance at 47600.

BASE METAL :-

 On yesterday’s trading session base metals closed with mixed views as gains were capped after a manufacturing gauge for China declined more than estimated, damping demand prospects in the world’s biggest user of metals. Base metals traded with positive bias the first half of the day but later during the trading session all base metals fell and did not shown any signs of intraday reversal. The base metals are expected to trade within the range for the day but they might bounce from their support levels.

CRUDE OIL :-

 MCX Crude Oil settled up 0.95% at 6406 but overall traded in the range as the markets weighed weather concerns in the U.S. along with heating oil inventories. Crude Oil is trading and sustaining consistently above its resistance but it might correct in today’s trading session. Intraday support for Crude Oil is at 6360 and resistance at 6440.

NATURAL GAS :-

 MCX Natural Gas settled up 11.33% at 379.20 rallied to the highest settlement in more than five years as the latest U.S. weather forecasts called for more severe cold, fuelling worries about already tight supplies. The commodity rose more than 10% in yesterday’s trading session and might consolidate or correct a bit to rally further. Support for Natural Gas is at 363 and resistance at 377.

COMMODITY OUTLOOK FOR TODAY 18-FEB-2014

 Trading Call for the day:

 "Buy Copper in the range 447-447.50 with Stop Loss 445 Target 450. "

GOLD/SILVER

On yesterday’s trading session precious metals closed positive where Gold settled up 2.66% at 30157 as Gold premiums in India recovered 21 percent to $75 an ounce on London prices from a four-month low as the federal government kept import duty steady at a record 10 percent. Silver settled up 2.41% at 47735 tracking gains from Comex Silver which rallied by 1.9% to settled at $21.76 an ounce heading towards the longest winning streak since 1968 after a government report showed that China’s bank lending rose spurring demand for commodities. The two commodities are expected to trade within the range for the day. Support for Gold is at 29920 & resistance at 30220. Support for Silver is at 47000 & resistance at 47900.

 BASE METAL

On yesterday’s trading session all base metals closed positive as investors and speculators booked fresh positions in the industrial metal as upbeat Chinese credit growth data signalling an economic rebound in the world’s biggest metals consumer lifting the demand outlook for industrial metals. The base metals are expected to trade within the range.

CRUDE OIL

MCX Crude Oil settled up 0.53% at 6231 as support seen from Nymex Crude oil futures which held above $100 buoyed by a weaker dollar and as frigid weather across North America lifted heating demand. Crude Oil is trading near the resistance of 6260and only decisive break and sustaining above this level will bring any further up move. Intraday support for Crude Oil is at 6190 and resistance at 6280.

NATURAL GAS

MCX Natural Gas settled up 3.95% at 337.20 extended strong gains from last week on Monday, as cold weather hit the eastern U.S., boosting heating demand. The rally in this commodity seems to continue as it is trading and sustaining above the resistance of 339 and it is expected to rise till 355. Support for Natural Gas is at 339 and resistance at 355.
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